Millennials may “dominate” the workforce of the future. According to the Bureau of Labor Statistics website, Millennials’ labor force size will grow by approximately 4.5 million over the next decade, giving them the highest workforce gain of any age group.
With Millennials now making up a larger percentage of the workforce, it’s more crucial than ever for managers and businesses to encourage them and keep them engaged.
What Keeps Millennials Motivated?
Millennial employees have different ideals than earlier generations. It’s about more than just a paycheck; employment flexibility, tech-savvy, and social awareness, to name a few, are more crucial than ever to building a company that people want to work for.
So, how do you motivate employees, increase engagement, and build business loyalty in the workforce’s fastest-growing generation? Here are a few tips:-
1. Social Responsibility
Employee motivation among millennials is influenced by various factors that aren’t directly tied to their employment roles.
Millennials, on the other hand, are more concerned with the big picture. They want to work for organizations that they believe have a significant and good impact, whether on the world as a whole or simply in their city. This is where CSR (Corporate Social Responsibility) is more important than ever.
CSR stands in stark contrast to firms’ and prior generations’ single-minded focus on earnings. Instead, it prioritizes a larger social objective in addition to making cash. According to a 2016 Cone Communications survey, 75% of Millennials said they would take a pay decrease to work for a socially responsible company.
Transparency has become one of the most desired qualities in a leader among millennials. This is true in all areas of life, from politics to the workplace, and the advantages of leadership openness are universal.
Newer generations of employees distrust the traditional top-down management strategies many firms use.
3. Create New Titles to Celebrate Growth
Millennials, unlike their predecessors, the Baby Boomers, are less likely to stay engaged at a job where advancement could take up to three years.
With the expense of obtaining a degree rising all the time, younger workers expect to be able to see the results of their financial and labor efforts far sooner than their forefathers.
4. Be Up-To-Date With Technology
It’s no revelation that millennials and the generations who will shortly follow them in the workplace are more technically sophisticated than previous generations. They expect their employers to be similarly evolved.
When it comes to technical advancements, communication tools may be the most obvious initial step to take.
5. Flexibility and Personal Time
According to a Deloitte study, millennials’ top factor for picking new employment is whether or not it would provide a sufficient work-life balance.
For millennials, maintaining a stable work-life balance is critical to their motivation. Work-life balance, on the other hand, does not merely entail balancing work and life but rather a lifestyle that integrates work and personal life through flexibility.
Younger workers are no longer bound by regular hours behind a desk due to technological advancements and the growing popularity of working remotely. Millennials, unlike previous generations, who sought structure and security, are motivated by autonomy and freedom.
Finally, managers at all levels, from entry-level employees to CEOs, may perceive millennials as a difficult-to-please generation compared to their Baby Boomer colleagues. Their requirements, on the other hand, are straightforward.
At the most fundamental level, customers expect to see immediate gratification and actual, tangible outcomes. However, when these aims are viewed through the lens of the corporate world, it’s evident that they connect with the needs of businesses looking to preserve their position in a market where more and more businesses are slipping behind their more modern peers.
By hiring and motivating millennials, your firm can stay ahead of the curve and take advantage of all the advantages that the younger workforce has to offer.