The recent Deloitte survey conducted on Millennial surveyed in India say, if given the choice, millenials expect to leave their current employers in the next two years. That figure increases to 76 percent when the time frame is extended to 2020.India was among the three countries including Peru (82 percent), South Africa (76 percent) that saw over three-quarters of their millennial likely to seek a change in employment. Two-thirds of Millennial surveyed in India express a desire to leave their organizations by 2020. Opportunities to progress and lead is the strongest reason (excluding salary) while choosing to work for an organization. The above statistics reveal alarming trends of the Indian millennial who indeed are leading the corporate world today. Creating an enriching and engaging experience for these future talented leaders is what organizations need to focus upon. Millennial consider themselves as politically unaffected, religiously disinterested and look for responsibility in roles and seek feedback on performance from higher up’s. In another survey by Forbes millennial considered training cum development and flexible working as highest reason to hold on to an organization. The above trends reflect that Millennial in not someone who can be conditioned as per your requirement or retained because of salary or perks. Organizations need to redesign their workplace in order to keep the millennial retained as they generally keep one foot out while they work for an organization. Some focus areas for organizations can be as follows:
| 1. | Create Performance plan and show the roadmap to success |
A millennial doesn’t believe in joining big brand names or established organizations ,they believe themselves to be entrepreneurs and look for organizations wherein they can contribute as a leader and gain a higher sense of achievement. They cannot perform if the roadmap is unclear, therefore clearly jot down their work-plan and let them know the success points well in advance.
| 2. | Make available flexible workplace and relaxed environment |
The millennial believes in open and free environment and their inherent leadership skills hinder them from accepting work dominance and rules and regulations. The millennial is a performer and works 24*7 but does not believe in strict rules and regulations, so create a healthy work environment so as to get the best out of them.
| 3. | Celebrate their success and reward appropriately for goal accomplishment |
A millennial does not wait for the appraisal time to get the due applaud or reward .To keep them motivated be ready to appreciate their contributions at every point. They are the ones who like it loud and clear are open to self- criticism but in open halls rather than corridors.
| 4. | Marry them to the purpose of organizational vision |
Irrespective of the size and age of organization the millennial will perform to his fullest when the vision of the organization inspires them. You cannot lead them in an organization unable to justify its vision and mission statements in the working down the line. They look for purpose and do not compromise on this value of working for a purpose.
As per forbes the talent landscape is undoubtedly changing significantly as Millennials become a larger proportion of the workforce, and the smartest organizations are adapting to this shift ahead of time rather than waiting for change to hit them.
Internet sources:
- http://www.financialexpress.com/industry/jobs/adapting-to-the-millennial-workforce/142305/
- http://www.forbes.com/sites/adigaskell/2016/02/25/how-to-engage-the-millennial-workforce/#7f67b4468d26
- http://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
Article by : Dr. Nidhi Vashishta
Head- MDP, Training and Consultancy.
Jaipuria Institute Of Management