The landscape of how employers and employees should interact with one another to fuel higher retention rates has greatly shifted now that millennials comprise a large percentage of the workforce. A new report from Deloitte found that the two most important factors to the millennial workforce is a good work/life balance and opportunities to progress and be leaders.
This probably doesn’t come as a shocking surprise, considering millennials are ambitious and are advancing further in their careers in shorter amounts of time. However, what may not be quite as obvious, are what they’re expecting from their managers or higher ups to do to help them reach those goals. Here’s how millennials want organizations to reinvent how they lead and manage.
Provide frequent and honest feedback
Millennials aren’t going to wait for quarterly or annual reviews to see how they’re doing. Their generation is fueled by immediacy and they’re used to having information available at their fingertips.
As a result, they value frequent and honest feedback from their bosses throughout their tenure at the company to produce better quality work they can be proud of sooner, rather than later. This also helps them advance more quickly and plays into their natural ability to adapt and finesse their skill set efficiently and effectively.
Don’t be a boss; be a coach and mentor
Having a good relationship with their boss is extremely important for millennials. And what that typically means is being able to see their boss as someone they can look up to and learn from. Millennials aren’t going to connect with someone who micro manages and isn’t at all relatable. They want to work for someone who shares their values, shows their human side, and makes themselves available as a trusted advisor and resource.
Show and encourage investment
Millennials won’t invest themselves into their companies unless they know their company is investing in them. Therefore, it’s important that they’re offered leadership training or certification programs to grow and develop their areas of expertise. It also reflects how much the management team cares about helping them progress and get to the next level in their careers.
Other areas of investment can definitely include benefits and perks such as flexibility, bonuses, regularly planned company events, and other employee wellness programs that reward and show employees how much they’re valued and appreciated.
Promote corporate social responsibility
The notion of corporate social responsibility (or CSR) is an especially important one, and is something many millennials consider when they’re evaluating the companies they’re currently or planning on working for. CSR refers to initiatives businesses take to benefit society for the greater good and can support anything from donating a portion of revenue to charities to implementing eco-friendly business operations. Whatever the case, millennials today expect companies to participate in some form of CSR to ensure that they’re doing their part to help make a difference and support causes that will positively affect future generations.
Have a strong sense of purpose
Millennials want to know that what they’re doing matters, and want to understand how their contribution is helping both themselves and the company thrive. So they’re looking to their managers and leadership team to help guide them on where their company stands in their industry and how their work fits into the bigger picture. Millennials are more passionate about their jobs when they know the company they work for is equally passionate about helping and servicing others in a way that helps the economy financially and socially.