Millennials are often defined as being the first digitally native group, as well as a generation whose future prospects were marred by the high cost of education and limited work opportunities.
While being a cog in the machine was once enough to stay afloat, these workers want something much more from the workplace now: purpose.
According to research from Great Place to Work, 79% of Millennials say their work has meaning compared to 90% of Baby Boomers.
“There’s a lot Millennials can teach companies about work,” said Michael C. Bush, CEO of Great Place to Work.
“How they spend their time and who they spend it with matters to them, as it should to all of us. Help them find meaning in their work. Give them a reason, many reasons, to be proud to work for you—and they’ll stay working for you.”
In fact, Millennials that see their position as more than “just a job” are three times more likely to stay on with their employer and two times more likely to feel valued.
While having purpose at work is certainly not a new concept, it has emerged as a key factor in keeping this population of workers moving forward and could be essential to closing the labor gap.
So how can leaders make it to where they offer a workplace that Millennials want to work at?
Offering equal pay among all generations is a good place to start. In fact, Millennials ranked 8 percentage points lower than Baby Boomers in their measurement of fair pay.
Additionally, provide these workers with concise and clear expectations. Not only is it necessary to have clarity when completing projects, it can also make a difference in overall performance.
Lastly, one of the most popular trends to have emerged in recent years has been the idea of work-life balance. However, Millennials still fall behind Baby Boomers when it comes to achieving it, impacting their overall physical and emotional health.