Business

Businesses should focus on retaining Millennials. Here’s why

Businesses-should-focus-on-retaining-millennials

Making ends meet while living in an expensive city is difficult for a lot of people, especially those starting a new career. Millennials who are trying to build their lives face high transport, accommodation and living costs and, at the same time, are working alongside other ambitious people, some of whom will stop at nothing to progress in their career.

Here’s why you should focus on retaining Millennials:

Millennials have a strong moral compass

Millennials are depicted as “restless” in the workplace. According to LinkedIn’s recent study, which ran an analysis of its members, those who graduated between 2006 and 2010 had about 3 different jobs within their first five years of graduating from their educational institute. In interviews, employees had expressed their frustrations with companies that claim to be ethical in public but did not live up to their claims in reality.

Despite the drive of the Millennials, who are striving to become successful in big, expensive cities, a study by the University of Missouri-Columbia found that young workers are more likely to leave a job due to moral and ethical reasons. To create an ethical organisational culture, employers need to push for trust and openness in the workplace, especially if they want to keep Millennials, who bring a lot of energy and fresh perspective to their company.

Millennials can use technology to change the world

Millennials were the first generation to grow up with computers and the internet, so they are familiar with adapting their lives to technology. Some may say the younger generation is just tech-dependant; however, a more accurate way to describe them would be tech-empowered. They expect sufficient technology to help them do their jobs as efficiently as possible.

Now that the tech-empowered generation is representing over half of the global workforce, organisations should not hold back on providing cutting-edge tools in the workplace. They need to embrace the power of the younger generation, who can thrive significantly with the right tools at hand.

Millennials bring a new perspective

Millennials can think outside of the norm, not just accept but also question and come up with new and improved ways to do things as opposed to just repeating the past. So, especially for companies that are stagnant and ineffective, hiring a Millennial can definitely bring your company to life and improve employee output. 

 

Millennials are not just in it for the money

If you think that Millennials are just in it for the money, you’re wrong. While money and incentives are important factors for Millennials, as well as any employee, a recent survey of Millennials by Deloitte showed that 60% of the interviewees chose their job because they wanted a sense of purpose, and they don’t take too fondly of their employers putting profit and personal reward above their well-being and growth. Most of them also expressed that they want the business they work for to focus on the common good and advancement of society.

You need Millennials

Companies who haven’t made an effort to adapt their workplace for Millennials may end up suffering in the long run. Apart from improving innovation, morals and culture in the workplace, it’s essential to stay ahead of business trends; Millennials will keep you on your toes, making sure you stay abreast of all the latest trends.

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