Via Forbes : Create This Sort of Work Environment If You Want To Retain Millennials
Gone are the days when employees must conform to a traditional 9-to-5 workday, losing precious hours of sunshine while being confined to a windowless cubicle. At least millennials think so.
We were raised in a different era than our predecessors, so naturally we have a different approach to getting things done. This doesn’t make us entitled or lazy. (Reminder, millennial over here!) Quite the opposite.
According to a study by Bentley University, 77% of millennials say that flexible work hours would make the workplace more productive for people their age. And flexible hours are just the beginning. A traditional, outdated concept of when and where to work isn’t going to cut it for my generation.
A flexible work environment can take on many forms, but the main idea is to shift away from set hours and not dictate when employees need to be in the office. There might not even be an office.
While this transition might be a hard pill for some execs to swallow, consider this…
Studies have shown that both employees and employers benefit from a flexible work environment. Millennials are determined to reshape the world of work because we know what environment we can not only perform in, but also thrive. Here’s why…
Millennials Value Work-Life Balance
Yes, work-life balance is still a thing, and it isn’t going away anytime soon. Millennials value the genuine blending of their work and personal lives, so giving them the opportunity to control when they work and when they play (and how they fit together), makes for more fulfillment. According to Leslie Doolittle at Bentley University, “family, friends and making a difference in their community are much more central to millennials than previous generations.” We believe in the importance of community involvement. How are we going to contribute to society if we’re stuck in an office all day?
Millennials Are Experts In Digital Communication
Millennials are hyper-connected globally, always on. Early adopters, we grew up glued to tablets and smartphones, so digital communication comes to us as second nature. We’ve brought our love for technology into the workplace and know how to stay connected to our peers and run kickass meetings, even from afar. Why not let us cultivate a remote workforce and put these skills into practice? Research by Stanford professor Nicholas Bloom showed that working remotely increases productivity and the total number of hours worked. Let’s put that research to good use.
Millennials Crave Loyalty And Stability
This might sound counterintuitive since we’ve been accused of job-hopping and leaving for the next shiny opportunity, but times are changing. According to a 2017 Deloitte millennial survey, millennials in the US are now more likely to say they will stay beyond five years than to leave within two. Part of this is due to an increase in flexibility on the job. McKinsey & Company found that millennials are more likely to accept a job offer from a company that offers flexible work schedules. Flexible work arrangements can also improve retention efforts. In short, we’re looking for freelance flexibility with full-time stability. If we’re in control of how and when we get things done (and are getting fair pay and upward mobility, of course) why jump ship?
Like any shift in corporate culture, transitioning to this type of environment won’t be without its challenges. Communication and good collaboration tools are key to a seamless experience. Luckily, millennials are experts at communicating on the job, especially with mobile friendly tools at their fingertips. A 24/7 kind of culture, some millennials may never be able to “turn off” from work and find themselves logging on over the weekend. But I bet if they’re sitting at a cafe with nitrogen cold brew in hand, there will be little complaining. That is what we signed up for after all.
I wouldn’t be hammering this in if it wasn’t for good reason. Companies are already implementing a variety of flexible practices; we just need to get more on board. Dell aims to have 50% of its global workforce on flexible schedules by 2020, and since millennials will make up 75% of the workforce by 2025, that’s a step in the right direction. Any wrinkles will undoubtedly smooth out over time as more and more millennials enter the workforce.
Collectively, let’s just say yes to less restrictions surrounding when and where work gets done. There’s no need to fear flextime and working remotely if it means increased satisfaction and productivity all around. Besides, adopting a flexible work environment will not only benefit millennials, but future generations to come.
The end of the cubicle era is fastly approaching.
Employers, take note… The future is now.
Via Business2Community : 8 Job Features That Appeal to Millennial Employees
Millennials are entering the workforce in droves. They’re eager, they’re enthusiastic, they’re enterprising, and as most employers can tell you, they don’t, as a whole, act the same way as the generations before them did. These are the new young professionals, and unlike Baby Boomers or Gen X’ers, they have a whole new set of priorities when it comes to what they want out of their careers.
If you’re an employer looking to recruit and retain top young talent, it’s crucial to know what motivates millennials and gets them fired up. Unlike the generations of employees that have come before them, millennials aren’t swayed by a paycheck alone. Instead, they’re looking for more. Take note: here are eight job features that appeal to millennial employees.
Work with purpose.
When they were in their formative years, millennials saw the drone-like appearance of their parents walking through the door after a hard day’s work. Now, as young adults, they know that they want no part of that whatsoever. They want work they can feel good about, work that makes a positive impact and leaves the world a better place. According to the Deloitte Millennial Survey 2017, 76% of millennials believe that the business world has the capability to make a real difference in society, and that’s the kind of work they want to be involved in.
Gone are the days of the corner offices for the higher ups and the cubicle farm workstations for the underlings. The communication and inclusivity that millennials crave from their jobs need to be reflected in the physical environment as well, and that means less traditional workspaces. “Work/life balance, teamwork and sense of membership are highly important to millennials,” according to UA Builders Group CEO Albert Gjonbalaj. “Companies are therefore re-evaluating how current office design and layout appeals to their strong, community-centric values. Only by replacing private offices with task-specific spaces and developing flexible workspaces/common areas that encourage dialogue, community and productivity can companies succeed in attracting and retaining this important demographic.”
A chance to develop their skills and grow as an employee.
Millennials also have no interest in laboring in the same job for years on end. They want to learn new things, they want to move up, and they want to have an increasing amount of responsibility and control in their jobs. According to a 2016 Gallup Poll, 87% of millennials say that professional development or opportunities for career growth are very important to them.
A good boss who truly leads.
If you belong to a generation older than millennials, you’ve probably suffered through at least a few horrible bosses: poor leaders, micromanagers, bad communicators, and other examples of the Peter Principle in effect are in workplaces all over the world. But millennials aren’t having any of it. They want to work for an effective manager who communicates well, challenges them, and allows them to shine. If they don’t see that type of leadership, they’ll move on.
Corporate volunteering opportunities.
This goes back to having work with purpose. Millennials want to get involved with good causes and give back to their communities. They especially love doing it through their employer. Whether it’s organized days for employees to volunteer or partnering with a nonprofit as a corporate sponsor, if your business is philanthropic, millennials will want to be a part of it.
Inclusivity in the workplace.
Remember, this is the generation that has heard the word “tolerance” repeated multiple times per day since they were in kindergarten. As a result, they tend to be socially liberal and very accepting of others, no matter what they look like or what they believe in. Plus, they want to see that level of acceptance in their employers. If your office environment is segmented into cliques that don’t communicate well with one another, millennials probably won’t want to be employed there for long.
We all want flexibility at work, but millennials demand it. This means allowing employees to work nontraditional hours, giving them the opportunity to work from home at least one or two days a week, and offering more than the longtime standard two weeks of paid vacation every year.
Work that they love.
Millennials are entrepreneurial, and all their lives, they’ve been encouraged to uncover and pursue their passions. That’s not going to stop just because they suddenly need to buy food or pay rent. If they don’t love the work they’re doing, they’ll find a better job. As an employer, you may not have much flexibility in defining the roles in your company, but you can take time during the hiring process to ensure that you’re hiring employees who are a good fit for the positions that you have available.
Via Forbes : How This Hiring Manager Maintains A Millennial Team With A 93% Retention Rate
A new hire costs a company 1.25 to 1.4 times of the base salary range. To give you a better perspective, a person with an annual salary of $50,000 will cost your business between $62,500 and $70,000, accounting for the recruiting expenses, employment taxes, benefits, the physical space and equipment required for this particular hire on top of the base salary.
Millennials, the generation now dominating the U.S. workforce, have already become a prized and somewhat “complicated” generation for traditional employers. Entrepreneurial, task-driven, demanding constant feedback, preferring digital tools for communication and seeking meaningful work, this generation is hard to retain with the standard work perks.
According to the Deloitte Millennial Survey 2016, 25% of respondents claimed that they would love to quit their job the following year and 44% are planning to leave the company within two years. In fact, 68% of millennials say that the longest they would stay with the same employer is three years. No wonder that the average US worker today spends just 15 months in one role.
To attract and retain millennial talent, more and more companies are finally re-investigating (or creating) programs aimed at retaining and re-engaging current employees. When FreshBooks’ Manager of Support Operations, Grace Antonio, 32, was tasked with a similar job, she quickly understood that offering a raise or throwing in a cash bonus will not cut the deal. Because standard office perks have proven insufficient to attract and keep millennials, she knew she needed to investigate what drives her team and experiment with various strategies.
Antonio joined FreshBooks’ support department nine years ago. We all know that contact centers and support departments are particularly prone to high employee turnover rates, but even so Antonio managed to build an 86% millennial team with an impressive 93% retention rate. Here’s what has worked in her case.
1. Employee retention rates correlate with your hiring strategy
You should start thinking about employee retention during the interview stage. Don’t settle on hiring the first mildly suitable candidate even for an entry position. Instead, speak with your managers first to identify what personality traits, values, skills and backgrounds your “retainable” employees have in common. When a candidate doesn’t share your company values, it would be hard to make them stay for years.
For support teams specifically, you should look for candidates having a great sense of compassion, dedication, a passion for helping others and solving problems. According to Antonio, these are the qualities that helped her to build a dynamic, result-driven and loyal team.
2. Strive to build a customer-centric culture
Delivering “wow” experiences to the customers not only influences their loyalty to your brand, but positively impacts your employees’ engagement and retention as well. According to PeopleMetrics data, customer-centric companies manage to maintain 40% engaged and 24% fully engaged employees, whereas the numbers for company-centric business are respectively 18% and 4%.
FreshBooks requires all new hires to do a month of customer support. “During this time, employees develop a deep understanding and a strong sense of empathy for our customers,” says Antonio.
After this kind of “bonding experience,” employees no longer feel that they are hired to do “some work” for a faceless corporation. They understand how their day-to-day chores impact the life of someone just like them and feel more encouraged to interact with the customers in more meaningful ways. This, in turn, leads to higher engagement and improved loyalty.
3. Promote shared team values and purpose
Millennial employees are driven more by purpose than paychecks. To be precise, 74% of job seekers would want a job where they feel like their job really matters and those who feel like they’re doing a meaningful job are more than three times as likely to stay with the same company. These employees also report being 1.4 times more engaged at work and 1.7 more satisfied. Embracing the company’s values is a building block towards nurturing more purpose-driven and loyal employees.
“One key to retention is bringing the right people onto our team,” says Antonio. “For us, it’s finding people that share company values, and have an overwhelming desire to help people. We have people from all different backgrounds — a former firefighter, Disney World cast member, filmmaker, naturopath — you name it.”
4. Help your employees bond and grow
Building a close-knit community didn’t happen at FreshBooks overnight. The company has a leadership team at support department that specifically looks into each member’s performance, helps them develop professionally and makes them “feel cared about as a person,” as Antonio puts it. Even the company’s support director recently added an option for employees to request one-on-ones with him at any time suitable.
Unsurprisingly, that’s exactly what most millennials expect from their job in the first place. According to a Gallup survey, 87% of millennials state that their professional or career growth and development opportunities are important to them in a job and 68% of those who believe they got enough development opportunities the previous year intend to stay with their employer for at least another year.
In fact, 70% of the variance in employee engagement scores is attributable to the manager alone. So companies aiming to improve millennial employee retention rates need to promote an “open door” attitude among the managers and pay close attention to all the employees’ needs, suggestions and feedback.
They don’t need to copy the exact programs that have worked for FreshBooks though. They do, however, need to look beyond conventional perks and experiment with various strategies to discover what drives their team and builds a culture that attracts millennials and meets their unique needs.
Via Personnel Today : Millennials: Is your employee experience relevant enough?
There are hordes of clichés around millennial workers, but which attributes should your organisation keep front of mind when hiring and retaining the best talent? Marcus Underhill of Staffcare looks at how employers can ensure their employee experience is relevant to this important generation.
As an HR director today, you have probably had a handful of key employers in your career. Your successors are likely to have between 10 and 20.
We know that their employee loyalty and engagement is different and it’s not because of salary; it’s because of the employee experience.
It’s well documented that today’s generation wants to make a difference, but also wants instant gratification and is less patient. The old ways of working hold no truck with them, the gig economy is here to stay and ‘agility’ is king.
So, how can you ensure that your employee experience chimes with this transient new generation?
They’re not money motivated and individual choice and instant access is of paramount importance. They’re looking for reward and benefits that meet their needs right now, right here – and that doesn’t mean a red-hot workplace pension scheme.
In our recent survey of employee benefits trends, Adam King of the London Business School commented that of the recent Generation Y executive education participants at the school, 90% had little intention of staying with an employer for longer than five years and over a third believed they would not stay more than 24 months.
Keep it relevant
It is clear that what it means to work for different generations will have a profound impact on businesses’ people strategies over the next twenty years.
So how can HR Directors keep their offering relevant and reflect multi-generational needs? Here is a list of key generation Y attributes to enable organisations to check if they are using the right levers in their reward framework and employee value proposition.
Don’t tie people to a chair. No millennial values sitting eight to 10 hours chained to a desk. If you trust them, give them freedom to move around, converse and collaborate. This can include working at home or remote working. Create environments inside the office to enable them to share ideas and information.
It is personal. I don’t expect to have a reward structure and benefits that are the same for everyone. I want to have the ability to invest in my development and choose benefits that are most appropriate for me. I expect materials and communication to be relevant to me and not generic.
It’s about more than pay. Millennials believe in working somewhere for its purpose and so aspects of inclusion, collaboration, international assignments, secondments and shadowing are all attributes of a work environment they will thrive in.
Understand their technology preferences. They use multiple communication devices and expect information when they need it to be available on smart phone and tablet and not just in the office.
Make the best of mentors. Whilst they are ambitious, they can also see the value in having coaching.
Glassdoor. Millennials will read about your business in the review sites, media and social networks. They believe these reviews and they can make or break decisions by talent to join your organisation.
“I have a thirst to learn”. Give younger workers the time and space and they will actively investigate and learn self-sufficiently. Content should reflect the fact that, as they are used to online activity, their attention span may be less than previous generations.
Christmas is once a year. Feedback is every day. Millennials are far more fearless of failure than past generations and thrive to get better and seek and give feedback. Involve them and coach them to get better results.
They will tell you if they like or dislike something. Feedback works both ways, and they will be happy to give instant feedback when asked.
Millennials are socially responsible. Even if their business does not socially contribute to the world they expect it to be socially responsible. And evidence it.
Do things in real time. They can buy products and converse online when outside work in real time, so they don’t understand when internal business processes aren’t as automated as they could be, give them a poor customer experience or by going wrong.
Learning is not just about work. Work is part of everyone’s life balance, but millennials want to experience the world and eventually learn to be good parents, so give them and their families the freedom to make this happen. Paternity and maternity values, flexible working and sabbaticals are all strong signals.
Be succinct. Other generations may chat about their journey to work at the coffee machine, but by that time, millennial employees will have posted a video of the experience. With all this information and noise, they value clear and succinct statements on role, performance and business purpose.
Poor performance is draining. Millennials don’t like it when their business tolerates poor performance in people around and above them. Such people fail every day to live the values that the company says are so important.
To successfully integrate Generation Y and later generations into the workforce, employers need to understand their motivations and balance these against work styles and perspectives already prevalent in the business environment.
The single best way? Ask them. Because these generations love nothing better than playing a part in their own future.
via HumanResources : The Guide to Employing Malaysian Millennials
Bank Negara Malaysia holds onto its top spot as the most ideal employer for business graduates in Malaysia, while for their engineering counterparts, PETRONAS remains as their most desirable employer, according to the Malaysia Top 100 IDEAL Employers student survey released by Universum.
Collating responses from 15,883 graduates from 27 different universities, the survey seeks to unmask the career goals as well as employer preferences in Malaysia.
In an exclusive statement to Human Resources, Dato’ Raiha Azni A Rahman, senior vice president for group human resource management of PETRONAS shared that the company upholds its EVP – namely trust, grow and reward – to attract, motivate and retain talents in driving continued success. “PETRONAS adopts diversity and inclusivity in its people policies and practices, in line with the needs of today’s workforce,” she added.
For more than half of the Malaysian young talent (55% business students and 56% engineering students), the most important career goal upon graduation is obtaining work-life balance. Coming in second is the ability for graduates to maintain the stability of their job.
In fact, achieving career security could become the most important career goal among young local talent, ahead of even work-life balance, especially since a total of 31,476 employees in Malaysia were laid off between January and September 2016, the study revealed.
Most interesting, unlike their Singaporean counterparts who chose leadership as their third most important priority, close to three in 10 Malaysian graduates (34% business students, 29% engineering students) aspire to have an international career.
Joakim Strom, CEO APAC, Universum said: “Attracting essential talent is getting increasingly difficult in Malaysia, much like other key regional markets. Companies still need to do more, they need to understand how to communicate with talent, what top talent expects from them, and to understand and control their employer brand.”
The report also finds that potential employees in Malaysia focus more on the people and culture of a future employer than the strength of their reputation. Unanimous among the business and engineering cohorts, having a friendly work environment is still the most important criteria when searching for a future employer.
The second most important factor in the search for a prospective employer are those who are perceived to offer strong professional training and development. For engineering students, their third most highly sought after priority is having a good route to high future earnings, while for business students, they want to work with leaders who are supportive of their development.
For employers who are struggling to attract or retain the talent, Universum zooms in to the two major concerns of Malaysian graduates:
#1 Pay expectations in Malaysia tumble
When asked about their pay expectations upon graduation, both male and female students in Malaysia report significantly less optimistic figures compared to in 2016. In 2016, male students in Malaysia expected an average annual salary of RM45,819 upon graduation, but in 2017, they are only expecting RM 39,215 – a fall of almost 15%. As for females, the fall is greater, dipping from RM 41,437 in 2016 to RM 37,563 in 2017.
Commenting on this, Ryan Pua, country manager, Malaysia for Universum said: “The drop in salary expectations isn’t suprising. Many graduates in Malaysia aren’t well placed to enter into the jobs they dreamed about straight after university. There is still a skills shortage at this level, and it’s the responsibility of all stakeholders to improve the situation, which means employers and the government, as well as the univeristies and the talent themselves.”
Private vs public universities
Students hailing from private and public universities differ in their employer preferences. Business students from private universities are significantly more attracted to employers who they perceive to offer a clearer path for advancement, and interaction with international colleagues. Whereas their public university peers are much more attracted to employers who exercise corporate social responsibility (CSR), sponsorship of future education, and offer more team orientated work.
In the case of engineering students, the public university cohort seeks an employer who will sponsor future education and offer more team work, while CSR is not an important priority. Instead they value higher levels of personal responsibility. The private university cohort, on the other hand, seek employers offering a clear path for advancement, job security and being able to integrate personal interests into their career.
The top 10 ideal employers among business and engineering are as follows:
Meanwhile, this year’s Forbes Global 2000 list saw 14 Malaysian companies making the cut and sharing the spotlight with some of the biggest, most powerful and valuable firms in the world.
Here are the Malaysian companies that made it into the list of top 1,000:
# 390 – Malayan Banking [Maybank]
# 490 – Tenaga Nasional
# 632 – Public Bank
# 671 – CIMB Group Holdings
# 791 – Sime Darby