Originally published December 31, 2022 , updated on January 16, 2023

As the Millennial generation settles into the workforce, employers are scrambling to understand their motivations, needs, and expectations. Unlike previous generations, Millennials emphasise work-life balance, job satisfaction, and personal development, and they’re more likely to switch positions in search of these features. 

But as the workforce ages, many companies find it increasingly difficult to attract and retain young workers. To better understand this challenge, PWC asked a group of CEOs about their experiences attracting and retaining younger workers. The results were fascinating. 

Nearly all CEOs said attracting and keeping younger workers was one of their biggest talent challenges. When asked why this was the case, they cited several reasons. They reasons include that younger workers are more likely to be recruited by competing companies and have higher expectations for compensation and work-life balance. 

But what do Millennials really want? And how can employers deliver a personalised employee experience that meets their needs?

Millennials in the work landscape are increasingly looking for jobs that offer a sense of purpose and align with their values. In fact, according to a recent study by Haiilo, 75% of Millennials said they would rather take a pay cut than work at a company whose values don’t align with their own. 

This shift in priorities has profound implications for employers, who must now focus on creating a workplace that provides a solid financial foundation and offers employees a sense of purpose. 

Millennials in the Workplace

Millennials make up over half the workforce today, according to the latest study by PWC. By 2030, they will make up 75% of the workforce. But the way this generation works and wants to enter the economic and business sphere is unparalleled, and organisations need to shape up or ship out. 

Millennials place significant value on company culture and making a difference in the world. Delivering a personalised employee experience is key to retaining employees of this generation. Employers must create an engaging work environment, provide growth opportunities, and respect the need for work-life balance. By understanding what Millennials and Gen Z expect from their employers, organisations can deliver a better employee experience and improve retention rates of their top talent.

Business Benefits of Workplace Flexibility

Workplace flexibility is a growing trend in many industries as businesses strive to provide employees with the ability to balance their personal lives and careers better. Workplace flexibility has many different aspects. But it generally includes elements such as where, when, and how employees can do their work. 

For example, many businesses allow employees to work from home on certain days or hours. In contrast, others provide more flexible job descriptions that allow employees to customise their roles better to suit their skills and interests. 

Creating a culture of flexibility in the workplace can have numerous benefits for both employees and employers. For employees, it can help to improve work-life balance and reduce stress levels. In turn, this can lead to increased productivity and engagement. For employers, workplace flexibility can improve retention rates and help attract top talent. 

As the oldest millennials turn 33 this year, they will be a powerful generation of workers. They are well-educated and have high expectations for their careers. And, thanks to technology, they are used to getting things done quickly and efficiently. 

This combination of skills and experience is in high demand, and millennials are already commanding creative reward packages by today’s standards. But they also influence how, where, and when they operate in the workplace. As a result, businesses must adapt to attract and retain the best millennial talent.

In today’s competitive marketplace, those businesses that can offer workplace flexibility will likely be the ones that thrive.

How to Attract and Retain a Young Workforce

1. Support Diversity

Much has been said about attracting and retaining millennials in the workplace. But what often goes unmentioned is the need to promote and support diversity, equity, and inclusion to appeal to this demographic. 

Millennials generally value diversity more than other generations, and they’re also more likely to leave a company if they feel it’s not inclusive. Promoting and supporting diversity, equity, and inclusion is the right thing to do and is beneficial for business. 

By creating an environment where everyone feels welcome and valued, you can tap into the talent and creativity of all your employees, including millennials. 

2. Build a Relationship

A recent study found that when Millennials operate within what they believe is a high-trust company. They’re 22 times more likely to remain with that company for a longer period of time. The study also found that Millennials are 2.5 times more likely to be engaged at work if they trust their leaders. These findings underscore the importance of creating a culture of trust in the workplace.

There are several ways to build trust within a company. One is to ensure employees feel like their voice is heard and their opinions are valued. Another is to create transparency around decisions and give employees the information needed to do their job well. When employees feel trusted, they’re more engaged and likely to stick around for the long haul.

3. Enhance Career Opportunities 

Employers need to provide clear paths for advancement and offer opportunities for professional development to keep their employees engaged. 

Additionally, work-life balance is crucial for this generation. They value their time outside of work and need to feel like they have a good work-life balance to be happy at their job. 

Empowering employees and creating a secure and enjoyable work environment is key to attracting and retaining top Millennial talent.

Workplace flexibility and the promotion of diversity within the working environment are two of the most instrumental aspects for attracting and retaining millennial talent. Fortunately, remote work offers an opportunity to enhance diversity. So, if you’re ready to take your business success to the next level, you best get on top of these trends. 

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