The younger generation is willing to earn less in order to collaborate with companies they believe in. There is a huge difference between the set of values the younger generation is committed to, comparing to the ones who came before.
While pay, promotion and recognition are pointed as Baby Boomers and Generation X main career goals, for Millennials and Generation Z success has an entirely different meaning. More than 80% of younger employees claim the most important is working for an Organization where they can engage a positive impact in the community.
This does not mean the younger generation lost the ambition. 79% unveil a solid drive to conquer great achievements on their professional journey. However, their purpose is achieving their professional goals, while working with a company where they share values and can make a difference.
According to a recent report by LinkedIn, nearly 90% of millennials affirm considering a pay cut to work at a company whose mission and values align with their own.
Only a third of young professionals are deeply engaged in their current job, and nearly 20% say they like their job.
How should organizations proceed with the next generation of business leaders?
More challenging than hiring the best-fit candidate is how to retain talent; and, even more demanding, is how to retain younger talent who does not live by the “job for life” mindset. 21% of millennials say they have changed jobs within a year, three times more than the average. And this level of rotation translates into high costs for companies.
Firstly, a good onboarding coaching program is essential in order to guarantee the success of new hires in the first 90 days.
Talking about purpose and values will never be enough, if the reality of their roles tells a different story. This type of disconnection will end up with unproductive and unmotivated team and, worst case scenario, it will lead to high indexes of staff turnover and undermining the global performance of the Organization.
Finally, it is important to ensure all employees can, at times, impact positively the world through their role. So, and in order to achieve it:
• Ask frequently young employees if they feel a sense of purpose in their job.
• Engage everyone regarding goals on sustainability and social impact by sharing regular updates.
• Give the most engaged the opportunity to join specialist groups to debate social and sustainability issues, so they can contribute to change.
• Include impact and sustainability goals to the core KPIs for middle and senior leaders.
Ensuring younger employees keep engaged and motivated means going the extra mile when it comes to assessing recruitment; it is about rethinking how the business can be used towards positive impact.
Source: IMD (Institute for Management Development)
Author: Shannon Houde