Most business leaders would have already noticed a generation shift in their workplace. As more and more baby-boomers head into retirement, it is millennials that are becoming the dominant force.
In fact, according to PricewaterhouseCoopers, 50 per cent of the global working population will be millennials by the year 2020. While it is important for Australian businesses to embrace this changing of the guard, these workers come with a different set of values to other generations and these must be met to ensure strong retention in the future.
Need for engagement
This was highlighted in a recent survey by US-based employee recognition and engagement software company YouEarnedIt. According to the results, millennial employees want engagement through collaboration and communication, and this is directly related to where they choose to work and whether they want to leave.
A total of 67 per cent of respondents noted that they enjoy team collaboration and having a solid connection with their co-workers. In fact, this was one of the top factors for engagement.
Another interesting point raised by the survey was the need for real-time feedback. Almost all (97 per cent) of millennials believe that feedback received instantly is more beneficial to their long-term performance than having to wait for a scheduled performance review.
YouEarnedIt CEO Autumn Manning explained the importance of employers meeting the needs of millennial employees.
"Employees expect more from their work, companies and leaders. To truly drive employee engagement, leaders must look beyond pay and hone in on core human needs like personal connections, a sense of purpose, and recognition for great work," she said in a HR BLR article.
The role of teleconferencing
For businesses to offer quality collaboration and communication between departments and individuals, teleconferencing can make a real difference. Capable of supporting over 200 lines, this technology can ensure millennials are able to work productively and receive the support that they desire.
Want to learn more? Contact the team at Eureka Conferencing today.