By 2020, millennials will make up nearly 50% of the entire global workforce. Millennials or also known as Gen Y is soon going to outnumber baby boomers and generation X in the population count. Soon, we will see millennials becoming managers and future leaders, and dominating each business sector.
According to a PWC report, 63.3% of U.S. executives will be eligible to retire in the next 5 years. If we go by this stat, it leaves a huge leadership gap to be filled by millennials. Are they ready to take up the challenging roles at the workplace? Are they connected with the company’s mission and objectives? Millennials will rule the workplace if they are actively engaged and feel connected with company’s mission and values.
This is 2017, beginning of a new year where HR technology is playing a dominant role in managing and empowering workforce. Yet some organizations are confused about how to manage millennials, engage and keep them happy.
How can organizations engage millennial workforce? Read some useful information here.
Lesson 1: Growth and development
Employees, especially millennials, expect personal development and career growth opportunities. They prefer to join workplaces where they perceive an acceleration in their growth and are given challenging leadership roles to prove their capabilities.
In the last 5 years, 87 percent millennials have taken management roles, as compared to 38% of Generation X and only 19% of Baby Boomers. A survey by CNBC showed that 87 percent of millennials are satisfied with the training and skills development they receive at work, compared with 76 percent of the rest of the population; 76 percent said they are satisfied with their opportunities for promotion and advancement, 10 points higher than the rest of the population.
HR should create and implement training and development programs on ongoing basis to support millennials’ skill improvement.
Lesson 2: Open communication & transparency
Open communication, transparency and trust are the essential factors that engage and retain top talent. To develop a work culture where each millennial is connected and engaged, make sure to follow these tips:
- » Give enough face time to the employees. Stay constantly in touch through meetings and feedback sessions. It will boost their performance as well as engagement.
- » Promote engagement activities at workplace. Plan team luncheons, open discussion sessions, team games etc. to keep the workforce connected. Employees become more engaged, if they get a chance to socialize, enjoy and learn at work.
- » Managers need to understand this generation’s expectations and motivate them individually. Listening to their concerns and challenges, and making efforts to understand what matters the most – is the best way to engage millennials.
- » Provide flexible work schedules and allow working from remote locations to help them maintain work-life balance.
Lesson 3: Recognize and reward millennials’ contribution
Each one of us want to do meaningful work to give a purpose to our life. Similarly, millennials feel more engaged when they can relate to company’s mission. Generation Y or millennials look for work experiences that are meaningful and valuable to both, employees as well as the employer.
Bear this in mind and recognize and reward this high-performing millennial talent.
Engagement brings empowerment; thus, organizations need to focus more on engagement of millennial workforce and keep them connected with the company’s mission. Managers should become mentors and empower millennial employees with real time performance feedback and coaching while working towards their skill development.
Focus on employee training, goal setting and tracking, compensation planning, and succession management to take care of all the above- mentioned objectives. Organizations can use automated HR tools to simplify these processes and boost employee engagement programs.
Engaged workforce is more committed and productive. What does your organization do to engage millennial workforce?