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Why Millennials Are Important At Workplace

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Why Millennials Are Important At Workplace

  1. 1. Who are millennials ?  The millennial generation, born between 1980 and 2000 now entering employment in vast numbers, will shape the world of work for years to come.  Attracting the best of these millennial workers is critical to the future of your business. …………………………… The millennial generation, now entering into employment, will reshape the world of work. Are you ready?  Their career aspirations, attitudes about work, and knowledge of new technologies will define the culture of the 21st century workplace  It’s more than just the way millennials use technology that makes today’s youth different – they behave differently too.
  2. 2. • Loyalty-lite • A time of compromise • Development and work/life balance are more important than financial reward • Work/life balance and diversity promises are not being kept • A techno generation avoiding face time? • Moving up the ladder faster • The power of employer brands and the waning importance of corporate responsibility • Wanderlust • Generational tensions There are many such features in which the millennials are spouse to have:
  3. 3. Why they necessary at workplace: • Millennials matter because they are not only different from those that have gone before, they are also more numerous than any since the soon-to-retire Baby Boomer generation – millennials already form 25% of the workforce in the US and account for over half of the population in India. By 2020, millennials will form 50% of the global workforce. • It’s clear that millennials will be a powerful generation of workers and that those with the right skills will be in high demand. • They may be able to command not only creative reward packages by today’s standards,but also influence the way they work and where and how they operate in the workplace. • Millennials’ use of technology clearly sets them apart. One of the defining characteristics of the millennial generation is their affinity with the digital world. • They have grown up with broadband, smartphones, laptops and social media being the norm and expect instant access to information. This is the first generation to enter the workplace with a better grasp of a key business tool than more senior workers.
  4. 4. The Rise of Millennials in the Workplace • Millennials make the majority of today’s workforce. Moreover, according to the U.S. Bureau of Labor Statistics, they will make 75% of the US workforce by 2030. • it is not easy to work with and engage Millennials in the workplace. Therefore, it is not surprising that there is a lot of talk and research about Millennials in the workplace. Employers are trying to understand Millennials’ motivations, needs and expectations in order to attract, engage and keep them in their companies. • Understanding and managing multigenerational workforce requires form employers to adjust their talent management practices and create working environments in which all the generations can strive.
  5. 5. .................................... “My career will be one of choice, not one chosen out of desperation. It will align who I am with what I do.” Male graduate employee, USA Millenial values What Millennials value in the workplace  While Baby Boomers and Gen X’ers want job security and structure , Millennials seek employability and flexibility.  The top three careers priorities for Millennials are compensation, flexible work schedule , and the opportunity to make a difference . The next three are trusting their organization’s leadership, benefits, and professional development opportunities.  Millennials prefer leaders who are honest, have integrity, and treat them with respect.
  6. 6. 74% Want flexible work schedules. 72% Want to be their own boss. However, if they do have a boss, 79%would want that boss to act as a mentor. 88% Want work-life integration. 88% Prefer a collaborative work culture rather than a competitive one.  Millennials want to know the big picture so they understand their roles.  Millenials want flexibility and opportunities to learn and contribute meaningfully.  Millenials want to work on projects that force them to learn and work harder. Millenial values What Millennials value in the workplace
  7. 7. What Millennials want from employers COACHING: Millenials expect coaching and feedback in the workplace. Coaching will keep millennials engaged in their work and shouldn’t be time intensive or averly formal.  Bosses are the number one reason millennials leave their job.  69%of millennials see their corporate review process as flawed because there is a lack of feedbackthroughout the year.  Three out of four millennials don’t know where they stand with regard to performance. Nearly 90% would feel more confidence if they had ongoing check-ins with their bosses. COLLABORATION: Millenials are natural collaborators. Employers should be clear about deadlines and buissness boundries.
  8. 8. What Millennials want from employers MOTIVATION: Millennials want a work environment that is comfortable and safe. They don’t want an oppressive, critical environment. UPWARD MOBILITY: Millennials are entrepreneurs and want to move up the corporate ladder or do their own thing. MEASURES: Millennials were raised with a lot of structure and measuring systems, and are accustomed to understanding how they will be judged and assessed. They expect these matrics to continue in the workplace, so employers should define clear and consistent job assessment criteria. FLEXIBILITY: Millennial employees want to have the flexibility to leave when their work is done.
  9. 9. THE IMPORTANCE OF UNDERSTANDING MILLENNIALS  As the Baby Boomer generation retires, Millennials will dominate the workforce. Misunderstanding the differences between generations can detrimentally affect employee performance and satisfaction.  Managers must learn more about their employees’ job satisfaction and organizational commitment levels as new generations merge with older established ones. In order to attract and retain a Millennial, it is essential for a manager or organization to understand what motivates and satisfies the younger generation.  Differences among the generations can create problems such as distrust among employees and high turnover rates. These problems make it vital to understand Millennial’s values and demands. It is also beneficial to understand generational differences due to the conflicts that can arise.  Due to the differences in values and expectations, conflict is common as Millennials enter the workforce. They found that if these differences in values are not addressed or identified, an organization can expect an increase in conflict.
  10. 10. IMPLICATIONS FOR PRACTICE • Due to the natural influx of the upcoming generation, it will become crucial for managers to adapt • their leadership style to the motivation needs of Millennials. • The values identified in the literature can be used to develop recommended practice guidelines. • Companies will benefit from the Millennials’ achievement focused mentality, as this generation puts forth extra effort to help an organization succeed. • Managers will need to also provide career enhancing opportunities; otherwise other companies may scalp quality employees. • Managers will also need to provide constant feedback or Millennials will interpret their work is unsatisfactory. • More empathy is desired from this newest generation. Millennials desire a caring employer who • wishes to build a more interpersonal relationship. Companies will need to be less ambitious and more connected to the needs of their employees to avoid high turnover.
  11. 11. CONCLUSIONS

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