Millennials aren’t only seeking development opportunities – they want balance, fulfillment, and friends, too
Millennials are officially the largest generation in the US workforce, and unofficially, the most discussed and debated generation. What do millennials want? What do they look for in an employer? How can organizations increase engagement and retention among millennial employees?
Recent survey data has helped to clear up some of the fog surrounding these seemingly mysterious millennial needs (especially those that pertain to the workplace). Let’s take a closer look at some of the more surprising findings.
Flexible Working Arrangements
PwC’s report, Millennials at Work: Reshaping the Workplace, found that 95% of millennial respondents felt that work/life balance was important to them. However, only 39% of millennials say they work in organizations that offer a highly flexible work environment – and yet, offering flexibility in the workplace has proven to be beneficial for organizations. The 2017 Deloitte Millennial Survey found that highly flexible workplaces are two-and-a-half times more likely than those in more restrictive organizations to say that flexible working practices have a positive impact on financial performance. In other words, flexibility with regard to work/life balance is a win-win: desired by millennials and highly beneficial to organizations.
Corporate Social Responsibility
Like flexibility, participating in organization-led corporate social responsibility (CSR) initiatives yields benefits for both employees and the employer. Millennials are more likely to seek an employer who gives back to the community. According to Deloitte’s survey, when charitable opportunities are provided at an organization, millennial employees “show a greater level of loyalty, have a more positive opinion of business behavior, and are less pessimistic about the general social situation”. CSR initiatives can help provide more fulfillment for millennials, which will lead to greater engagement and retention.
Collaboration and Community
A key learning from Next Gen: A Global Generational Study by PwC was that “millennials place a high priority on workplace culture and desire a work environment that emphasizes teamwork and a sense of community”. Similarly, a reported 36% of older millennials claim that they meet new friends and develop friendships primarily at work. When promoting learning culture, be sure that employees are encouraged to ask questions and learn from peer collaboration as part of the learning process. A learning management system that supports social learning can help to facilitate collaboration and provide learners with support from peers and subject matter experts.
Get more insight into millennial learning needs. Read our free paper, Millennials in the Workplace: Understanding Millennial Learner Needs to Increase Engagement & Retention.