Millennials make up a majority of the workplace. Which is why it is imperative for workplaces to find to retain these flaky, job hopping employees in Hong Kong. As a manpower agency we’re in the business of dealing with people. So we understand what exactly the majority of Hong Kong based millennial workers want.
Here are 5 ways we believe will help you retain job hopping millennials in Hong Kong:
1. Money still matters
Despite their new fangled ways and adverse to the traditional. Millennials still value monetary income. More income allows millennials to go out and have fun after the workday ends. In fact, studies show that 46% of millennials have asked for a raise in the past two years as opposed to 36% of Gen X employees.
Instead of just viewing Millennial employees as a cheaper alternative to the more experienced Gen X employee. Employer will have to realise that generous salaries and bonus schemes are motivating to the millennial employee.
2. Clear career progression
Other than a fat paycheck, training schemes and clear career progressions are highly motivating to the millennial employee. Unlike the generations before them, millennials want a career with 69% of those surveyed stating that a clear career path will keep them engaged in their career.
With such an emphasis placed on clear career progression, employers should also provide millennial employees with training schemes and programs. Remember, these young workers don’t just want to work a well-paying job. They want to feel like they’re making a difference to their lives and learn valuable skills that will help them in both their current and future jobs.
Some skills that might be of interest to your millennial employees are:
Creativity: Whether you’re working in an analytical (e.g. finance) and rigid industry or a “creative” one (e.g. editorial and/or advertising). Creativity can help supplement your employees’ next role - which would come in handy when new and unique solutions are needed.
Learn more about the soft skills employees should have in 2019 here.
IT Skills: Thanks to digitization, most employees will need to have basic IT skills in order to operate some of the newer forms of technology and programs needed. IT skills are imperative especially in industries such as finance and technology.
Learn more about the ideal skills all finance employees should have here.
Work Ethic: 78% of employers want to hire candidates with a strong work ethic. However, what most employers don’t know is that work ethic can be fostered and improved.
Things such as promoting transparency, creating the right environment that’s conducive to working, and clearly identifying the daily goal of either the team or the organization.
Learn more about encouraging strong work ethic at the workplace here.
Additionally, providing formal feedback once every six months to your millennial employees shows how serious and invested, the organization is to their career development. Employers experiencing a large number of resignations need to understand that it is unfair to put millennial employees in a position where they’re unsure where their career is heading. Instead, leaders and supervisors should sit with their HR team and discuss ways to provide training and upskilling programs to everyone within the company.
Useful articles to read:
3. Great Office Environment
We cannot stress the importance of a great office environment, enough. Research shows that millennial employees value a great office atmosphere and culture matters. No one wants a dull, grey office. But an open office isn’t always conducive or productive environment either.
What constitutes a great office environment?
Plants help: Here at BGC Group, we’re plant lovers. In fact we try to include every bit of greenery into various corners of the office. The benefits of having plants in the office include reduced stress levels, increased productivity, boost creativity, and even help reduce noise levels!
Include areas to help destress: When millennials picture a fun office - they’re thinking of start ups and offices like Google. Basically, an office with areas to relax and destress in when the workday becomes challenging. Add a little “jush” to your workplace with bean bags in the lunch room or sleeping pods for your hardworking employees to nap during their breaks!
Access to lifestyle products: Your employees are not just simple working machines. They’re complex human beings with various likes, interests, and dislikes. One way to keep your employees happy and motivated in the office is to
It doesn’t have to be something big! For instance, if the majority of your younger workers enjoy working out. You could schedule an after-work hours exercise session! This is also a great way for your employees to bond with one another.
We don’t know! You’ll need to do some serious research and ask your employees what environment keeps them motivated.
A colourful and lively office environment that suit your employees’ tastes help boost the employees’ creative capabilities. As well as their daily mood and motivation.
Pro-Tip: You might find our article, “What do Millennials Want from their Workplace” useful. We delve deeper into the importance of office environment in the article.
4. Assigning Meaningful Work
Did you know that millennials consider meaningful work to be the most important factor in making them feel successful in their careers? Unfortunately, only 11% of hiring managers believe in providing millennial employees meaningful work. This major disconnect is one of the major reasons why younger workers are leaving their companies...in large droves.
To encourage this feeling of success and inclusion, let these young professionals know and understand the impact of their efforts. Say things like, “I’ve assigned you this task. If it’s successful, we’ll be able to impact at least 59% of our client base.”
Give them transparency, facts and figures to help them see the big picture. You want them to see how their individual roles affects the whole organization. Keep in mind that this is a generation focused on both their physical and mental health. Young professionals do not want to work for an organization that doesn’t help them develop their careers or one that is detrimental to their health.
Pro-Tip: You might find our article, “How I Learnt to Manage My Work-Life Balance After Being Diagnosed with Depression” useful. We delve deeper into the importance of employee mental health in it.
5. Win Their Parents Over
The millennial generation might seem like it’s the most important. However, this is a generation that is still influenced by their parents. But we’re not going for Simon Snek’s strategy here. No, younger professionals are not struggling at work because their parents “provided them with medals for coming last”.
They’re looking at the generations before them succeeding in milestones that they can’t have. Imagine having a University degree only to end up working at a job for $7 an hour? One way to change this is by reviewing whether or not your organization only needs degree holders. Or reviewing the benefits currently on offer.
Remember, the key to a millennial employees’ heart is through their parents’.
Did you find our article helpful? Let us know in the comments section below!
Read More: The Kids Are Not Alright - Why Millennial Employees Lose Their Motivation