Every Leader Needs To Know These Factors In Retaining Millennials

18 February, 2020

The entry of Millennials into the workplace today is rapidly changing the way things are being done in the workplace. These group of individuals, defined as those born between 1979 to 2000, make up the largest generation in the Singapore workforce today.

According to a report compiled by software fim Condeco, which surveyed 500 business leaders in six countries, it found that workplaces have changed to fit the needs to millennials

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While it might not be accurate to generalise broad characteristics to all Millennials, individuals within this generation are broadly known to be tech-savvy, decisive, open to new opportunities and welcome frequent feedback. Hence, it would come as no surprise to find that a traditional work management style would cause friction with Millennials.

Top leaders today have to recognise that in order to groom and retain the next generation of leaders, it is necessary for them to change their work management style. Here are some factors that every leader needs to know in order to retain Millennial talent.

Rethink feedback

According to a global survey conducted in 2014 by SuccessFactors in partnership with Oxford Economics, it found that Millennials want feedback 50% more often than employees in other generations. This does not mean arranging formal performance review sessions every alternate weeks. Instead, what Millennials are looking for is constructive and instant feedback. It could be something as simple as spending five minutes after a meeting to tell the Millennial what he or she has done well and what can be improved on. Millennials value this informal and real-time feedback which will then allow them to work on improvement immediately.

Prioritise learning and development

Millennials are hungry for knowledge and constantly seek opportunities to hone their leadership skills. Based on a survey of 1,500 Millennials conducted by software firm, Qualtrics and venture capital firm, Accel Partners, it found that the number one factor that Millennials consider when starting a new job is “sufficient training”. The key thing to note here is that Millennials consider lateral moves equally important as vertical moves. Millennials value growth in career and personal development instead of simply climbing up the corporate ladder quickly.

Flexible work culture

Aside from regular feedback and development opportunities, Millennials also value a flexible work culture. In short, Millennials value work-life balance and rather than allowing work to take over their lives, Millennials make sure that work fits into their lifestyle. As such, Millennials do not sit well with a strict 9 to 5 working hour. Instead, a flexible working culture provide Millennials with the space for them to focus on their personal development which could potentially improve their productivity within the workplace as well.

As more Millennials enter the workforce, it is imperative for top leaders to understand the changing work mindset that these future generation of leaders have. Besides focusing on Millennial talent retention, top leaders also need to know how to groom these future leaders in order to maximise these future talents.