According to a study conducted by ManpowerGroup titled Millennials Careers: 2020 Vision (Singapore), Millennials will make up over a third of the global workforce by 2020. While many employers accuse Millennials of job-hopping, they fail to see that times have changed and so have the mentality of employees. In order to resolve the issue, we must first examine the factors that contribute to the trend.
Work Hard, Play Hard
One of the things that Millennials prioritized when choosing their job is holidays and time off. The same study reported that Millennials know they’ll work longer than the generations before them, with fourteen per cent of Singaporeans expecting to work until they die. Singaporean Millennials also revealed that they work more than forty hours a week, clocking in a respectable forty eight hours. So is it any wonder that Millennials want more holidays and time off? These much-needed holidays let Millennials have a brief change of scenery, feel refreshed and also improve their productivity.
Recognition and Acknowledgement
Nothing kills motivation and drive faster than the lack of appreciation and recognition. Providing affirmation, feedback and recognition for their hard work is doubly essential for Millennials if you want to retain them. And with 42% of Millennials wanting feedback every week, annual appraisals may not cut it, and It doesn’t hurt to show your appreciation for their efforts. Words of encouragement or small rewards can go a long way.
Career Security
Companies across the world are restructuring due to the economic downturn, and this has also encouraged Millennials to job-hop in fear of being laid off. Mapping out a clear career path, as well as goals within them, gives them the assurance that they have job security in the company. This also helps them to recognize their role in the organisation and how their work contributes to the success of the company.
New Learning Experience, Challenges and Opportunities
Contrary to popular belief, Millennials actually want new opportunities and challenges with their current employers, rather than a new job. Fifty per cent of them voted to stay with their current employers for the next few years or longer – as long as you’re able to expose them to new learning experiences and opportunities. Millennials crave for new challenges and a versatile environment that encourages change and exploration, so switch up their tasks once in a while to keep them engaged. They also realize the importance of skills development, which is also one of the reasons many Millennials job-hop. Providing new skills to learn and the relevant outlet for them to put these skills to good use will definitely boost your chance of having a loyal employee.
Flexibility in Work Models
Gone are the days where employees work in silos, separated by partitions and walls. Unless you want them to quit their jobs, Millennials have a different approach when it comes to work models – they prefer flexible workspaces, work hours and alternative methods. Adding flexible perks like working-from-home, unconfined work spaces, or even doing dress-down days will keep them feel content.