Discover how to keep your new-age workforce engaged and loyal.
Motivating, retaining and keeping your employees happy and engaged will always be a priority for the entire management, not just HR but for anyone who manages a team.
As the new generation of Millennials enters the workforce in large numbers, to create a productive environment, policies and engagement models need to align with their way of thinking.
How does a millennial approach work?
With high expectations, high energy and high self-confidence – millennials approach work very differently from the baby boomer generation! They are extremely comfortable working in teams and in flatter organisations, love to multi-task and, of course, are completely at ease with digital technology.
For the millennial – aware of global situations – civic responsibility is quite important; they don’t just want to do well but also do some good!
Creativity and innovation is also something they value highly at the workplace. Being able to come up with new ideas, processes, products or services is important for them, and a company with a culture of encouraging an individual’s talents gets an instant thumbs up.
How can companies retain and integrate millennials to grow their businesses?
46% of the workforce will be made up of Millennials by 2020! While we need to engage and retain them, we also cannot afford to ignore the other 54% of older employees.
While some motivating factors remain true across ages – money, responsibility, and appreciation – generational viewpoints differ on the specifics. It has become clear that a one-size-fits-all engagement policy is not entirely effective in organisations with a mix of age groups and generations.
Here are some initiatives that can be targeted towards Millennials and also appeal to the Gen-Ys:
Flexible Working Solutions
Work-life balance is cited as the number one factor for choosing a job according to this study by Deloitte. This can be done by breaking down the traditional workday and offering flexible working hours. The idea is to prioritise deadlines and outcomes over putting in a set number of hours.
With so much technology, there is no reason to be rigidly chained to the desk anymore – allowing employees to choose their work times can go a long way in keeping them happy.
Continuous Feedback & Appraisals
Usually, the organisational appraisal policies are annual or bi-annual at best. With millennials, there is a demand for more regular and constructive feedback.
This is a generation that wants to know where they stand and are looking for ways to improve – for this continuous and constructive feedback is important. This small but essential change to the appraisal structure can go a long way to make millennials – and indeed everyone in the company – more productive.
Quicker Promotions or Incentive Schemes
The organisational structure where they have to wait years for a promotion is seen as demotivating by most millennials.
While some organisations cannot create new titles or change promotion policies, performance bonuses, training opportunities and some forms of recognition always help create a sense of achievement and progress which highly coveted by everyone regardless of their age.
Social / Community Building Programmes
According to the 2014 Millennial Impact Report, 94% of millennials want to use their professional skills to benefit a cause.
A great way to harness this energy is to involve them in CSR activities. A company that is seen as a socially conscious organisation is sure to appeal to the millennial worker.
More Learning & Development Opportunities
Almost all organisations have L&D policies and matching budgets to facilitate their projects. Millennial employees value skill enhancement and advancement, and a generous L&D HR policy would certainly make an organisation seem more attractive.
Over decades HR policies have worked with some of the ideas mentioned above – L&D and Incentive Schemes have figured in HR and Management discussions for years. The challenge is to adapt these existing policies to meet the expectations of the new generation of employees.
At the end of the day, it doesn’t matter if you are a 20-year-old fresher or a 60-year-old approaching retirement, we all want the same things in life – we want to take care of our families, succeed at work, leave behind a legacy and enjoy ourselves – the only difference is how we approach this key human wants.
If you are looking for ways to engage your employees, then we can certainly help. We can help you devise strategies that can foster real engagement and across all organization levels. Click on the Request Consultation button above.