Being a Millennial is all about “life long learning, upskilling and retraining” according to McCrindle.
While Millennials may be very well qualified for their entry-level jobs, you should still provide them with extensive training in order to attract top talent and keep them.
“It does place the onus on employers to work hard to retain that top talent,” McCrindle says.
“Employers can empower staff so they have ownership over their role and they can fit in study.”
Millennials aren’t so keen on traditional 9-5 workdays tied to a desk. Instead the catch phrase of this generation is “work life balance”.
George says “we don’t believe in the standard come in at 9am and leave at 5pm. It’s a matter of not needing to be at your desk to be working hard.”
Instead Millennials want flexible workplaces and McCrindle says they are looking to work in an environment where they have social needs met.
“It’s about providing a workplace where there is collegiality and social interaction,” he says.
“That has to be facilitated through the design of the workplace.
Your leadership and management style can go a long way towards keeping Millennials happy.
Feedback is key for a generation which lives for “likes” on Facebook and Instagram, but it doesn’t have to be all positive. Millennials are also open to constructive criticism.
“This is a generation looking for collaborative leadership rather than command and control,” McCrindle says.
“Lead as a coach and mentor rather than being authoritative.”
SMEs may not have the budgets of big business for staff salaries but the unique motivations for Millennials mean SMEs are in a great position to compete for the top talent.
McCrindle says SMEs can offer broader job descriptions which appeal to Millennials.
“[Millennials] have the opportunity to move into leadership more quickly in a small business so are given more ownership over tasks,” McCrindle says.
“On the remuneration side, SMEs may not be able to compete on package but can give feedback and non-monetary benefits. This is a generation that won’t cross the street for an extra $1000; if they are getting these other things they will stay.”
Sathiamoorthy agrees SMEs can offer key advantages to Millennial employees over big business.
“Millennial employees are keen to stay in roles and businesses where they feel they can genuinely contribute to the success of the business and get involved in its strategic direction,” she says.
“Because of the often flatter structures in SMEs compared to corporates, there’s a greater chance for them to take part in the decision-making process and greater opportunity for ownership.”
Cara Waters is a former SmartCompany editor. Previously, Cara was a senior reporter for the Financial Times’ website and worked for The Sunday Times in London.
