Companies are evolving as the culture/society/people needs. Taking into consideration the digital transformation, companies need to change rapidly in order to address the employees needs for a new environment. In today’s age, employee satisfaction is of prime importance for any organization. Happier workforce means a more productive workforce and more productivity ultimately leads to rewarding your employees. According to Gartner, Employee Value Proposition creates a building block for employee engagement, accountability, and motivation in all the employees. Gartner identifies five parameters that keep the employees engaged in the organization:
- Compensation
- Work-life balance
- Stability
- Location
- Respect
Currently, the organization finds itself managing five different generations of employees, each having their different perspective and approach to work and life. Currently, the workforce is made up of Baby Boomers (between the age group of 55-75), Gen X (between the age group of 40-54), Millennials (between the age group of 25-39) and Gen Z (between the age group of 4-24). While one generation seeks security from the employer, the next generation wants recognition while another wants work flexibility. The Gen X, specifically the people who are in the age group of 40 -54 years preferswork-life balance while the millennials focus more on job security. Millennials today, are becoming an integral part of the organizational development. They want to serve their organization without sacrificing their life outside of work. They expect a work-life balance and have the option to work from home. Millennials have evolved in the start-up culture where they feel part of an inclusive community. By investing in the right recruitment techniquesand the perks that the millennials want shows that the company values young talent they have, listens to their needs and wants and then acts upon the feedback that is provided by them.
The millennial generation is one that is tech-savvy, flexible and creative and companies need to find out ways to engage with them. Indian companies can learn from their counterparts in western countries. For instance, in most of the European countries follow a practice where the employees have their lunch break for one hour, due to which employees tend to know and bond with each other. The few initiatives that can help retain the younger force at the workplace are:
- Companies can provide flexible sabbatical, where if an employee takes a sabbatical he/she can come back to the same company and the management will make sure that the person finds a job in the company itself. Companies need to provide millennials with a safety blanket so that they feel they can rely on the company when they need to.
- The millennial generation is very particular about their wellness. Companies can have wellness programs for the employees where there is employee engagement.
- Today a lot of companies are stressing on having a fit body and mind. To encourage their employees, many companies have their own gym at the office premises. The employees can go to the gym for an hour during the day and can exercise and come back and work again or can go to the gym after they are done working. This gives them a sense that the company is not all about work but also care about its employee’s health.
- Companies today try and engage employees in an initiative like activities to clean the environment, marathons participation, walkathon etc. internally as well as globally and award the winners with various vouchers and gifts. Such initiatives can be done every quarter or once every six months. This keeps the employees engaged and curious about the events that are conducted in the company.
- Millennials are no longer attracted by just good pay. They need more opportunity for progression. Companies should set honest and achievable expectations for millennial workers so that if they stay longer, they are rewarded better title, more money and they get to develop their own personality/talents. A lot of the millennial workforce would leave their job as they believe that they are not compensated properly. If they feel that their personal goals do not align with the company’s goal then they prefer to move out to seek better opportunities.
- Millennials are very keen on working abroad as they see it as a vital element for a successful career.Companies need to provide them with the opportunity to go to their overseas offices and work there for a month or two to gain the experience required. With technology playing a dominant role in each and every segment of business, it is imperative for the companies to ensure that their workforce undergo quality training that can provide them with practical hands on experience, up-to-date knowledge and skills in a limited period of time, this would further contribute to their professional upliftment.
Companies need to proactively work towards proactive communication. They need to give them the opportunity to be able to air their thoughts and concerns. Though millennials want a flexible work environment, they also require constant feedback from their employers. It is also imperative for an organization to implement programs for professional as well as personal development which would ultimately benefit their employees. Millennials want to feel that they are contributing to the company and that their efforts are being recognized.
No matter what an individual company’s long term goals and ambitions are if you are able to attract and retain the millennial talent you are a step closer to achieving that goal.