There is a trigger that makes millennials seek to undertake and that is that companies are currently not adapting to this generational change by not meeting the expectations of this generation.
The Millennial Generation is all those born between 1981 and 1995, young people between 20 and 35 years old who became adults with the turn of the millennium (in full economic prosperity before the crisis). Currently in Latin America 30% of the population is Millennial and it is estimated that in 2025, they will represent 75% of the world’s workforce (Ferrer, 2010).
What should companies do?
The first thing is to show this generation that in the company they can learn and develop. Organizations must retain talent through training and skills development in conjunction with a change in the work and organizational climate.
The main reason for millennials to resign is the lack of opportunity to develop their leadership skills, for this reason 66% of millennials expect to quit their job in the first 6 months and only 11% plan to stay in the (survey deloitte).
In emerging economies such as Mexico, the outlook is not encouraging because there is no millennial culture and the work climate is doing little to nothing. “By 2020, it is expected that there will be a great flight of talent in organizations, because this generation does not tolerate working in this type of environment”. Millennials are born entrepreneurs which means that they have grown up immersed in the entrepreneurial spirit.
Companies are in need of offering complementary benefits in benefits of this generation that seeks to build experiences above the acquisition of material bines. (Notimex, 2016).
With the incursion of millennials into the world of work, companies have had to adapt to offer opportunities that are in line with their needs. Among the new benefits, flexibility of time stands out. For this generation, time is one of their most valuable resources. Therefore, the fixed working hours are transformed into flexible schemes such as home office and remote work.
Although having an ergonomic workspace and food service is becoming more common every day, some companies took this lifestyle to another level with benefits that include classes and sports facilities, organic food service, physical and massage therapy or activities outdoors to keep your employees active.
Regarding philanthropy, the millennial generation considers it extremely important to be part of activities that are related to a good cause and that have a positive impact on their environment.
Therefore, volunteer hours are increasingly frequent in companies, by inviting employees to participate in social responsibility projects developed in partnership with other institutions and organizations. Millennials are, therefore, the future generation of consumers and users, a substantial market with new characteristics, needs and demands that should be known due to the repercussions and transformations that it will require of companies, they prefer to go in search of that “ideal job” , forming a more attractive organizational culture, where they can develop their skills.
Author: Laura Mojica Romero
