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INNOVATE

To Attract and Keep Millennials, Meet Their Demands

Here's what Generation Y wants and why you should hand it over.
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Employers of Millennials, take note: If your company takes steps to foster collaborative innovation, younger workers will be more likely to stick around.

The vast majority of those born in 1983 or later say they'll reject traditional organizational structures for more flexible and autonomous workplaces, according to a new survey from consulting and accountancy firm Deloitte.

The Millennial generation will make up 75 percent of the global workforce by 2025. So now may be an ideal time to consider how you can attract and keep younger workers on your team.

"Business needs to show Millennials it is innovative and in tune with their world-view," Barry Salzberg, CEO of Deloitte Touche Tohmatsu Limited, noted in the report.

In the company's 2014 "Millennial Survey," which polled more than 7,800 Millennials in 26 countries, 78 percent reported that innovation within an organization has influenced them in their job searches. Seventy percent say they see themselves working independently and digitally at some point in their careers.

The survey also revealed that leadership opportunities matter to this group. Nearly one in four Millennials are asking for a chance to demonstrate their leadership skills, and half of them feel their organizations could do more to develop future leaders.

They also say they're keen to work for companies that have a social mission. While Millennials tend to believe businesses are successfully generating jobs (46 percent) and increasing prosperity (71 percent), many say they could be doing more. Specifically, Millennials point out opportunities to combat resource scarcity (56 percent), climate change (55 percent) and income equality (49 percent).

The bad news? Most Millennials report that their current employer does not encourage creative thinking. They cite management attitude (63 percent), operational structures and procedures (61 percent) and employee skills, attitudes and diversity (39 percent) as impediments to innovation.

Ultimately, this up-and-coming generation feels businesses should measure their success not only on financial performance, but also by the degree to which they are improving society. And if they can, companies ought to prize flexibility in the workplace.

Last updated: Jan 27, 2014

LYDIA BELANGER | Staff Writer

Lydia Belanger is an editorial intern for Inc. magazine. Previously, she interned with AARP The Magazine and Circle of Blue.




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