I was called to write about this since forever but never managed to find the right words. After a while, I thought “go to hell with right words, I’ll just put my two cents out there”. Now, I may sound like one of those snowflake millennial, but really, this is entirely based on my observation, experience and a bit of a statistical data from Deloitte and Fidelity.
Millennial always have been known as a generation that is lack in loyalty and hard to keep. Generations before keep debating on how Millennial are never up for challenges and get called multiple names- entitled, job-hoppers, etc. Oh the stereotypes. I believe the sole reason behind these is because they believe Millennial had been born with a silver spoon inside their mouth. At the same time, in another news, Millennial are said to be more loyal than ever. Head-smack!
In my opinion, Millennial are more of a rational rather than lack of loyalty. Millennial always weighing their decisions in fear of the consequences of their choices. They are driven by their goals- both short and long terms, and making a single false step seems like pushing a self-destruct button for their life . In other words, they hate failing. I saw a motivational video once by Gary Vaynerchuk and I agree, Millennial are impatient. We should have seen our lives in a perspective where we will live for 100 years and we are still at our 20-30% but that’s another story.
Millennial are raised and have the elder generations as examples and they already have in their mind whether that’s how they want to be in the future, or not. The mind set is to chase the big dream and pave their way to it. Here, elder generation of course will say, you can never have it easy. We don’t want to have it easy but we want to go through the right medium to reach the dream. We seek for meaningful jobs because after all, we spend more time at the company rather than at home.
It is not hard to convert Millennial hires into loyal employees. Their loyalty is there but the definition is not just as the same as it was from the previous generations. Loyalty does not mean working long hours for a higher salary, kiss asses, etc. Millennial’s loyalty can be easily gained when a company has a :
1. Personal and Career Development
The reason this being the number one criteria is simply because it is true. Millennial are looking for a job that can provide and prepare them with a right set of skills to chase their dream. The skills to shape them as an individual and a professional. A repetitive work just won’t cut it, they value progress.
Work-life balance are subjective and has an array of definitions, to each of his own. Millennial are edging into a family life cycle and prioritize their family; they take care of themselves and more health conscious. The list can go on and on.
3.Healthy Work Environment
Millennial will stay at a job where a healthy work environment is in practice. Fun and constructive colleagues, company’s core values and open communication affect them in one way or another. Again, they will spend more time at their offices rather than at their houses so basically a positive surrounding attracts them to come back and sustain through the day.
4.Competitive Salary and Benefit
I always have a theory where Millennial don’t really care about having a high salary if the company don’t have those attributes mentioned above because I know I don’t. Later I figured out that my theory is spot on. A survey conducted by Fidelity says that Millennial will happily choose a better quality and meaningful workplace over a big fat paycheck. However, I do believe a competitive salary and benefit offered will still give an impact to their loyalty towards the companies.