Millennials in the workplace: what they are like and what they want

Today, different generations are coexisting at the same time in the company, therefore, creating an attraction strategy that encompasses the needs of each one is a challenge for the personnel management area. In this article we answer the key questions to better understand the millennial generation and share the trends in recruitment to attract these profiles to the company.

What are the characteristics of millennials?

Millennials are the generation born between 1980 and 1995, also known as generation Y. It is the demographic cohort that follows generation X and precedes generation Z. Some facts about the millennial generation:

• Millennials now account for 40% of the workforce
• it is said that they are the most educated generation in history.
• and the hardest hit by the economic crises that have hit the world.
• They are the ones who are most familiar with media and digital technology.

Why are millennials referred to as the lost generation?

The 2008 crisis directly affected the first job opportunities of this generation. A crisis in the world that lasted several years and reached a youth unemployment rate of over 55% in 2013. Just as this generation was beginning to stabilise in the labour market, the Covid-19 crisis shook their jobs and left many young millennials in a precarious professional situation.

What makes them different from other generations?

The historical context of these years explains that they are used to living with job uncertainty and that they adapt easily to changes in the world.the Deloitte Global Millennial Survey 2020 states that the financial situation, work and family are what worries them most in their lives.

"Organisations need to be more aware of the concerns and motivations of the younger generation if they do not want to risk losing talent in an increasingly competitive labour market". - Idoia Paz, Consulting Director of Deloitte Spain's Human Capital practice.

What can a company offer them?

A company that understands their needs will offer them more than just a salary in line with the labour market:

1. This generation of young people will strive to be part of companies aligned with their personal life purpose.
2. They yearn to be part of a company with a positive impact on their lives and the world.

In addition, we share below some of the proposals that have been most in demand in recent years:

• Professional development
• Job growth opportunities in companies
• Technology as a tool for progress
• A good place to work
• Flexibility, work-life balance and teleworking
• Equality, diversity and inclusion
• Corporate social responsibility
• Personal brand image
• Transparency of information
• Collaborative culture
• Autonomy
• Continuous feedback
• Welfare programme

In short, it is a question of understanding the historical, employment, social and economic context of this generation and creating a strategy in companies with resources that adapt to their interests.

Undoubtedly, creating an action plan that puts the interests of employees at the centre of a company's strategy is always a good start to creating the best employer branding strategy.