The Millennial generation are transforming the workplace. They are currently entering the workplace in huge numbers, and by 2020 they will account for over 50% of the workforce.
Their values, beliefs and lifestyle are significantly different from the Baby Boomer generation.
Who are millennials?
Millennials are the generation born between 1980 – 2000. The Millennial generation follows Generation X in order of demographic cohorts and can also be referred to as Generation Y. They are the first digital generation, whose unique life experiences have impacted the way in which we live and work.
Millennials currently make up a quarter of the UK population with this suggested to increase to 17 million by 2019. Millennials surpassed the Baby Boomer generation in 2015, making them the largest generation in western history.
Millennials are transforming the workplace
Over the next 10 years, Millennials are set to transform the workplace, in order for businesses to operate successfully they need to adapt to their new workforce or risk being left behind.
We’ve correlated a list of factors organisations need to aware of throughout the transition of Millennials in the workplace.
The way in which Millennials want to work has seen a shift in the way employers and employees communicate. Employees within the Millennial generation want to choose where and when they work, for this reason communication channels must also change in order to facilitate these requirements.
Millennials have reported that they would prefer to communicate electronically as opposed to face to face, with the expectation that all organisations will be equipped with the latest technology to facilitate communication platforms such as social networking, instant messaging and video.
They will change the way we recruit
It has been reported that Millennials are completely changing recruitment. The way in which they communicate with one another is incredibly different from generations before them. The evolution of technology has seen most people become heavily reliant on the use of the internet, in particular, social media, to find connects for work and social purposes.
This would then suggest that it is vital for HR and recruitment departments to be aware of and understand the plethora of channels available to them when recruiting.
The evolution of evaluations
The trend in Millennial employees is the constant need for feedback on their performance, the traditional approach of quarterly or yearly employee evaluations are fast becoming a thing of the past. More and more managers are offering a more regular, informal approach with their Millennial workforce in order to inspire continuous improvement.
Their approach to work/life balance
Millennials in the workplace often prefer a more flexible approach to the traditional 9-5 job, although they are ambitious and optimistic they do not believe that success must come at the expense of a good social life, travel and personal fulfilment.