When business owners are asked about their most competitive advantages, most of them come up with the same answer – It’s our employees. Employees in the present time constitute a mix of Gen Xers and Gen Y, creating a diverse workforce. In the coming five years, millennials are likely to constitute nearly one-half of the workforce. And in the next one decade, they are going to make up for whopping 75 percent of the workforce. As Echo Boomers are all set to constitute the recruitment list of most of the companies in coming years, it’s important for businesses to make a transition to Gen Next culture.
If you look at the latest GlassDoor reviews, it’s obvious that a company’s work culture plays a significant role in determining the employee satisfaction. Creating a flexible and supportive corporate culture should be the priority of managers, if they want to inspire and engage echo boomers.
Managers don’t just need to engage more of the millennial talent, but should also strive towards create a productive corporate community for multigenerational workforce. By integrating the skills of Gen Y and Gen Xers, companies can rejuvenate the entire workforce.
To keep up with the evolving workforce landscape and to fit in more and more of millennials, companies need to adopt these policies.
For millennial workers, achieving work-life balance is a priority. The traditional 9 to 6 setup makes them feel more confined, and restricts them from performing up to their potential. This has led to many managers taking the top-down decision to reform the work schedule rigidity. Employees are encouraged to follow a flexible work schedule with options to work from home and slipping out for few hours in a day to attend Zumba sessions or to catch up with a ‘long-time-no-see’ friend. With flexible work hours, companies ensure that the employees finish tasks at hand with enthusiasm, and spend rest of the time rejuvenating their energy.
According to a survey conducted by Deloitte in 2016, two-third of millennial workers are likely to leave their current employers by 2020. Lack of leadership development strategies is one of the major reasons that lead to employees leaving an organization sooner. Considering this survey, Deloitte has come up with a new plan of creating a development culture, where employees are opt for training programs, and make themselves ready for bigger roles and responsibilities. As millennial workers are always in a search for opportunities to grow in their career, it’s important that their current organization provides better prospects.
Employees look forward to review cycle conducted once in a year, or twice at the most. Annual review cycle is the only time when employees get feedback from their managers. Negative review with poor grading at the end of a work cycle leaves them disappointed and in self-doubt. This traditional annual review cycle doesn’t work for millennials who prefer to set short-term goals and stick to the philosophy of ‘learn while you work’. Quarterly reviews and regular feedbacks make more sense to them, as these processes enhance the opportunities to learn and grow.
For echo boomers, the sense of purpose decides whether they would accept tasks in their current job wholeheartedly or not. The work that they take in hand needs to have a clear purpose for themselves and for the organization. Only companies with an inherently important mission can attract the Gen Y with a sense of purpose and control. Further, they need to set clear goals for every employee, which help in individual’s growth and company’s success at the same time. Also, companies need to provide important tools of the trade. Enterprise technology and SaaS solutions, like HR software and accounting software can help them get rid of tedious tasks and achieve higher efficiency.
Free food, nap rooms and pet-friendly policies are not any more confined to Silicon Valley companies. The general culture of perks is something which millennial workers expect in every organization. These perks are preferred by echo boomers as the obvious benefits available at any modern workspace. Such perks help millennials feel valued and encourage them to perform up to their potential.
So, the focus of modern businesses should be on creating a people-driven culture with plenty of possibilities to excel in an environment of support and appreciation.
Published: Tuesday, September 26, 2017
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