Next-Generation Workforce #Millennial
According to a recent PWC Report
It is vitally important that organisations invest time and e
nergy in both listening to their people, and conducting deep research and analysis into what drives and motivates them. Doing so will allow organisations to tailor their talent strategies to address these needs, and best position themselves for the future. There are a number of key considerations organisations should think about in light of the findings of the NextGen study. For example, organisations may wish to:
• Create a flexible work culture. The NextGen study found that 15% of male employees and 21% of female employees would give up some of their pay and slow the pace of promotion in their careers in exchange for working fewer hours. Organisations may leverage surveys or other tools to understand if their own employees hold similar views. To address these needs, companies may elect to adopt policies that promote greater work/ life balance, such as providing employees greater flexibility in their work location or schedule without having to execute a more formal flexible work arrangement.
• Fully leverage technology. Accelerate the integration of technology into the workplace, enabling workers to harness technology in ways that give them more flexibility and increase efficiency. To Millennials this is an absolute must—they expect to have access to the best tools for collaboration and execution.
• Increase Transparency around compensation, rewards and career decisions. Take the mystery out of compensation decisions, and provide greater transparency to employees regarding their career development. Create a meaningful rewards structure that regularly acknowledges both large and small contributions made by employees.
• Build a sense of community. Emphasize teamwork, appreciation and support from supervisors, and give employees honest, real-time feedback, face-to-face.
• Consider introducing or accelerating your global mobility program". The NextGen study found that more Millennials (37%) view the opportunity to work overseas as part of their desired career path than their non-Millennial counterparts (28%). Consider introducing a global mobility program, with either short or long term assignments offered outside of the employee’s home country. Providing these opportunities not only adds to the development of the individual working abroad, but also helps to create a cadre of future leaders with a global mindset.
• Evaluate the impact that Millennials may have on the contingent workforce strategy of your organisation. Given the importance of the contingent workforce now and in the future, organisations must understand how they can address the needs of Millennials, who want greater flexibility in their schedules and career progression, while meeting the needs of the business. Leveraging Millennials as contingent workers will provide organisations better control over variable costs, and enable a more flexible, dynamic workforce that is able to scale up or down to meet the changing needs of the organisation.
• Invest time, resources and energy to listen and stay connected with your people. Understand the generational—and in some cases, geographic—differences that are at play and manage employees on a personal and local level so that their own individual needs are met. Create innovative ways to keep employees engaged and perform at their best
• One size does not fit all. Generational differences do exist among Millennials and non-Millennials, and should be taken into account by organisations that include employees from both groups. For example, Millennials are more likely to leave if their needs for support, appreciation and flexibility are not met, while non-Millennials are more likely to leave if they feel they are not being paid competitively, or due to a perceived lack of development opportunities. Understanding these and other differences will help target customized solutions that will promote retention and an engaged workforce across all generations and levels.
Organisations should reflect on the core learnings of this study and explore new policies, procedures and cultural attitudes that reflect a new workplace world order, and will support a sustainable business model one where all generations feel welcome.