Employing millennials – is your engagement strategy ‘turning them on’?

As one of the most researched generations in history, millennials have typically been given bad press about attitude and the fickle way they view employment. Now let’s be real honest here – I’m pretty sure every generation has had the same feelings about their ‘millennials’ of the time. In my view, yes millennials have a different mindset but that certainly doesn’t mean it’s all negative. It’s just different to what our generation probably experienced.

It's estimated that by 2025, millennials will make up 75% of our workforce in Australia. In my workplace over 80% are aged in their 20's and I love it, but we still need to take a step back and think about the impact this has on business now and in the future.

As millennials grow their career and Boomers/Gen Xers retire or take on different roles, more millennials will hold senior leadership positions. The companies they create will harness a strong sense of purpose and will be increasingly digital, fast-moving, automated and customer–driven.

But what does this all mean for businesses that employ millennials now? It means you don’t have the option of a Plan B. Millennials aren’t going anywhere, except potentially away from your brand if you don't keep their attention. In order to grow globally competitive businesses, we must accept the differences in our multi-generational workforce and embrace the unique mindset and vision that each generation can bring to the table.

What do millennials really want?

Of course great office perks are fun but they’re not the key drivers of millennial engagement at work or the anchors that will keep them from jumping ship to a new and more exciting opportunity. Millennials want opportunities to learn, grow quickly and a clear career path upwards. Many are driven by a strong sense of purpose too and want a job that has ‘meaning’.

If a business has involvement in social issues and ‘good causes’, both Gen Z and millennials will exhibit greater levels of loyalty to the business if they genuinely feel they’re contributing to making a difference. A Millennial CSR Study by Cone Communications revealed that 9 out of 10 millennials would switch brands to support a particular cause and 87% would purchase a product with a social or environmental benefit. That’s passion.

Gen Z and millennials the most embracing of diversity of all the generations and see huge value in workplace mentorship programs. One fairly obvious trait of a millennial is their expertise with technology. Unfortunately though, many have lost the ability to read and interpret social cues which is a key skill, even in today’s digital world. This is where a two-way mentoring program could be of real benefit. Millennials can mentor more senior staff on new technologies whilst senior staff can coach them on how to better engage face-to-face.

A win-win in my book.

Give them a clear path to follow and the tools they need to get there. As the most impatient generation as well, they expect things to move fast and can be naïve about corporate red tape and politics. Don’t expect them to wait 5 years for a promotion – they’re aiming for CEO in 12 months!

How long will millennials stay in your business?

Unfortunately, probably not as long as you’d like them to. Millennials will stay loyal to an employer for the period of time that they feel influential and in control. They want to be involved with making a positive impact on the wider society. When they’re engaged, ‘Super Connected’ (those highly connected on social media) and ‘Active Citizens’ (those actively engaged with social, environment, human rights or political affairs) will be one of the strongest advocates for your business. Lose that engagement though and it wont be long before they’ll be looking to move on.

According to the 2024 Deloitte Gen Z and Millennial Survey, the majority of Gen Zs (86%) and millennials (89%) say having a sense of purpose is important to their overall job satisfaction and well-being. And these generations are increasingly willing to reject assignments or employers who don’t align with their values. When employers take that feedback and respond positively, employee loyalty tends to be much higher.

“Nearly all Gen Zs and millennials want purpose-driven work, and they’re not afraid to turn down work that doesn’t align with their values”

To wrap things up

The talent landscape is changing rapidly as millennials become a larger proportion of the workforce. Smart organisations are adapting to this shift BEFORE the change hits them.

What's been your experience as an employer and how are you adapting?