Millennials: Understanding the Generation
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The document highlights the unique characteristics and preferences of millennials in the workplace, emphasizing their desire for social interaction, mentorship, and creative opportunities rather than solely monetary rewards. It outlines five key areas companies should focus on to attract and retain millennials: providing frequent feedback, valuing creativity, offering competitive benefits, creating a comfortable work environment, and leveraging technology. By understanding these motivations, businesses can foster a more productive and engaged millennial workforce.
Millennials: Understanding the Generation
- 2. MIL·LEN·NI·ALS (n.) 18 to 34 years-young otherwise known as Gen Y [ [
- 3. They can be a difficult group to understand. What do they want? What do they value? What do they need?
- 4. You can stop guessing.
- 5. Let’s put the power in your hands
- 6. We’ll give you strategies to attract Millennials and increase productivity
- 7. þ þ þ Millennials have different preferences than their Baby-Boomer predecessors They want more social interaction and team collaboration in the workplace They’re motivated more by cause marketing and less by monetary reward
- 8. they’re who your company needs to survive and grow
- 9. So, here are 5 things you should probably understand
- 10. Millennials seek peer affirmation and feedback (a lot of it!) 1.
- 11. THINK TWITTER-SIZE PIECES OF ADVICE: Millennials want small bits of feedback at a time, so even a 1-2 sentence email is enough sometimes.
- 12. They also gravitate towards mentorships
- 13. 35% of employees who don’t receive regular mentoring plan to look for another job within 12 months Source: http://www.urbanbound.com/blog/a-little-guidance-goes-a-long-way-why-you-need-to-implement-mentoring-programs
- 14. The mentorship can work both ways, too! Let your Millennials teach your Baby-Boomers a thing or two - some companies even implement reverse mentoring, in which a new employee teaches a senior employee a helpful skill. Through this reverse exchange, new employees gain valuable relationships with upper management - relationships they know they can depend on in the future if they ever need further guidance.
- 15. Millennials also rely heavily on review sites (47% of Glassdoor visitors are in the 18-34 age range.)
- 16. trust user-generated content reviews (compared to only 34% of Baby-Boomers) Source: http://go4greater.org/wp-content/uploads/2014/03/img-3.png
- 17. Make sure that you encourage employees to write (hopefully positive!) reviews and maintain a strong online presence
- 18. Millennials aren’t alllll about the money 2.
- 20. 83% of Millennials want a job where creativity is valued Source: http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire
- 21. They want
- 22. 40% think they should be promoted every 2 years, regardless of performance Source: http://www.urbanbound.com/blog/infographic-the-data-behind-generation-y
- 23. They want a little something more
- 24. 92% believe success should be measured by more than just profit
- 25. They want to feel like they are making a difference, both in the business and also in the world
- 26. So let Millennials make an impact (72% of them say it’s important)
- 27. This can be as easy as: Providing volunteer opportunities Encouraging them to mentor others Letting them teach interns Giving them a growth plan Embracing community activities
- 29. As long as you make your mission clear and , your Millennials will be happy!
- 30. Give Millennials the full package3.
- 31. Even though Millennials value more than monetary incentives, they still want a competitive benefits package with unique offerings
- 32. They value not only the basic benefits like medical insurance or a 401K, but also benefits that add to a well-balanced life (benefits you can achieve for a relatively low cost)
- 34. unnecessary
- 37. Which makes them the perfect candidate for…you guessed it… relocation!
- 38. Remember to provide for their future, too
- 39. Companies offering paid parental leave dropped 5% in 2014, which could be a make-or-break benefit for Millennials, as they will soon be entering parenthood Source: http://www.wmmsurveys.com/2014-100-Best-Executive-Summary.pdf
- 40. Get comfy: Millennials like to work in a warm and collaborative environment 4.
- 41. 79% of Millennials think jeans should be allowed (at least sometimes) at work Source: http://www.forbes.com/sites/tykiisel/2012/05/16/gimme-gimme-gimme-millennials-in-the-workplace/
- 42. Source: http://seattlebusinessmag.com/business-corners/workplace/creative-spaces-your-millennial-staff 88% said they want to work in a more social environment where their co-workers are their friends
- 43. Healthy snacks and a stocked fridge can go a long way with Millennials
- 44. A comfortable work environment can lead to comfortable collaboration
- 45. collaborate
- 46. Pay attention to how each generation works the best, and find a middle ground that works for everyone
- 47. Give Millennials a creative outlet, and they’ll give you productivity
- 48. Millennials are very driven by technology 5.
- 49. Technology and Millennials are practically a match made in heaven
- 50. 59% say state-of-the-art technology is a key factor in picking a job Source: http://www.pwc.com/en_M1/m1/services/consulting/documents/millennials-at-work.pdf
- 52. compromise
- 53. Introduce everyone to video platforms and other technology used to facilitate communication
- 54. Hold in-person meetings on a more frequent basis to make them feel more collaborative and less formal
- 55. in the loop
- 56. þ þ þ Millennials have different motivations – they want to grow, to make an impact, to be social, and to make a real difference. They want consistent feedback and a strong mentorship program They look for a strong benefits package that incorporates a comfortable and flexible work environment
- 57. One thing we know for sure though, is whether young or old…