The Institute - June 2018 - 11

THREE THINGS
MILLENNIALS VALUE
MORE THAN A HIGH SALARY
Why the generation job-hops and what could persuade
them to stick around B Y A M A N D A D AV I S

ILLENNIALS OFTEN

are categorized as
impulsive and driven
by instant gratification, with a tendency
to job-hop. Many stay at a company
for two years at the most before moving on. A recent study by strategy firm
Department26 reveals what motivates
millennials to stay in one spot-as well
as what drives them away.
Workers ages 21 to 35 are influenced by a number of factors, according to the study, which surveyed
1,000 millennials in the United States.
As part of the study, Department26
conducted more than two dozen
in-depth interviews. The researchers
assessed concerns about finances and
the future as well as what millennials
are looking for from employers.
It turns out high wages are not necessarily their top priority, despite the
fact that many entering the workforce
are saddled with student loans.
Here are three ways to make millennials more invested in your organization.
SH OW TH EM A C LE A R PAT H

ISTOCKPHOTO

Millennials are making significant
contributions, especially to technology, but many are restless in their
current role. According to the survey, more than half of respondents
expect to be promoted within the first
two years of being hired. Many say
they plan to leave the company if that
doesn't happen.
To help manage employees' expectations, recruiters and managers should
be prepared to explain what's required
to move up the ranks, the report says.
Managers should provide regular feedback to help them see the bigger picture
and fully understand what's expected in
order to advance. Annual reviews aren't
enough, according to the report. With
well-established goals and better communication with supervisors, millennials can manage their own expectations.
OF FE R FL E X I B LE HO U R S

When asked what's important, many
of the respondents mentioned freedom. When millennials are productive,
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they expect flexibility with their schedule in return. One respondent, an IT
manager for a large bank, said she
resented the fact that, despite her hard
work and excellent standing at the
company, she wasn't granted permission to leave work early on a Friday.
For millennials, productivity is
more important than adhering to a
9-to-5 schedule. That might mean
working a few hours in the evening or
over the weekend with the option to
take a few hours off during the workweek to attend to personal matters.
Another option is to allow employees to work remotely. An article by the
Society for Human Resource Management noted that many millennials ask
about telecommuting options during
job interviews. Communication tools
such as Google Hangouts, Slack, and

Skype have enabled a number of
companies to let their employees
work from home. And a study by the
Stanford Graduate School of Business
suggests that telecommuters are actually more productive than colleagues
who regularly commute to the office.
LET THEM LEA D

A joint study by research firms Virtuali
and WorkplaceTrends revealed that
91 percent of millennials aspire to be
leaders. And many of them already
have traits that could make them effective leaders, a Forbes article says, such as
the desire for open communication and
transparency, a tendency to challenge
the status quo, and an unwillingness to
compromise core values.
Although the instincts might be there,
though, it could take years of experience

to become an effective leader. Continuing education is essential. According
to a Forbes op-ed, on-the-job training
should help employees build skills
they've expressed interest in strengthening, such as project management.
And because they tend to be more
focused on short-term goals, according
to the Department26 survey, millennials want training that lets them learn
quickly so they can apply their new
skills immediately.
That might include a weeklong boot
camp to master new software, a seminar
on time management, or a workshop on
how to handle interpersonal conflicts.
When an employer invests resources
in millennials' careers, they in turn feel
more invested in the company. ◆
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Table of Contents for the Digital Edition of The Institute - June 2018