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Why millennials matter to your business and how to keep them happy

Millennials bring with them a range of generational characteristics that, when embraced, can be a major asset to a business. Here’s how to keep them happy in your workplace.

4 minute read

The first generation to grow up in the internet age, millennials are now making their mark in the workplace: they’re the cohort born from the early 1980s to around the year 2000, and they now make up the biggest generational group in our workforce.

But millennials don’t just matter to the success of your business due to their sheer numbers; they bring with them a range of generational characteristics that, when embraced, can be a major asset to a business.

Tech savvy

Raised in an age of incredible technological change, millennials are tech savvy and accustomed to embracing new innovations. At the same time – with the rise of advances like artificial intelligence and increased automation – businesses are under growing pressure to adapt to technological change to survive. Businesses that embrace staff who can roll with advances in technology, therefore, create a win-win environment: the employer enjoys the competitive gains that come from being at the leading edge, while their millennial staff will feel more satisfied knowing their work efforts are being maximised through the best use of technology.

Always looking for a better way

Constant disruption is another defining characteristic of the age in which millennials have emerged. And millennial entrepreneurs are behind some of the most disruptive businesses of recent times (think Facebook, Instagram and Airbnb). As a result, this is a group that’s not content to stick with the status quo; they’re always looking for a better way to do things. So if you’re looking for ways to create efficiencies, or save time and money, millennial employees will often have loads of ideas to contribute.

Highly connected

Millennials are also massive consumers of information. They’re a generation that’s ‘always on’ and connected, primarily through social media, so they’re naturally attuned to news and trends. For busy business owners, this can be a great resource to tap into – whether it’s to learn more about the latest advances in your industry, what your competitors are up to, or potential opportunities for collaborations or partnerships.

Global citizens

Millennials have also grown up with globalisation and are much greater travellers than those from the Gen X and Baby Boomer generations. That means their insights into other cultures and global ways of doing business can be valuable for those looking to develop offshore opportunities.

Keeping millennials happy in the workplace

Unlike their parents and grandparents, millennials don’t expect to stay in one career their entire working lives. Because they’ve grown up in a world of rapid innovation they expect change to be a constant; pressure from issues like housing affordability and student loan debt means they’re also more open to changing roles and work locations to maximise their opportunities.

Ultimately that means millennials are more mobile and expect to switch jobs often. The 2017 Deloitte Millennial Survey found that 38 percent of millennials expected to leave their current job within the next two years.

Here are five tips for employers who want to keep millennial employees happy in their workplace:

1. Provide flexibility

Growing up in an age of disruption, millennials are more inclined to question convention. They can see little point in sitting in traffic jams just to adhere to traditional 9–5 office hours, so offering flexible schedules and the ability to work from home (or other remote locations) can be attractive. Work/life balance is hugely important to this generation, who can also desire flexibility around work hours to pursue their interests.

2. Embrace technology

Millennials will get frustrated if they can see there are more efficient ways to do things that aren’t being adopted. Embracing new technologies help millennial employees feel their workplace efforts are being maximised for efficiency while employers benefit from having staff who can roll with new innovations.

3. Encourage ideas – and listen to them

Even the most junior of millennial employees will often have ideas for workplace improvements and an expectation they’ll be able to share those ideas. This is a generation that embraces creativity and collaboration, so generating opportunities for millennial employees to have input is crucial. And most importantly, they’ll need to see they’re being listened to, so make sure the good ideas are put into action.

4. Provide career development

Accustomed to a world of change, millennials want to feel they’re constantly learning and growing in their work. They’ll want their employer to provide great professional development including new challenges, and a pathway to increase their skills and experience. And they’ll want regular communication on their progress, not just a single annual review.

5. Develop culture

Many millennials want to feel they’re making a positive difference in the world. Creating a culture of social responsibility in the workplace – no matter what industry you’re in – can help develop loyalty among millennial employees because they feel they’re contributing to a greater good. Sharing on social media what you’re doing to support the causes your business believes in also benefits your employment brand. But again, beware of paying lip service to social causes; not putting your money where your mouth is won’t be tolerated.