As we move forward in many aspects of social life, it is evident that many dynamics have changed. When we look at the development of the business world over the past years, we notice the rise of a dominating factor within modern organizations, which is the millennial working force. Millennials or Generation Y (Gen Y) are individuals born between 1981 and 1996; they are the primary generation born in a society of easily accessible data. When we say modern enterprises, we mean companies that welcome a new approach to business rather than following a traditional structure or workflow. This generation of the working force makes up a respectable number of the working population. For example, millennials comprise around 35% of the working force in the United States. Millennials are challenging norms everywhere and are the future of the business world, making it hard to attract and employ them.
There is a widespread assumption that millennials are more motivated to work with organizations that welcome change and promote clear social values. According to an article published by Delloite magazine, many factors influence this generation, such as workplace diversity, leader transparency, and well-being. Employers looking for good millennial talent should consider many internal components to succeed. Instead of relying on assurance and fixed pay, millennials seek professional growth opportunities. Studies show that the number of millennial entrepreneurs is on the rise. Following the Delloite survey on millennials, the results showed that 70% of millennials would reject traditional businesses for independent work if presented with the opportunity. Millennials are diverting towards entrepreneurship because of various circumstantial developments surrounding their generation, such as the business climate, business expectations, and technology. Yet, working for private enterprises and organizations remains as a needed experience. Millennials are looking for a work culture of diversity and creative expertise that gives them progress. Once a suitable employee-driven environment is provided, employers need to offer guidance to that fresh and full of potential talent. Leaders looking for efficient and long-lasting outcomes need to be involved in the continuous guiding process of their employees. By mentoring fresh graduates, you are shaping inspired and profitable employees. Mentoring programs serve both the mentor and mentee; mentees bring high retention rates, while mentors save the company money in the process.
In parallel, millennials have also set the bar high when it comes to inclusion, wellness, and especially low pay. Aside from having a comfortable working environment, clear social values, and impactful results, millennials are highly determined regarding low income. The survey performed by Delloite, also known as the Global Millennial Survey, consistently showcased similar results regarding a common dissatisfaction with gen y regarding wages. This financial gap has only widened with the pandemic but was even noticeable before Covid-19. Participants of the Delloite survey expressed that low financial rewards and pay have pushed them to consider leaving their jobs in the coming year or two. Between 2019 and 2020, the dissatisfaction with social values lessens compared to that for better pay. Still, these findings do not minimize the importance of cultural and social impact for millennials in the workplace.
Younger generations are looking for a job and a growing experience and nourishing environment. Millennials in their twenties or thirties are looking for stimulating work opportunities with a healthy workflow and fair compensation. Millennials foster huge working potential headed toward leading the market in the future. While enterprises understand the importance of that phenomenon, they shift their structure to fit better the requirements of hiring and preserving millennial talent. Rather than offering traditional perks and standard positions, management should focus on attracting and keeping the right talent.
