It is getting increasingly difficult for companies around the world to attract and retain talent, especially Generation Y, also known as „Millennials.“ Born roughly between 1980 and 2000, they will comprise 75 percent of the workforce in about ten years (compared to 34 percent right now).
Companies will face severe challenges in their hiring efforts if they do not recognize this group´s essential needs and expectations.
So what exactly are Millennials looking for?
While previous generations like the Babyboomers were satisfied with yearly performance reviews, Millennials desire constant feedback from their superiors. In fact, an overwhelming 80 percent do, making it one of the leading indicators of job satisfaction for Gen Y.
In addition to feedback, training and development are also essential job components, rather than ‘nice-to-haves.’ In fact, 35 percent of Millennials look specifically at corporate training and development opportunities to determine if it is attractive to them.
Why feedback matters
Millennials are digital natives that are used to instant gratification and constant feedback online. They expect this immediate feedback in the “offline world” as well, as they always want to be growing and learning.
“That’s just part of the changing ethos, especially with younger workers,” according to Jeff Lawson. “If you get into the habit of regular feedback, it’s not confrontational; it’s just the ebb and flow of conversation and a constant tweaking of how you work with somebody.”
Make them grow or see them go
Millennials will stay at a job for longer than two years if they feel they are getting what they need. Rather than asking what they can do for a company, they tend to ask what a company can do for them. Consequently, if they feel they are not getting what they need, they will simply leave.
What does this mean for your company?
If you wish to attract and retain Millennials, implementing a feedback process with the help of performance evaluation tools should be a burning priority. Once set up, the next step is to communicate it to Millennials, even before they set foot in your company.
If you are already involved with Generation Y, you are on the right track to reach the next generation: Generation Z.
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- Deloitte Consulting.
- Dan Schawbel, Managing Partner of Millennial Branding, a Gen Y research and consulting firm.
- TalentSmoothie, Generation Y: What they want from work, “A summary report of the ‘Tell it how it is’ Research 2008.”.
- PwC, “Millennials at work: Reshaping the workplace”
- CEO of Twilio, a cloud communications company.
- Why Millennials Need Constant Feedback At Work