Millenials, or those born between 1977 to 1997, account for 20% to 25% of the total Australian population. In relation, 70% of those Millenials are currently employed. With almost 23 million residents in Australia, these numbers simply mean that there are approximately 4 million Millenials fuelling the workforce right now.
These young adults were born in the Internet age, in the time when it’s customary for smartphones to occupy a large portion of their day. Millenials are used to instant everything–from communication to coffee and job application processing to job hopping.
According to surveys, Millenials expect to stay in a job for less than three years. If you’re an HR advisor in Brisbane, Perth, Melbourne or any other major cities in the country, how would you advise your company to motivate and keep its Millenial workforce? You don’t want a high negative attrition rate, do you?
If you’re an HR advisor, make sure you’re aware of the several priorities Millenials look for in their ideal job. Here are some of them:
Millenial or not, an employee highly values mutual trust and respect in their colleagues. When hiring Millenails, it’s advisable to maintain a certain level of quality to make sure everyone’s at least on the same wavelength. Performers will perform better with strong contenders, and innovative minds work well with diligent ones.
While it’s challenging to keep a high average of skills and attitude for your workforce, remember that Millenials are highly social and may depend on their colleagues for their work performance.
Compensation and Benefits
Money is a secondary motivation; after all, you can use it to get something else, something more important or valuable to you. Compensation and benefits drive employees’ efficiency because they believe their time is being used well. This applies to both Millenials and the older generation in your workforce.
Job Fit and Satisfaction
It’s not just Millenials that have this feeling, but most people nowadays feel empty despite smarter phones and faster technology. In the workplace, it’s important for the people to feel the value of what they do. People want to believe they are spending 8 hours a day smartly, that they have a positive impact on the company and the world, however small that impact may be.
While it may be challenging to keep Millenials interested in their current job, they are also the generation that can more readily adapt to changes. They may have the sharpest, most innovative minds in your company.