Every organization is dealing with millennials now, as consumers, employees and more significantly as future leaders. Millennials account for over half of the population of India and are the best-educated generation in India’s history – attracting, engaging, hiring and retaining this talent has become critical to business success today.
Nearly 60% millennials are not happy with the leadership styles of their boss. Most feel that there are differences in opinion, work styles and comprehension of tasks, among them and their employer. In fact, 70% millennial surveyed also say they aren’t happy with their company work culture and environment reveals TimesJobs latest study.
“The employer-employee paradigm has changed and India Inc. has not yet caught up. Millennials will not be constrained by traditional practices, rigid policies and inflexible employers, which is why we have seen so many millennials quit their jobs and create their own start-ups in India recently. India Inc. needs to imbibe this ‘start-up’ culture if they wish to remain competitive and truly benefit from India’s Demographic Dividend,” says Nilanjan Roy, Head of Strategy, Times Business Solutions.
The challenge for India Inc. lies within this generation’s outlook itself – as millennials are very distinct from previous generations – attracting, hiring, managing and mentoring millennial talent is radically different as revealed by TimesJobs in the following aspects:
See: How Millennials Pick and Choose Employers in India?
TimesJobs’ latest study shows that corporates must re-align workplace strategies, processes and settings to suit the needs of the millennials to have a better and more productive workplace. Key insights about millennials revealed include:
Flexibility is foremost: Nearly 40% millennials in the study say that flexible work arrangements are the most important aspect of an attractive employer. Good salary and benefits come second and the employer brand takes the third place.
Money is a serious concern: While salary may be a secondary decisive factor when taking up a job, but it still is an important factor. In fact, not many millennials are happy about the way they are paid. Almost 80% survey respondents said they were unhappy with their current salaries. In addition, only 20% of these unhappy millennials are in their first jobs and 40% have already changed 2-3 employers.
International exposure matters: Millennials have a strong desire to work overseas with 70% respondents willing to relocate and go overseas. While this is great news for organizations looking for expansion and growth, it may also indicate a significant “brain drain” of talent for the country in future.
Build a strong brand: With 30% millennials being serious about a brand’s reputation when taking up a job, it’s enough hint for organizations to put in extra effort to up their brand game. Nearly 40% respondents say they avoid working in a particular sector if they believe it has a negative image.
Not too attached: Millennials are job hoppers. Nearly, 40% of the respondents expect to have at least 4-5 employers in their careers while just 20% feel they will stick with just one employer for their entire careers. Nearly 65% respondents said they don’t think they would be able to rise to senior positions in their current job. This clubbed with a desire to rise up the ladder quickly and make big bucks drives 60% millennials to change job as soon as they land a good opportunity.
This study was undertaken with inputs from 1100 working professionals born after 1980 across India.
Also read: How are Millennials Different in their Relationship with the Management?
Image credit: Open Access BPO