Millennials born between 1981 and 1996, constitute a substantial portion of the workforce in major companies – intriguing, isn’t it? As a matter of fact, with almost one-third of all American workers being Millennials, they turn out to be an indispensable part of any workforce. Their priorities lie with a healthy work-life-balance and fair treatment. Thus to retain Millennials and utilize their potential, an organization needs to think of ways to address their requirements to give them a healthy workplace to work with. Wondering how? A well-structured mentoring program will prove to be an exemplary tool. The reason is, mentoring Millennials will enable them to discuss and share their perspective with the mentors and learn ways to overcome challenges. We shall discuss more about it in detail, decrypting a millennial mindset, and how you can assist them with mentoring.
Also Read: Millennials and Mentoring [Infographic]
How are Millennials a budding talent?
Millennials are significant because they are forward-looking and creative. Moreover, they bring a fresh mindset to the organization. Additionally, researchers project that by 2025, Millennials will make up a stupendous 75% of the overall workforce. Thus, those from the Millennial age possessing the requisite abilities will undoubtedly be in great demand. Hence, top-notch companies such as Google and Apple are intensifying the search for attracting talented millennials.
Furthermore, smart and inventive businesses never limit their Millennials by how work is done until it is done perfectly. Additionally, companies are also modifying certain aspects of their culture, management, and recruiting strategies that naturally appeal to Millennials in an effort to keep them on board. This allows them to cherry-pick the brightest young stars available. Moreover, these initiatives aid businesses in achieving their long-term goals and objectives while also attracting and retaining talented millennials.
Decrypting The Millennial Mindset
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Often labeled as the “digital natives” of the world, Millennials are more adept at adopting the latest technologies – and in particular social media – when compared to older generations. There are more characteristics that aptly describe them and their idiosyncrasy as explained below.
Independent Mindset, With an Inclination To Look for Green Pastures
They are typically known for their independent mindset, valuing self-expression and creative pursuits. However, Millennials are often the subject of negative press and stereotyping due to their perceived entitlement and sometimes, disrespect for authority. Oftentimes this criticism is unmerited; millennials are willing to work hard and make sacrifices when necessary. But when their pay is below their satisfaction, they have the propensity toward job hopping in search of higher pay (green pastures) – and their inclination gives them a negative reputation. Having mentioned this, while many superiors see younger generations’ or Millennials’ “show me or prove it” approach as frivolous or disrespectful, the reality is that millennials value openness and knowledge of their superiors; they look for change makers in decision-makers or leaders.
Craving for a Harmonious Work-life Equilibrium
Maintaining a healthy work-life balance is striking a healthy middle ground between one’s personal and professional life – something that even industrialists of the 1800s felt was essential. Hence, the practice of granting workers time off or a deserving break from work for a day was born. Time off grew from one day to two, and soon enough it was considered a “weekend.” This practice, however, began long before the advent of the internet, so employees could simply leave the office when it was time to go home.
However with rapidly evolving technological developments in the last several decades, more and more businesses adopted an “always work on” policy. The introduction of smartphones and other gadgets added to the woes, which meant no time to relax and constant work even if they were at home. Thus, Millennials’ need for work-life balance was thrown off-kilter, and many struggled to find a healthy equilibrium between their professional and personal spheres. Guess what? Is there anything worse than this? In spite of being on vacation, most workers admit to checking work email; answering clients’ or colleagues’ calls (70%), or being tethered to office work (82%). In turn, this caused a spike in stress and exhaustion levels of Millennials and job discontent too. Thus, a report indicates that 95% of Millennials give high weightage to maintaining a fine balance between professional and personal lives.
Sense of Purpose and a Desire To Make a Difference
Millennials desire to make the world a more positive place and leave a lasting impact. In fact, for the same reason, millennials aspire to associate with organizations aligning with their values and committed to fair ethics. Curiously, a desire to have a more purposeful job (27%) and make one’s imprint seem to be the reasons why Millennials may quit one firm for another. Thus in order to gain their allegiance, your firm must provide them with a clear sense of direction and purpose in sync with their aspirations.
Developing Expertise
Achieving expertise can be viewed as a long learning process that calls for regular feedback and encouragement from managers or immediate supervisors. Thus, Millennials always seek validation or feedback to understand whether their contributions are meaningful to their company’s growth. Furthermore, they are keen to acquaint themselves with new skills so that they can advance in their careers. Hence, managers should schedule frequent one-on-one meetings with each of their employees to discuss how best to foster a culture of continuous learning so as to help them progress quickly.
Also Read: What is the role of feedback mechanisms in an organization?
How Can You Attract and Retain Millennials in Your Workplace?
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Lifetime employment is a thing of the past, as loyalty has taken a backseat for Millennials. Priorities have shifted, with 43% of Millennials saying they would quit their employment within the next two years and just 28% saying they will remain for more than five years. So attracting Millennials with the right talent is crucial for every employer and nurturing their hidden talents is equally important so that you can retain them for a long time. In light of this, we’ve outlined several approaches you can implement to provide them with the support they need to prosper in your organization and retain them.
Millennials may compromise, but they should be rewarded when necessary
When the economy slumped, many millennials compromised to find work. Specifically, 32% of respondents accepted lower compensation and 17% received fewer benefits and 17% weren’t happy with their workplace. Thus a substantial part (72%) of respondents to a survey concurred with the notion that some or other sacrifices had to be made to find employment during the downturn.
That being said, Millennials are ready to be more pragmatic than previous generations when it comes to staying in a job and leaping over to a new company for better prospects. To elaborate, Millennials won’t see the value in staying with their current employers if their compromises are not appreciated and rewarded. 44% of survey respondents said that a company’s ability to provide competitive compensation was a factor in their decision to work for them.
Thus, employers striking a fine balance between employees’ necessities and monetary compensation will be the best bets for Millennials.
Maintaining Transparency
Millennials have changed the way to a larger extent in which employers engage with them. Companies no longer enjoy the privilege of sharing strictly need-to-know information with their workforce. There has been a dramatic shift in how younger generations see and interact with businesses. In the modern era, Millennials demand transparency from their employers and desire to know what’s progressing within the organization.
Therefore, the key to having a fruitful connection with Millennials is to be transparent and provide them with the information they need to evaluate the issue for themselves.
Flexible Work-style, Career Development Prospects, And Widening The Work Scope
The pandemic was instrumental in showing us 9 am to 5 pm at the office every day doesn’t always equate to productivity. Millennials can be creative and valuable employees if employers accommodate their preference for flexible work schedules or allow them to work remotely when required. Importantly, you need to help and support them to participate in professional development and career growth opportunities. Thus, let them work on projects where they can see how their effort will positively affect the business as a whole – this will give them a sense of meaningful work and fulfillment in their job.
Mentoring
Companies often employ mentoring Millennials programs to improve the morale and efficacy of the Millennials. When team members are paired with specialists or with one another, many learning and development possibilities arise benefitting the organization in the long run.
Why mentor Millennials and what are its outcomes?
Mentoring has a significant effect on productivity and employee loyalty as it creates a comfy workplace in which Millennials feel relaxed and expressive. In fact, 82% of workers who responded to LinkedIn’s internal Employee Voice Survey (EVS) reported that employees feel free to be themselves. And, a sense of security arises as a co-worker (in the form of a mentor) really guides and cares about them.
Also by instituting mentorship programs, corporations can make sure their workforces are well-versed in their area and aptly fit in the specific roles entrusted to them. Importantly, “knowledge transfer” occurs between mentors and their mentees, which helps firms achieve their goal of having a highly competent workforce in a shorter time frame than would have not been possible without mentors. Not surprisingly, nearly 79% of Millennials perceive mentorship as an essential aspect of their success in the workplace.
Also read: Bridge the Multigenerational Skill Gaps with Mentoring
Conclusion
Mentoring programs for Millennials not only establishes a roadmap for Millennials but also helps them learn about career advancement opportunities. So if you are interested in implementing mentoring programs to enhance learning opportunities and growth prospects of your workforce, talk to our experts or explore Mentoring Complete.
Want to make your workplace mentoring programs successful? We’re happy to help you!
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Frequently Asked Questions
Q. What kind of guidance do mentors typically give to millennials?
From emotional support to professional advice and decision-making tips, mentors impart invaluable wisdom to millennials seeking stability in their career path.
Q. What are some benefits of having a mentor for millennials?
Mentors provide resources to help mentees network, offer strategies to manage stress, encourage knowledge acquisitions, and act as psychological support – all of which contribute to an increase in job fulfillment.
Q. Is there any difference between traditional and digital mentorship programs?
Digital mentorship models are often more convenient and cost-effective than traditional one-on-one mentoring methods since they rely on virtual communication tools such as video calls or emails to exchange information.