As an employer, the divide between the millennials in your business, and those who have preceded them may seem vast. However, beneath the surface, both are extremely similar in what motivates them.
Security and variety are important to both sides. Both groups want a challenge and want to be proud of the company that they work for. This in turn increases loyalty. But how, as an employer, can you help create a culture that will keep your employees satisfied, and in the long run, retained? I read an interesting article that further reinforced the importance of the above:
Employees want to be understood. They want their employer to be with them every step of the way, whether it be in their successes or their downfalls. This is why I must stress the importance of understanding and addressing generational differences and tensions. More often than not, you will have a generational gap in your workforce, but you can utilise metrics and benchmarking to segment your employees. This will help you understand what millennials want and how these desires might be different from older workers.
As an employer, it is important to understand that while it is great to emphasize the benefits that your company is offering, in turn you should make yourself aware of what motivates your employees. If you are aware what drives millennials, you can pinpoint what you need to provide to maximise their potential. For example, is it time to shift focus from cash bonuses to other things? It is important to discover the drivers and the motivators of your employees and adjust your compensation and benefits system to maximise your employee’s potential.
Millennials love to learn and have an excellent student mentality. If you focus too much on building your more senior members of the team, the millennials in your organisation may feel undervalued. My experience so far in Morgan McKinley is a prime example of how education and training is valued in a business. The boot camps and education I have received so far shows me that my employer cares and from a HR perspective, this is so important. Build and measure the effectiveness of mentoring programmes alongside other learning and education. This is turn will help to maximise the potential of the millennials in your business.
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