Attracting and retaining millennials might mean your work culture will need to change. Understanding what millennials want from their employers in terms of pay, benefits and working conditions are essentials to hiring and developing workers born between 1980 and 2000 (ages 22-42).
The millennial job-hopping custom is well known. According to a 2016 Gallup survey, many millennials are open to new opportunities (60% surveyed) and new employers (36% surveyed will take a new job at a new organisation in the next 12 months). What accounts for their willingness to move and how does this churn affect your company?
Why do millennials matter to your company?
A mismatch between available jobs and workers' skills in Australia's labour market exists, according to the Department of Education, Skills and Employment (DESE). Women, culturally and linguistically diverse workers, youth (under age 25) and mature employees (over age 50) are overrepresented and underutilised segments of the national labour market. However, millennials are the age group employers seek out.
For the past 10 years, Deloitte has surveyed millennials and Gen Z workers around the world. The 2021 survey of 500 millennials and 300 Gen Z employees in Australia provided several key insights into what millennials want from future employers.
The 2021 survey found that many Australian millennials
- Were serious about health and safety guidelines throughout the pandemic.
- Have a desire to make a positive impact on their community and the world at large.
- Feel optimistic about the economy.
- View companies as having a positive impact on society.
- Believe the profit motive is not as important as other societal issues.
- Are hesitant to share feelings of stress with their employer.
- View empathy, creativity, flexibility and tech acumen as key characteristics of valuable employees.
Though the pandemic was a high-anxiety time for Australian millennials, they reported feeling more sympathy for those in their local communities. Many did what they could to incorporate positive action in more areas of their life. Tapping into the millennial outlook on their future and their power to make change around them will attract millennials to your company and incentivize them to stay. Does your company's human resources program match with millennials' values?
WMC Accounting has a wide array of business services that support small to medium-sized businesses' growth and prosperity. Contact us today to learn more about our strategic planning and business advisory services to improve your business performance and meet your goals.