Tenacious talent: Millennials in the Workplace

Millennials: Boston Business Journal

An employer’s perspective, as shared by William K. Bacic, New England managing partner, Deloitte LLP

One of an organization’s biggest strengths, and also likely its greatest vulnerability, is its people. When employees are engaged and excited, they are productive and profitable. However, when employees are overwhelmed, disengaged, or working in an unfulfilling role, their productivity may dwindle and they may consider seeking greener pastures with another employer.

We are in a new era. Unlike in decades past, when many employees would start a career fresh out of college and retire from that same organization, today’s workers will likely not be tied to just one employer. Instead, many people are operating as free agents, with no commitment to a specific employer. The balance of power has shifted from employer to employee.

More than 70 percent of Millennials expect their employers to focus on societal or mission-driven problems; 70 percent want to be creative at work; and more than two-thirds believe it is management’s job to provide them with accelerated development opportunities in order for them to stay.

It is no secret that employee turnover is costly for an organization. As a new generation of workers matures, business leaders should consider how to retain their high-performers. However, while it may seem simple, talent retention is anything but. Today’s workers have a new set of career demands.

Millennials and company culture

Not only is the new generation of talent armed with demands, but they also have information on new employers at their fingertips. Web sites like Glassdoor, LinkedIn, Facebook, and others not only increase transparency about a company’s workplace; they make it far easier for employees to learn about new job opportunities and gain intelligence about company cultures. 

In fact, in the technology industry, two-thirds of all workers believe they could find a better job in less than 60 days if they only took the time to look.

Brand perception is important to today’s workforce. To retain top talent, organizations should consider demonstrating their commitment to the issues employees consider important, from hiring and developing a diverse and inclusive workforce; to showcasing a commitment to corporate citizenship; or touting an innovative, flexible working environment. Identifying and capitalizing on your organization’s best talent assets can differentiate you from competitors and positively influence your firm’s brand perception. With a strong brand, not only will likely you retain your best employees, but you will likely also be able to recruit top talent as well.

It is time to build an irresistible organization.

To learn more about how to build an organization that not only engages employees, but showcases commitment to issues beyond the boardroom, please take time to read, “Becoming Irresistible: A New Model for Employee Engagement.”