The millennial workforce is just around the corner. McCrindle research indicates that by 2020, 42 per cent of the entire Australian workforce will be part of Gen Y, while the bulk of the Baby Boomer generation will be approaching or already in retirement.
It’s a sweeping shift in the employment landscape – and operators have to understand the basics of creating a great environment for this new wave of workers.
Impactful workplaces for millennial recruitment
McCrindle’s work has broken down responses from millennials to determine the ideal working environment for this generation – something all employers need to embrace to some degree moving forward.
This begins with impact, creating an environment where employees get to contribute to the world beyond their personal life. “They want to be challenged in their work, make a contribution and celebrate the wins,” writes researcher Ashley Fell.
This means businesses must have a clear structure, benefits outlined and a system that lets employees see the results of their hard work on a regular basis. Deloitte research shows 76 per cent of millennials already believe companies are having a positive impact on society – it’s just a matter of integrating their work into this.
Establish a strong workplace culture
Make it fun, make it inviting, make it inclusive.
Make it fun, make it inviting, make it inclusive. That’s the message from Fell, who notes that millennials seeking employment are increasingly delaying traditional moves like starting a family. This suggests that much of the millennial generation’s wellbeing comes from the social interactions they get in their day-to-day.
For employers, this could mean offering flexibility in working arrangements and a concerted effort to engage recruited millennials at every level.
Create a sense of purpose
Average employment spans are shortening – McCrindle’s work indicates the average tenure will be down to three years in 2020, from four today. To recruit and retain the millennial generation, an environment with a sense of purpose is essential.
Consider volunteer opportunities, a wide array of upskilling, co-working offices and a strong social calendar as ways to foster personal development that all line up with your company goals. Giving millennials a clear path from the outset and tying their development into the business’ growth can go a long way to develop strong engagement.
Businesses are more than a vehicle for profit – they can be forces for positive change. Highlighting these aspects of your company and how potential employees can be a part of that can really boost your millennial recruitment prospects.