How to attract and retain millennials?

Firstly why is there so much focus on millinials? Because the sheer number of millennials recently surpassed any other generational group. Both the UK economy and the workforce are highly dependent on this group. If millennials become disengaged in their jobs the companies they work for will suffer.

How to Attract Millennials

According to a recent report from Gallup, “Millennials want what previous generations wanted: a life well-lived, good jobs with 30-plus hours of work a week, regular pay from employers but they also want to be engaged, they want high levels of well-being, a purposeful life, active community and social ties. They want to spend money not just on what they need, but also on what they want. Yet only 29% of employed millennials are engaged at work and half of them say they don’t feel good about the amount of money they have to spend and less than 40% are ‘thriving’ in any one aspect of well-being.”

Let’s take a closer look at these engagement numbers.

  • 16% of millennials are actively disengaged. These individuals don’t like their jobs and are actively ensuring others don’t either.
  • 55% of millennials are not engaged. They are not fully present while they are at work.. Indifference is a company-killer.

How To Retain Millennials

Gallup says there are six functional changes that need to happen in the organisational culture to attract and keep millennial talent.

  1. Millennials don’t just work for pay ― they want a purpose. For millennials, work must have meaning. They want to work for organisations with a vision and purpose. For millennials, pay is important and must be fair, but it’s not the driver. The emphasis for this generation has switched from pay to purpose ― and so must your culture
  2. Millennials are not pursuing job satisfaction ― they are pursuing development. Most millennials don’t care about the bells and whistles found in many workplaces today ― the ping pong tables, fancy coffee machines and free food that companies offer to try to create job satisfaction. Purpose and development drive this generation.
  3. Millennials don’t want managers ― they want coaches. The role of an old-style manager is command and control. Millennials care about having managers who can coach them, who value them as both people and employees, and who help them understand and build their strengths.
  4. Millennials don’t want annual reviews ― they want ongoing conversations. The way millennials communicate ― texting, tweeting, snapchat, etc. ― is now real-time and continuous. This dramatically affects the workplace because millennials are accustomed to constant communication and feedback. Annual reviews no longer work.
  5. Millennials don’t want to fix their weaknesses ― they want to develop their strengths. Gallup has discovered that weaknesses never develop into strengths, while strengths develop infinitely. This is arguably the biggest discovery Gallup has ever made on the subject of human development in the workplace. Organisations shouldn’t ignore weaknesses. Rather, they should minimise weaknesses and maximize strengths.
  6. It’s not just my job ― it’s my life. One of Gallup’s most important discoveries is that everyone in the world wants a good job. This is especially true for millennials. More so than ever in the history of corporate culture, employees are asking, “Does this company value my strengths and my contribution? Does this company give me the chance to do what I do best every day?”
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