As the Millennial Generation (or Gen Y) ages, they are becoming increasingly important in the workplace. They are moving into positions of responsibility and becoming more valuable to their employers.
Growing Gap between Expectations and Offerings
Unfortunately, there is a growing gap between Millennial expectations and what their employers are actually offering. This gap is having a negative impact on the engagement and retention of this generation, and is likely one of the primary reasons why Millennials will be looking for new opportunities in 2015.
In a recently released study from Aon Hewitt titled Inside the Employee Mindset™, we saw that the qualities that differentiate employers were as follows:
- Fun place to work
- Flexible work environment
- Innovative Good fit with my values
- Provides stimulating work
- Financially successful/market leader.
The Improvements Millennials are Looking For
To increase their overall engagement or satisfaction, the areas Millennials would most like to see improved in their current workplace were:
- Pay and benefits (51 percent)
- Good career or development opportunities (39 percent)
- Performance recognition (38 percent)
- Open/complete communication (34 percent)
- Flexible work environment (33 percent)
- Fun (30 percent)
- Having a strong management and leadership team (30 percent).
Job Hopping Ahead in 2015
The data suggest that employees are feeling overworked and hampered by rigid systems/processes and limited resources. They want to feel appreciated for their efforts and successes, see opportunities to advance, and be more involved in the workplace, while having ample time for their personal lives—in short, they want a more “human” workplace.
“Beyond wanting competitive pay and benefits, Millennials expect to feel appreciated for their efforts, see opportunities to advance, be more empowered in the workplace, and also have the flexibility to balance their lives at work and home.” The lack of these aspects contributes to the statistic that 43 percent of Millennials plan to actively look for a new job in 2015.
Wise employers will take these findings to heart, changing the ways they are working with their Millennials, particularly their high potentials. By giving the Millennials what they are looking for, these smart employers will be able to reduce the number of employees leaving and beat the odds.
Special thanks to Aon Hewitt; their study examined the differences of employee preferences and expectations across three of the generations, including Millennials, Gen Xers and Baby Boomers. To read the full survey report, click here.
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