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Employers need to enhance their compensation, reward and development strategies if they wish to retain Millennials in their companies.
This is because almost half (43%) of Millennials intend to switch jobs in 2015, according to a new survey by Aon Hewitt.
Canvassing responses of more than 2,500 U.S. employees, the survey found Millennials felt that what they value in an organisation is different than the priorities of their current workplace. Most believed their employers’ current values focus on more organisational-oriented themes, including teamwork, profit and customer satisfaction.
When asked what qualities they find the most desirable in an organisation, Millennials cited more relationship-oriented values, including work/home balance, employee recognition, loyalty and respect.
Other values with large perception gaps between current and desired levels included open communication, professional growth, fairness, humour/fun, clarity, and well-being (physical/emotional/mental/spiritual).
The survey also asked Millennials to rank what specific areas they would most like to see improved in their current workplace to increase their overall engagement or satisfaction. Their top responses included:
Pay and benefits (51%)
Good career or development opportunities (39%)
Performance recognition (38%)
Open/complete communication (34%)
Flexible work environment (33%)
Having a strong management and leadership team (30%)
“Beyond wanting competitive pay and benefits, Millennials expect to feel appreciated for their efforts, see opportunities to advance, be more empowered in the workplace, and also have the flexibility to balance their lives at work and home,” Pam Hein, partner, communication consulting, Aon Hewitt, said.
“Younger employees want to work in an environment where information flows freely and authentically and where people know they can count on one another. The data shows there is a significant opportunity for employers to offer a more unique and compelling work experience that will match what Millennials want, and in turn increase retention long-term.”