Decoding the millennial workforce

There has been a visible shift in the workforce over the last few years. The world watched as the baby-boomer generation took a backseat and the new millennial generation moved centre-stage. The next decade will see the rise of the millennial workforce to a significant 75 per cent. The HR community across the globe is now trying to decode this seemingly restless workforce that has a mind of its own.

Millennials — the section of population that falls within the 18-35 age bracket — want to work for companies that embrace creativity and skill development.

As an astute manager, you would do well to acquaint yourself with this vibrant, sometimes impulsive workforce by adopting the following simple tactics.

Mentoring programmes Managers need to face reality; people don’t stay in the same job as long as they used to. To gauge talent and retain it as long as possible, you need to be an employer willing to go that extra mile.

The key is to position yourself in such a way that when somebody moves on from their role, you’re not left completely exposed.

You need to ensure that you integrate well-defined learning and mentoring programmes that are more academically structured.

It is also crucial not to go overboard with these programmes, as work-life balance is very important to millennials.

Succession plan These days, you don’t just need a plan B but a plan C, D and E as well. The fact of the matter is that people will move and change jobs. There is a dire need for a contingency plan to fill in key vacancies and gaps. Leaving these unoccupied will cost you considerably more money in the long term. It is imperative to be flexible and think of solving the problem in multiple ways. If you have this in place, you’re less likely to be caught by surprise.

Opportunities for talented If you want to retain your high potential employees, you need to give them opportunities to exploit their potential and advance their careers. So when a key position opens up, use your established talent pools to identify qualified internal candidates with the right skills and competencies to step into the role.

Armed with this information, you’re ready to assign high potential employees to appropriate talent pools for development.

Career frameworks The convention of setting up a framework and expecting people to adhere to it is passé. This top-down way of engaging with employees will be a hindrance to development. The trends are shifting, as more companies move towards situations where they are looking to develop frameworks with the help of employee feedback.

The millennials need to feel as though they are stakeholders in the decision-making process. Although the idea of conducting regular workforce surveys is fairly nascent in India, managers are slowly waking up to their effectiveness.

Hierarchy question There is a huge generational disconnect between top management and the rest of the workforce, and this can sometimes cause problems. Millennials prefer a culture that is more relaxed and less formal. It is of paramount importance that you maximise the talent of the millennial workforce, as they approach change in a far more mature manner.

Fostering clear communication between top management and employees on the future growth plans of the organisation and integrating multi-centred decision-making is becoming increasingly significant.

New motivational tactics You will need to revisit motivational tactics to better suit the emerging workforce. Rather than financial reward, the millennials look for other sources of motivation, such as a chance to prove their leadership skills after a performance-based appraisal. They prefer value-additions to increments, are willing to put in long hours if need be and are the most vocal.

Overall, millennials shouldn’t be treated differently. The current workforce has more expectations from an employer than previously. As part of your retention policy, ensure that you are implementing strategies that will help you maximise output from the millennial workforce.

They are the most technologically savvy, footloose and the least financially committed individuals. Throw new challenges at them and watch them grow.

( The writer is Regional Director, Michael Page India .)