Millennials are predicted to make up the largest percentage of the global workforce by 2025. Figures estimate in Australia, they will comprise almost 75% of the local workforce. With this in mind, understanding the needs and wants of millennials – as well as their successors, Gen Z – will be pivotal to strategic talent acquisition and employee retention.
Although millennial workers today may express some concerns about future job security, they are nonetheless proving themselves to be hardworking, ambitious, and committed to making a positive impact on their workplaces and broader society.
Here are the most important factors millennials consider when seeking out employment opportunities – and crucial considerations for any organisation’s employee value proposition going forward.
A healthy work-life balance
According to the Deloitte Global 2021 Millennial and Gen Z Survey, a healthy work-life balance is the top non-financial business priority for millennial business leaders. Likewise, a survey by pwc found that 95% of millennial workers consider a good work-life balance to be important. In fact, for younger workers, success and satisfaction are based on being trusted to work when and how they like and having the opportunity to seek out new life experiences – both of which require a balance between work life and personal life.
Despite this, more than a quarter of survey respondents said their expectations for a healthy work-life balance had not been met with a new employer. These results suggest employers need to be sure they’re creating a realistic picture of their business during the recruitment process to avoid being faced with disengaged employees and high turnover.
Learning and development opportunities
Having access to learning and development is the top priority for millennials in the workplace. In the same pwc survey, 52% of respondents said career progression was the most important consideration when looking for a job, ahead of a competitive salary (44%).
However, millennials don’t just want to “climb the ladder”. Rather, they want to progress to a point where they feel that the work they do is important. With this in mind, businesses and employees should communicate and discuss the company’s values during the recruitment process.
Flexibility at work is imperative for millennials and Gen Zs. They consider it to be the most critical employee characteristic for successful businesses. A majority of respondents in the Deloitte report selected flexibility/adaptability as one of the three most critical workforce traits – significantly more than those who identified “expertise and proficiency in the roles for which employees were hired” or having “values that align with our organisation.”
Especially considering the shift to remote work driven by the pandemic, employers looking to recruit and retain millennial talent will find that having flexible working options gives them a competitive edge.
Social responsibility and accountability
According to the same report by Deloitte, millennials and Gen Zs are actively seeking to influence policy and business actions on matters that are important to them, including environmental issues, inequality and discrimination. They are eager to provide the necessary push to hold organisations accountable, in order to bring about positive change on a broader societal level.
To that end, businesses with clear corporate social responsibility (CSR) frameworks will likely be best placed to attract and retain top millennial and Gen Z employees over the coming years.
Are you hiring new talent? Get in touch with a Page Personnel consultant to discuss your specific recruitment needs.
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