How to Attract and Retain Millennials in the Workplace
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Millennials are those who were born around 1980 to 2000 and in the Middle East, millennials make up a quarter of the population. In many ways, we have been led to believe that millennials are attached to their phones and constantly job hopping, however, millennials may be leading the way to a more positive workplace. According to a report by HSBC Private Bank, a staggering 63% of business owners in the Middle East were millennials, so employers have challenges in recruiting and retaining Millennials.
These are some of the most important factors for millennials in the workplace:
- Sense of purpose
Millennials don’t just want to sit and wait for the day to pass, they want a sense of purpose. If you don’t give them a purpose in their job, they are likely to walk out the door. This is a generation who won’t just settle in a job if they are unhappy, they have more prospects so will easily move on if they don’t feel completely content in their role.
- Development opportunities
The number of millennial Arabs moving into leadership roles is increasing and HR need to take steps to ensure they offer development opportunities to retain their key talent. A survey has revealed that 78% of millennials in the Middle East are willing to put their personal life to the side if they can advance their careers. Millennials are hard working and highly driven and HR need to be prepared to accommodate their desires to progress.
- Flexible working
We may have been led to believe that millennials are lazy, just because they have the desire for more freedom. However, this is not the case. Millennials are willing to work hard, but they want the opportunity to work in a more flexible manner. They don’t want to be tied down to a 9 to 5 job, they want to be able to have some control over their working hours and the ability to work from home, if possible. HR needs to be willing to try and accommodate these needs, to retain millennials in the workplace.
- Financial rewards
Although salary is not the only concern for millennials, they are interested in financial security and want to be paid well for their efforts. Millennials want a salary which meets with market rate and other financial benefits, such as a pension and bonuses for performance. There are many elements which determine whether millennials will stay in a job and financial rewards are one of the priorities.
If you are an HR professional with an interest in gaining more skills in current issues affecting the job market, such as millennials in the workplace, you may be interested in one of our SHRM-CP and SHRM-SCP courses. These courses are designed to suit people at different levels and can provide you with the skills you need to develop in your career.