Millennials are taking over the workplace and it’s sooner than you think. By 2025, millennials will comprise 75% of the workforce. Due to demographic shifts, including more experienced Baby Boomers retiring, it is essential for businesses to engage Millennials now so they are able to fulfill talent shortages in the near future. Developing a strong leadership pipeline and expertise are key to business continuity.
Unfortunately, many organizations are not prepared to attract, engage, and retain Millennials because they continue to use management practices that are off target. Only one in three employees are engaged in their role, costing organizations billions of dollars in productivity. Neglecting to engage Millennials will result in talent shortages, turnover expenses, and a damaged reputation.
A misperception exists that Millennials are completely different from other generations and therefore are impossible to understand and engage. Consider these:
- Managers today frequently complain about the challenges of managing Millennials, yet rigorous empirical studies show that Millennials differ little from previous generations at the same age.
- Millennials driven by the same factors as other generations. Leverage these similarities to develop an engagement plan which will motivate a multi-generational workforce, including the Millennial segment.
- The differences that do exist, create opportunities for HR to enhance their performance.
“Neglecting to engage Millennials will result in talent shortages, turnover expenses, and a damaged reputation.”
- Using Kelowna Human Resource’s Employee Engagement Framework, organizations can improve Millennial engagement at both the job and organizational levels.
- Millennials had a different upbringing than the Baby Boomers and Generation X; however, much of what they demand in the workplace will engage the entire workforce, not just their demographic.
- Improved Millennial engagement will result in an increase in the attraction and retention of high-performing Millennial employees.
Want to know more about how Kelowna HR can help improve your Millennial engagement and increase your organization’s efficacy? Contact us now to discuss your situation and goals.