TOP 7 TIPS TO ENGAGE MILLENNIALS AT WORK

Liza Bennigson, KonnectAgainJanuary 2016

Who are Millennials? Born between 1980-2000 Average time on the job?

Two years. Strong entrepreneurial

mindset Digital natives

From cubicles to coworking spaces.

Why Millennials MatterMillennials will be 75% of the U.S. workforce by 2025.

Deloitte Millennial Survey 2016

“Businesses must adjust how they nurture loyalty among Millennials or risk losing a large percentage of their workforces.”-Deloitte Millennial Survey 2016

But how?

1. A Sense of Purpose Nearly 90% of millennials gravitate toward

companies with pronounced CSR programs. 86% of millennials would consider leaving if their

employer's CSR no longer met their expectations.

55% of millennial employees were

influenced to take their job after

discussing cause work in the interview.

2. Learning & Development

68% of millennials who plan to to stay with their organization for 5+ years have a mentor.

Millennials crave new ideas, coaching, mentoring, & development of leadership skills.

71% of those likely to leave in the next two years are unhappy with how their leadership skills are being developed.

RetailMeNot Inc. includes

millennial employees in

hiring decisions.

EY & Philips send millennial

employees across the globe

to develop leadership skills

.

Employee development opportunities include online training, speaking engagements and mentor programs. It’s just important to promote L&D as it is to plan for it.

3. AdvancementLoyalty results when millennials feel understood and

supported in their ambitions to advance and become leaders.

28% of millennials feel

that their organizations

make “full use” of their

skills.

 75% of

millennials who quit cite

“lack of advancement opportunities”

as a top reason.

63% of millennials say

their leadership

skills are not being fully developed.

4. CommunicationIn a world of instant feedback, semi-annual reviews just

don’t cut it. Millennials want feedback on their performance, and they want it now.

Recognition must be personal and

sincere in order to resonate with millennials.

o Millennials like to have their voices heard, and employee surveys are a great tool. Keep them short and sweet, with transparency and follow-through.

o Recognition really matters for millennials. Positive feedback increases their drive and determination, and improves performance. 

5. Work/Life BalanceWhat millennials most want is flexibility in where,

when and how they work. Many would take a salary reduction, pass up a promotion or move for better work/life balance.

o 75% of millennial employees want to work remotely, compared to the 43% who currently do.

o 66% of millennials who quit their jobs cite “a boss who doesn’t allow flexibility” as a primary reason.

6. Culture

76% of millennials report high levels of satisfaction in an inclusive, creative workplace, compared to 49% in a more authoritarian, formal environment.

Nearly 90% of companies cite "Culture and Engagement” as their top challenge. Two-thirds of HR respondents are updating their engagement and retention strategies.

“For these young professionals, one of the very top considerations for applying for a job is the company’s work culture, involvement with causes, office environment, and attention to diversity and HR standards.” -Lindsay Gellman, The Wall Street Journal

IBM, Coca-Cola and Visa relaxed office dress codes and

organized councils of millennial employees to offer feedback on things like marketing

campaigns and workplace policies.

7. Compensation 78% of millennials who quit their jobs cite “minimal wage

growth” as a primary reason. Millennials feel that, in order for a business to be

successful long-term, it must prioritize people, products and purpose as much as profit.

“Carrot-and-stick” incentives may work in the short-term, but can serve as a distraction when workers become more focused on the reward than the task at-hand.

So, does all of this really make a difference?

YES!Satisfaction with various aspects of working life directly impacts anticipated tenure.

Deloitte Millennial Survey 2016

When All Else Fails…Should companies should stop trying so hard to

curtail the inevitable? “The Alliance,” a book co-written by LinkedIn co-founder Reid Hoffman, promotes an employer-employee relationship based on shared expectations and openness around the possibility of the employee leaving.

“By talking openly about the fact that an employee might leave, you actually

increase the likelihood that he or she will stay

on.”

Ben Casnocha, “The Alliance” co-author and Reid Hoffman’s former chief of staff. 

After millennials leave, keep them connected to your organization via a corporate alumni network.

Former employees can be worth millions in recruiting, referrals, business development, industry insights, mentoring and new client leads.

The acceptance of boomerang employees is Forbes’ #1 Workplace Trend for 2016.

…Stay engaged.

Thank you to the following references!

Deloitte Millennial Survey 2016 2015 Millennial Impact Report 5 Ways You Drive Away Millennial Employees, David Sturt

and Todd Nordstrom, Forbes, October 1, 2015 Work-life challenges across generations, EY 2015 Global

Survey Why Millennials Quit Their Jobs, Alan Goforth, BenefitsPro,

May 6, 2015 Global Human Capital Trends 2015, Deloitte How employers wrangle restless millennials, Lindsay

Gellman, Wall Street Journal, May 6, 2015 The Alliance, Reid Hoffman, Ben Casnocha and Chris Yeh,

2014 Drive, Daniel Pink, 2009 Millennials In The Workplace: They Don't Need Trophies But

They Want Reinforcement, Jeff Fromm, Forbes, November 6, 2015

Millennials at work: Reshaping the workplace, PwC Survey, 2011