Millennial Workforce: How to survive in the corporate world?

June 24, 2021 11:54 AM

In today’s era, millennials and Gen Z make most of the workforce in corporate organizations. Born in the 1980s and 1990s, millennials comprise 30 percent of the population and they will represent 75 percent of the global workforce by 2025.

workforce, Millennial WorkforceMillennials are the first generation to use the internet and grow up with technological innovation.

By Yogita Tulsiani,

An increasing number of corporate organizations are into the employee experience. The new buzzword is making HR and talent managers discard the conventional strategies and adopt a fresh approach to make engagement sound better to millennials. It is essential for companies to create authentic employee experiences and compete effectively in the market.

In today’s era, millennials and Gen Z make most of the workforce in corporate organizations. Born in the 1980s and 1990s, millennials comprise 30 percent of the population and they will represent 75 percent of the global workforce by 2025. This generation was born during the urbanization of the world which makes them value interesting work and more opportunities to learn and develop new skills. As a result, the expectation of millennials includes a meaningful job, offers flexibility and mentorship.

There are many different facts about millennials that employers must focus on to ensure a better employee experience. Millennials account for about a quarter of the world’s 1.8 billion population. Further, this generation has witnessed the revolution of smartphones, internet and other smart devices that make them a tech-savvy workforce. Today, every employer is in need of attracting the right talent. Since millennials make the majority of the workforce, talent managers are shifting their focus to attract and retain them.

Embracing technology at the workplace

Millennials are the first generation to use the internet and grow up with technological innovation. They have adopted technology much before any other generation. Considering their way of working, employers have to adjust to new technological trends. For instance, instead of providing updates through excel sheets, millennials prefer to use new-age tools and applications that help them automate the process of updating and sharing with their reporting bosses. Using modern apps and digital tools expands internal and external communication of employees with employers and clients. Moreover, it helps in creating an enhanced employee experience. It significantly contributes to employee engagement and productivity.

Allowing to work remotely

Work-life balance is one of the most crucial reasons that millennials want flexibility in the workplace. According to a survey, millennials like to spend the least time in the four walls of the office. It impacts their productivity, creativity and efficiency. Additionally, 9 to 5 corporate jobs with extended hours do not provide the space to maintain work-life balance. The time spent in traffic and commuting is also a major contributor for millennials to expect flexibility from their company. Fortunately, with the onset of the pandemic, employers are embracing work from home trends and investing in virtual work infrastructure. This culture not only helps to retain existing employees but also helps talent managers in attracting new talent.

Diversity and inclusion

Millennials enjoy working with a sense of belonging – no matter, the employer has well-drafted policies for diversity and inclusion in place or not. A recent study suggests – employees who see diversity in their senior management are more likely to find the workplace more motivating and engaging. Talent managers consider diversity and inclusion the core of business strategy as it helps in attracting diverse employees and retaining them for a long. In order to achieve the highest success rate in the implementation of diversity and inclusion, employers need to align their entire workforce on the same page. For instance, millennials have the majority of women working professionals than any other generation. Thus, employers must implement policies of equality in accountability, salary and promotions. In simple terms, diversity should be ensured across all employee levels from all-gender bathrooms to nursing rooms for working moms.

Learning and development programs

Considering the pace at which technological evolution has taken place, millennials are more used to learning and developing skills. They want to advance at the workplace in order to progress in their career. Employers emphasizing on learning and development of employees see a lower attrition rate as growth opportunities are among the top priorities of millennials. With advanced learning and development programs, talent managers are able to focus on knowledge gaps and challenges faced by employees. This results in upskilling employees and empowering them to perform better at their jobs. Further, this motivates the employees to engage voluntarily in taking initiatives that contribute to achieving organizational goals.

Competitive salary offers

The sharp financial acumen and healthy investment habits of millennials make attractive salaries an important factor while choosing their employer. The importance of salary also varies across sectors such as internet / E-commerce, Retail, Banking and Insurance, etc.Employers are prioritizing fair pay and attractive salary criteria for employees that can create social impact of the company. It also plays a significant role in reducing the stress of the employees by creating a supportive environment in crucial times such as the ongoing pandemic.

Key takeaway

Attracting the millennial workforce can offer several benefits to corporate organizations. The best way to do this is by investing heavily in advanced technological infrastructure and addressing other needs of the employees. This can help the employers in motivating employees and improving employee engagement and experience.

(The author is MD & Co-founder, iXceed Solutions (Global Tech-Recruiter Provider). Views expressed are personal and do not reflect the official position or policy of the Financial Express Online.)

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