There have been no lack of articles written about the Millennial Generation in the workplace during the past few years. In fact, we’ve written a few ourselves here at The Doepker Group . . . and here’s yet another one!
With each passing year, more and more Millennials enter the workforce. Over time, a clearer picture develops of what this generation of workers wants most when it comes to their professional lives. However, knowing what they want and being able to provide what they want are two different things. In this blog post, though, we’re going to deal primarily with the former.
Strategy firm Department26 recently conducted a study that centered upon Millennials. This study included a survey of 1,000 Millennials and interviews with 26 members of the generation in question. The results of the survey are revealing in terms of what Millennials regard as important, and consequently, what motivates them.
Department26 turned the results of that study into a report titled “Millennials + Work.” You can access the full report by clicking here. So what does the report show?
Right off the bat, forget about money. Accumulating wealth is NOT a top priority for Millennials. With as much student loan debt as they’ve accumulated, that might be considered surprising. (Although there’s a difference between paying off a debt and actually accumulating wealth beyond that point.)
Now that money is out of the way, below are three things that Millennials really want in the workplace, according to the Department26 report:
Survey participants ranked “Being in a role I’m passionate about” over salary. That speaks volumes all by itself. Millennials want to feel as though they’re pursuing their passion, or at the very least, that they’re passionate about what they do for a living.
No, you’re not going to crush a Millennial by giving them negative feedback about their work or their performance—so long as the feedback is honest and objective. Millennials actually crave feedback. In fact, they need a lot of it. They want to know if they’re doing a good job, and if they’re not doing a good job, they want to know where they’re missing the mark and how to improve.
Just about all employees want to work for an organization that has a clear vision for the future, but this is even more so with Millennials. Not only do they want to know their employer’s vision for the future, but they also want to know how they fit into that vision. If a Millennial senses poor leadership, then it will be difficult to retain them as an employee.
As you can see, you just can’t “throw money” at Millennials and expect that doing so will attract them to your organization or keep them there once they’ve been hired. Their professional needs are a bit more sophisticated than that. Appealing to those needs is the first step in successfully engaging this generation and benefiting from the tremendous value that its members offer.
Does your organization provide these three elements to your Millennial employees? If not, in which areas do you need to improve? Have you experienced problems retaining your top Millennial talent?
The Doepker Group has extensive experience identifying and recruiting top candidates in the marketplace. Click here to find out more about our services for employers!