Millennials & Modern Business: 5 Tips To Help You Keep Up

With the Baby Boomers now moving comfortably into retirement, and the millennial generation now comprising the majority of the American workforce, employers are looking to young, up-and-coming employees to know exactly what the now generation expects out of employment with an American company. While job perks like good pay, health benefits, and retirement plans still rank towards the top as important factors when deciding what companies to work for, a large focus on job satisfaction has also shifted to what is referred to as the purpose gap. In other words, what employees want to get out of a business is not being matched by what businesses are actually offering their employees, and not just in terms of pay or benefits.

Employers are now facing a generation of workers whose job focus is shifting from profit to purpose. Many young employees are still in the habit of switching companies every few years, sometimes for better pay or a better environment, but now also because they do not see the greater purpose of the company, aside from making money. Millennial employees want to work for companies they view as making a difference in the world, and as doing good for their city or community. So if you want to keep your company with the times, and improve your employee retention, start making plans for company’s future, and follow these five tips to help get you started.  

1. Offer job training for improved job skills

People look to their employers for more than just a day job and a paycheck. They also want to learn new skills that will prepare them for a long, profitable, and satisfying career. Take some time to invest in job training opportunities and career seminars for your employees, and be an active participant in your employees’ day-to-day activities at work. Showing interest in their wellbeing and working with them to make important decisions for the company makes employees feel valued and that their work is important.

2. Create new job opportunities

With millennial-driven business models now more focused on purpose than merely profit, business owners and entrepreneurs should start looking to create new job opportunities for the future generations. New technologies, apps, and services are being developed on a daily basis that, given the chance, has the ability to add more jobs and new skills to both the economy and the American workforce respectively. If your company is doing well profit-wise, start investing in new products and services that can positively affect both people’s lives, and the economy. 

3. Provide services that help the community

Millennials enjoy working for a company that is both active in the community and interested in more than just financial profits. Being directly involved in people’s lives by doing more than just sitting at a computer crunching numbers and writing reports in an office building is a key contributor to employee satisfaction. As a business owner, work with your employees to think of ways you can use your profits to help the community, and use such campaigns as a means of creating new job opportunities. A company that creates new programs and does more to help the community at large represents the kind of progress millennials are looking for in a career in modern business.

4. Offer opportunities for growth

Just as employees want to have the opportunity to learn and develop new career skills, they also want to see room for growth with the company they work for. Ideally, you as an employer and business owner would also want to hire employees that have the drive and desire to grow in their career, and not just go from day to day waiting for the weekend and a paycheck, or retire from the same entry-level position they were hired in. Employee growth means growth for your company, so be sure to invest some time in your employees, and then allow them to grow in their own career path.

5. Give employees the chance to do more

Offering opportunities for employee-growth goes hand-in-hand with providing them with more responsibility. Organizing community campaigns and creating new products and services not only offers the chance for job creation and employee retention, it also offers your employees the chance to take on more responsibility. Entrusting your employees with important tasks that go beyond their general job requirements helps to solidify their passion in working for your company and their dedication to their work and career. It also shines a positive light on your company, both in terms of the professional community, and in terms of public relations, so it’s a win-win situation for everyone.