Business Insider reports:
When money is removed from the equation, work/life balance and opportunities to progress or take on leadership roles stand out. Those factors are followed by flexible working arrangements, deriving a sense of meaning, and training programs that support professional development.
Millennials are said to be aggressively ambitious and impatient for promotion.
They also crave praise, get shocked when criticised and are seen by older colleagues as not being prepared to put in the effort to achieve success in their careers.
Much of that view of those born between 1980 and 2000 is anecdotal but there is intense interest in Millennials as they progress through life, buying or renting, driving fashions, finding partners and getting married.
Working out what they want is important to employers because Millennials are emerging the main group of employees as Baby Boomers hit retirement. The key question is: How to get their loyalty?
The 2016 Deloitte Millennial Survey determined to find out what Millennials really want from a job.
The survey found that, much like any other workers, pay and other financial benefits drive Millennials’ choice of where to work more than anything else.
This single factor accounts for more than a fifth (22%) of the combined level of influence of the 14 factors influencing work.
"There is a limit to what an organisation can pay and, while compensation may be the strongest single driver of employer choice, it does not work in isolation," the Deloitte survey says.
"If a candidate is choosing between organisations offering similar financial incentives, other factors come into play. Understanding these factors as a package will help employers attract and retain Millennial talent."
Here's how the Millennials ranked those other factors:
Source: Deloitte. When money is removed from the equation, work/life balance and opportunities to progress or take on leadership roles stand out. Those factors are followed by flexible working arrangements, deriving a sense of meaning, and training programs that support professional development.
"An employer that can offer these is likely to be more successful than its rivals in securing the talents of the Millennial generation," says Deloitte.
"On the other hand, they will find it hard to become an employer of choice if they attempt to differentiate primarily by means of their growth records, market leadership, use of technology or, least influential of all, the reputation of their senior executives.
"That said, should a leadership team bring its organization into disrepute, it is highly likely -- given Millennials’ values -- that this will drive candidates
away."
The latest Deloitte survey collected the views of nearly 7,700 Millennials across 29 countries. All participants were born after 1982, had obtained a degree, were employed fulltime, and mainly worked in large (100+ employees), private sector organisations.
1 comments:
It is thus important for employers to adopt a more holistic approach towards managing their workforce. Instead of judging an employee’s abilities based on their tenure or age, employers should be focusing more on skills and competencies such as learning potential and leadership qualities. Having robust learning and development programmes can also help build a highly-skilled workforce, which in turn will increase an employer’s attractiveness in the market. Read more: attracting and retaining millennial employees in 2020.
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