Millennials, AKA Generation Y, is the given name for the generation born between 1980 and 2000, who have never known a world without the internet.
This generation has unfortunately often been stereotyped as entitled, easily distracted, impatient, and unlikely to stay in any job for long.
However several surveys, including PwC’s ‘Millennials at Work’ report and Deloitte’s 2017 Millennial Survey, suggest that this simply isn’t true. They suggest that Millennials are simply not being motivated by the same factors as previous generations, such as a job for life. Instead, they value a good work-life balance and a sense of purpose beyond financial success.
By 2020, millennials will form 50% of the global workforce. Their ways of working often vary from their Generation X predecessors and they therefore expect different things from their workplace.
One defining characteristic of Millennials is their use of technology and affinity with the digital world. They are the first generation to enter the workplace with a better grasp of a key business tool than more senior workers. Millennials have grown up with instant access to information with broadband, smartphones, laptops and social media literally at their fingertips.
However, it’s more than just the way millennials use technology that makes these employees different. They value a flexible approach to work, but very regular feedback and encouragement. They want to feel their work is worthwhile and that their efforts are being recognised.
To attract the top Millennial talent, organisations are making changes to the way they deliver people management and create a company culture.
For example, room sharing website Airbnb live streams whole company meetings to its 20 offices around the world to talk about the most important things to the company. HubSpot, the inbound marketing and sales platform, no longer offers annual performance reviews and instead has a social performance management software to facilitate year-round feedback in real time. As the company put it: “If you want to hire and retain great employees, you have to work the way they live.”
For more information on how your organisation can attract top graduate talent, please visit our employer information pages.