Author: Laurence Cloutier
Retirement: Millennials expect to work longer than previous generations
According to the National Institute of Retirement Security, 64% of millennials are worried about retirement.1 This generation has already experienced major economic downturns during key moments of their career. To ensure their financial independence, millennials expect to work longer or have a part-time job into retirement.
How will longer careers affect retention? First, there is the financial element. As millennials get older, they find increasing value in retirement savings such as pensions, salary increases and employer-sponsored plans. Second, organizations will have to provide ongoing development opportunities for this generation, which needs to be challenged and seeks new meaning in their careers.
Education: Millennials tend be more educated than older generations
Millennials are more educated2and connected to the world than their parents. Typically, millennials value education and ongoing learning. Therefore, organizations must offer flexible, technology-based learning options.
In the COVID-19 era, and with the abundance of easily accessible information, ways of learning have changed. Traditional methods such as attending an annual conference or taking a night class are not the only ways to train and develop your next generation of leaders. Millennials treasure their autonomy: learning at their own pace through a wide variety of mediums is more attractive than ever before.
Offering LinkedIn Learning, for instance, is a good option for this generation that has grown up with YouTube videos and tutorials. Other effective types of learning include gamification, simulations, e-coaching, peer-to-peer learning3 and reverse mentoring4.
Technology: Millennials are tech-savvy pioneers
Technology has shaped millennials lives. Because technology changes quickly, keeping up with new apps, social media trends and always-evolving communication tools requires quick adaptation and is becoming an in-demand skill.
Millennials can be instrumental in paving the way for older generations to keep up with new technology, because millennials know how technology can improve and facilitate how we do our jobs and communicate with our teammates. We need new talent to pave the way as sophisticated technologies such as artificial intelligence cause big economic disruptions.
Activism: Millennials are climate change activists
As we face a major global threat, millennials understand there will be serious ecological consequences if too little is done too late. They believe in the shared responsibility for this issue is among individuals, organizations and governments.
To attract and retain millennials — and even younger generations — it is important to be actively involved in this battle. Are you carbon neutral? Are you donating time and money to the cause? Are you looking for new ways of improvement? Are you using your brand to promote awareness? Are you seeking environmental accreditation? Are you transparent in your process? As millennials seek greater purpose and connection in their work, they will seek organizations that share the same fundamental values, such as protecting the environment and other social matters.
Involvement: To boost millennials' engagement, involve them
Many millennials want to feel like their contribution is highly valued and their opinions are taken into consideration. They are seeking meaningful positions and respond best to a collaborative leadership style5. They cherish relationships with their superiors based on trust, transparency, flexibility, equity, inclusiveness and respect for self-boundaries. They want to feel heard and involved in the decision-making process where possible.
For these reasons, mentorship programs are a good option for organizations that value millennials' engagement and retention.
New skills: Development is the cornerstone of retention
Millennials approach the job market in a very different manner from the generations before them. Most millennials don't aspire to have a 35-year career with the same organization. They want a diverse career where they can acquire new skills and continuously develop. Listen to what your millennials are expecting. Which opportunities would they want to benefit from? Adopting a redeployment strategy6 — the internal movement of employees — can ensure that your employees are in the right position to match their skills and are happy at work. They will have great opportunities to learn new skills and develop themselves.
Millennials now make up a fundamental cohort within the talent landscape. Their organizational involvement will fuel cultural changes, shaping the workplace for the upcoming Gen Z. Organizations must be aware of the unique characteristics of this generation and adapt their processes and policies to attract, engage and retain millennials and be a bridge for the upcoming generations into the workforce.
