Today, the biggest challenge for companies is to find out – what it takes to get millennials work for them. Also, what strategies they must incorporate to hire the best talent from this generation. Managing millennials require out of box thinking which will keep them engaged in the organization.
Managing Millennials – Not as Easy as it seems
Let’s dive into the reasons millennials ditching their employers soon than expected based on the “Deloitte – Millennial Survey 2016” report.
Millennials in the emerging markets are the least loyal to their current organizations. In India, 76 percent millennials expect to leave their respective organizations by the year 2020.
And, you are making them leave.
Reason 1 – Negligence – Millennials feels that their development is far from complete.
Millennials believe companies are not doing enough to bridge the gap to safeguard a new generation of business leaders.
Reason 2 – Businesses have no ambition beyond profit
Millennials remain optimistic about business’ potential to do well. However, the majority of millennials held the belief that their organizations have no desire beyond profit. The new generation judges the performance of the business on how it treats people and what it does.
Reason 3 – Aligned values but off-balance purpose
In a survey, it became apparent that millennials believe the foundation of business success should be behaviors and activities that support long-term sustainability. Also, the focus must go beyond financial performance.
How to keep the millennials engaged?
There is no deny that organizations are struggling with the following questions to devise the best “millennial engagement” strategy.
– How do you earn their trust?
– How do you keep them engaged?
– How do you get the most out of them?
Here are some easiest ways to motivate the millennial workers and retain the best talent maybe forever:
1. Offer more Flexibility
Among millennials work-life balance is one of the most critical drivers of employee retention. The tech-savvy workforce can work from anywhere and at any time with an internet connection. Therefore, seemingly having to sit at a desk all day or subjective work hours is less appealing to them.
Providing occasional telecommuting, flexible scheduling or even good vacation time – on condition that performance ensures consistency. It will show your trust on them while meeting their diverse for flexibility.
2. Develop Titles and In-between Steps
Unlike their generation X siblings and Baby Boomer parents, the millennials less willing to wait 3-5 years of promotion and eager to progress in their careers. According to Jeffrey Epstein, “Managers and Department Heads can effortlessly meet their desire for career progression by developing titles and in-between steps”.
3. Give them time for personal projects
When it comes to managing millennials, the big brands like Google and 3M have had success providing employees time to work on the project of their choice. It not only boosting the innovation within an organisation but also make the millennials feel more engaged and in control.
4. Give regular feedback and encouragement
Today, millennials are more open to feedback and most of them take it in a positive way. Consciously or sub-consciously people need to know that they are being noticed. Getting supportive feedback from the manager can make all the difference.
According to the industry speculators, it is necessary for organizations to find a balance between motivating and criticising the millennials. It is imperative for them to know right from the beginning how they are doing and how they can improve.
The bottom line
Organizations will be better positioned to retain and engage their workforce simply by obligating to understanding engagement drivers. Also, managing millennials require them to recognize differences across generations of employees.
Have you been considering the right engagement variables for your organization? Are millennials and baby boomers still considered the same and one when it comes to engagement?
As a business leader, you need to re-define your engagement strategies as per your workforce demographics. Else, you will start losing the best talent sooner than expected.