Comprehension

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Millennials (those born between the early

1980s and the early 1990s) make up a huge part of our workforce but they seem

to lack loyalty to the companies and the leaders they work for. They represent

more than forty thousand. Multinational companies are noticing larger turnover

rates of millennials as employee retention rates fall. This report looks at the

findings of two large-scale surveys on the mindset of the millennial generation

and explores how organisations can strive to address these needs, increase

employee engagement and encourage retention.

Research

In a global survey conducted by

PricewaterhouseCoopers (PwC), more than 40,000 millennial (born between 1983

and 1993) and non-millennial responses were collected on the topics of workplace

culture, communication and working styles, pay structure, career development, work–life

balance, etc.

In a separate global survey conducted by

Deloitte, more than 10,000 millennials articipated in a study about their

perceptions of the threats and opportunities in the complex world of work.

Key findings

• Millennials are as committed to their

work as their more senior colleagues.

• Millennials value interesting work and a

good work–life balance. They do not believe

that excessive work demands are worth

sacrifices in their personal lives.

• Millennials want flexibility in their

working hours and are willing to give up pay increases and promotions for a

flexible working schedule. They believe that success should be measured by

productivity and not by the number of hours they are seen in an office.

• Millennials want to feel supported and

appreciated by their company and their superiors.

• Millennials want more opportunities to

develop their skills. These include technological skills, teamwork and

interpersonal skills.

• Millennials believe that businesses and

business leaders should contribute to the improvement of society and they are

more likely to be loyal to a company with strong ethics.

Recommendations

Organisations and managers wanting to

retain millennials should consider:

• monitoring their workload and

satisfaction levels with their work–life balance

• creating a flexible work culture where

employees have more control over their working hours and their work location

• providing meaningful work and interesting

opportunities

• offering help and support in continuing

professional development

• changing the organisation’s goals from

being mainly about profit-making to motives that address social concerns and

solve wider societal problems.

Choose the word or expression from the list that matches each

definition.