With younger candidates feeling more confident enough to ditch interviews, the onus is on employers to retain their workers.
More than a quarter of the world’s population are millennials. By 2025, people born between 1980 and 2000, will comprise three-quarter of the global workforce.
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The millennials are currently the largest generation in the workforce, yet many employers struggle to attract and retain them.
In fact, the US, UK and many other countries now have more open jobs than job seekers.
What entices millennials to look elsewhere, and how can you keep them?
According to a poll conducted in 2018, the top three factors entry-level respondents want when evaluating a future job are compensation, work-life balance and company culture.
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A separate study by software company HubSpot, says 56% of millennials and Gen Z believe the top workplace attribute that enables them to do their best work is the people they work with.
According to the poll, millennials want help with their finances, paid time off and flexible working arrangements, including working from home option.
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Let’s talk numbers.
3 in 4 employees are open to new opportunities because they are seeking new roles, better benefits and feeling dissatisfied with their current career path.
What’s more, less than half of the employees are satisfied with training and development opportunities at their current employer.
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The poll also found that 71% of the respondents received at least one job offer in the last year.
Clearly, the days of staying at one company for the entire working career are over. So what can companies do?
1.Communicate- Your organization can encourage employees to speak up if they are unhappy with their job and offer them opportunities to change roles within the company.
2. Let them move- If an employee expresses interest in other areas allow them to work with that team or department. Perhaps they can work on a project to develop new skills, or be part of a meeting with another team to know whether they like it.
3. Talk success- Highlight your employee’s growth in the company, even if it isn’t linear or traditional, suggests the report. Acknowledge their work and reward them every now and then.
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The Solution Is…
Autonomy Business Model (ABM)
First and foremost, you need to set the environment for adaptability to occur, and that starts with creating a balanced ecosystem.
With ABM, the top and the bottom merge into one, and the work pyramid becomes holistic and all-encompassing.
This gives employees more control over how they do things and make a huge difference to employee performance, productivity and commitment.
Related: 5 Ways to Encourage Autonomy for An Enjoyable Workplace.
Autonomy immediately removes the “me” mindset that pervades many instead create a shared mentality of “we” throughout, because people are now goal-bound rather than process driven.
This is what it means to structure for purpose.
Do you want to change your organizational structure to a well balanced working environment where employees know their objectives and are aligned to the overall business success?
Feel free to contact us for more information. Leave a comment down below if you have any questions regarding the Autonomy Business Model (ABM).
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