The debate around what do millennials want from a company has been around for quite some time. From fancy offices to gyms memberships, companies have been offering a lot of new things lately but are still confused as to what exactly works. This topic was taken up for discussion during the Talent Acquisition League conducted by People Matters. The panel discussion included Amit Narain, Head-HR, Nestle, Abhishek Humbad, Founder, Goodera and was moderated by Ester Martinez, CEO of People Matters.
Here are the 5 points that companies need to focus on to build an employer brand that will attract and retain millennials:
Give them purpose
Recently a new global survey released by Korn Ferry proves more than two-thirds of respondents (70 percent) agreed that there is a long-term financial benefit to companies that make strong commitments to purpose-driven leadership. Millennials these days have moved past the job-for-money idea and look for something more meaningful. This should be one of the crucial aspects that companies should start focusing on. Start by defining the purpose and values of an organization on social media and company websites.
Assign big responsibilities
Amit Narain says, "If navigated correctly millennials are capable of doing tasks single-handedly that earlier took 2-3 people." They seek to get leadership roles that make them feel a part of something big. Growing up in nuclear families, a sense of independence has been instilled in them right from the beginning. The challenge companies might face in this situation is to make baby boomers understand the millennial mindset who do not allow them to take on big responsibilities.
Provide exciting opportunities
Millennials feel restricted if a monotonous task has been assigned to them for an extended period. Allowing them to try their hands in different teams will build in them a greater sense of connection with the company. Business seniors need to start being coaches and work towards creating a continuous flow of information that millennials are habitual to experiencing in the outside world, by engaging in ongoing discussions and delivering regular feedback.
Grant volunteering options
"Millennials focus on working in a shared economy, seek purpose, want to be an essential part and create an impact. All of this can be achieved by volunteering with the less fortunate," says Abhishek Humbad. Companies need to provide the workforce with volunteering options to build a broader sense of purpose. Also, make sure to communicate the impact of their work. Abhishek has done this in his company by putting up a TV in their workspace and showing people reacting to the volunteer work they have done.
Have mentors onboard
Millennials don't seek hand-holding but definitely look forward to good mentorship. Amit says mentorship becomes much more impactful when it is conducted by another millennial as it is relatable. On the other hand, Abhishek talks about a different kind of mentoring by getting them to do on-ground tasks and supervising. You can use either of the two tactics once you understand what is it that your workforce wants.
As this article rightly points out, 'fun and informal work environments are some of the least attractive things to millennials in a job opportunity, and millennials who are engaged in their work do not tend to be job hoppers.' The key to creating a great employer brand is to move beyond the traditional framework of doing things. Move from time-orientation to deadline orientation, time restriction to flexibility and limited tasks to unlimited opportunities.