Millennials now make up the largest age group in workplaces and are a critical component of the economy. Currently, the workforce consists of Baby Boomers, Generation X and Millennials. The term Millennials is interchangeable with the term Generation Y, which is defined as people born between 1980 and 1999. The Millennial generation is expected to make up about 75% of the total global workforce by 2035.
Organizations now operate in a highly-competitive environment for recruitment and retention of skilled workers and therefore maintaining a stable and talented workforce is becoming more and more difficult. Within this context, it is important for organizations to understand how Millennials differ from other age cohorts and what motivates them.
I conducted a primary research to get better insights. Questionnaires were sent out to the Millennials, Recruitment /Hiring agencies, HR department heads and Consultants. A few Interviews provided were also conducted. The data and responses so collected provide a better understanding of the characteristics and expectations of the Millennials at workplace.
I have published my detailed Research work on theceo.in and can be seen by following the link mentioned.
While some organisations have begun to adapt their recruitment, retention, and transition efforts, the survey indicates that there is still a great amount of opportunity for organizations to improve in this regard. The survey brought out that while the trigger for some of the new policies could be due to the younger workforce but the implementation is uniform across all employees. It has been noted that traditional organizations recognise the importance of the young workforce and are taking steps to create an environment that is seen as conducive to the Millennials. If companies do not adapt, they risk falling out of touch with their employees. Organizations that are rigid in their approach could find themselves at a disadvantage as compared to their competitors.