The collective ethos of work cultures globally has witnessed a radical shift with the rise of the Millennials in the past two decades. The generation which is now in their late 20s and mid-30s exhibit new attitudes in how they work, what they chose to do, and the companies that they chose to work with. In a climate, where the older more experienced workforce is also characterized by a high rate of turnovers, companies then need forgo the extra step to ensure that they can retain a section of their employees who can help their business grow.
It has been estimated that by the end of this year, Millennials will constitute 20% of the highest ranking positions in leading industries. One of the most fundamental changes has been in accepting the transformation in motivators that drives this generation, and its implications for companies is best understood by the fact that ‘Millennials need mentors, and not managers’. While this change needs to be brought in through individual participants in the hierarchical structures of big companies, the companies themselves play a key role in instilling systemic change that can keep this generation of workers motivated.
For motivated Millennials are the only company resource positioned to pave the way for, and groom the next generation of workers, the Gen Z. Here are the top 5 changes that companies can incorporate to better align themselves with their key resource:
- Shares as bonuses:
While a hefty annual bonus can light up ones’ bank account and delivery momentary joy, money isn’t enough to keep employees motivated for long. Millennials don’t want to be a cog in the wheel of a large industry, but instead want to build, belong to, and grow with their company. The easiest way to ensure employee retention is to offer opportunities to integrate the interests of employees in the company’s own long term growth, by offering shares as a token of recognition.
- Wellness Programs:
In addition to the age-old demands for health and life insurance, a company can garner cultural acumen with its employees through specially designed wellness programs that target the psychological needs of its employees. While corporate camps to boost group-participation have already done their fair share, they still haven’t addressed issues that though not directly related, often affect work performance.
- Novated Leasing:
By offering novated leases, where a company decides to undertake the lease payments for an employee’s vehicle is an innovative strategy that passes on tax benefits to the employee and integrates the company’s role in the everyday life of its people. This usually comes at no extra cost to the company, as the amount is deducted from the employee’s paycheck, so it’s a win-win for everyone. Additionally, there are companies which cater to this very motivator and provide lease solutions for businesses.
- Work Flexibility:
Studies across demographics globally have proven that employees who work from home are multiple times for productive than their 9 to 5 counterparts. Working from home not only allows employees to already be in a space where they feel comfortable, but it also proves a company’s faith in their people, which is a great motivator.
- In-house counselling and sensitization training: While companies have for long addressed the need for gender sensitization, it is time to update their modules to account for the plethora of emergent gender identities. Additionally, small infrastructural shifts, like having unisex bathrooms can go a long way towards ensuring employee well-being, in an age where transphobia is rampant.