Time Magazine’s “Me me me” generation, has been seeing a lot of press as they begin to enter the professional workforce. This influx of younger workers has been stereotyped as lazy and entitled – unwilling to work a standard 9 – 5 schedule, and constantly looking for more recognition. Millenials are forecasted to be 75% of the workforce in Canada by the year 2028 and they will change the work environment. Organizations should be looking at their EVP through the eyes of the next generation of talent.
An EVP that speaks to millennials needs to appeal to the 61% who will consider the company’s commitment to the community, when choosing a new employer, according to Deloitte’s 8th Annual Volunteer IMPACT Survey. Maybe mis-named, it appears that the “Me me me” generation is willing to sacrifice higher salaries for organizations that place more emphasis on collaboration, development and working for the greater good.
Collaborative, Flexible Workplaces
Recent graduates are looking for a new family connection from their work-mates. Having grown up in an era of social connectivity and crowd-sourcing; many younger employees thrive in collaborative work groups and non-hierarchical teams. Having less respect for traditional structure, they are also less satisfied with doing something because that is the way it’s always been done and won’t hesitate to go straight to the top with an idea for improvement. As Shama Kabani points out in her recent Forbes piece, millennials tend to be tech savvy, creative, and focused on getting the job done. Technology has advanced to the point where it’s hard to justify tying an employee to a desktop in a specific office. A Millennial Branding study reported that 45% of millennials will choose workplace flexibility over pay. There is a strong belief that they should be able to set their own hours, wear their own clothes and focus on results.
Personal Growth and Development
There has been a shift in the workplace to more freelance and contract work, and less emphasis on a long-term employer/employee relationship. It is natural that current graduates are looking to aggressively grow and advance with each new experience; and they are less afraid to move on, if they do not feel they are getting the development they need. Over 42% of millennials surveyed want mentoring, rapid responsiveness from their leaders and ongoing feedback. The brightest talent of the new generation wants to learn – in many areas. Dreamworks Studios has a workforce of 2200, with 25% being under 30. Dreamworks offers employees the opportunity to take classes in diverse subjects like photography, sculpting, painting, or karate. They have a reported retention rate of 96%.
Ability to Impact the team/the Community
In a Millennial Branding study, it was reported that 72% of millennials surveyed wanted to have a job that allowed them to have an impact. Millennials support causes that are important to them, want to show their support for their teams. Increased engagement comes from hands-on involvement in corporate initiatives and from an understanding of how their contributions matter. Companies that can speak to their Corporate Social Responsibility, community involvement or positive social impact will have a stronger EVP for the next generation of employees.
