Referred to as the ‘first generation of digital natives’ by Goldman Sachs, today’s workforce comprises of more and more millennials. It is predicted that by 2025 millennials will in fact comprise three-quarters of the global workforce. Today people between the ages of 15 to 24 make up almost 20% of the world’s population, which will account for more than 15% of the global labour force, according to Catalyst.org.

Understanding Millennials

Millennials have a different set of priorities and work ethics to the previous generation. According to research, millennials are not interested in buying homes and cars but are more interested in enjoying a better lifestyle consisting of experiences rather than possessions. These are well-educated energetic individuals who are aware of their self-worth. They appreciate a challenge and go in search of roles that offer them a challenging work experience.

Millennial work environment

Millennials look for jobs where they feel that they are making a real contribution. They prefer real time reviews with regards to their input and are generally not content with the bi-annual reviews that were/are the norm. As they are used to instant information at their fingertips, they expect speed and progress in their work life unlike their older counterparts.

For millenniums salary is not always the motivator when selecting a job. Instead they seek a sense of purpose along with development and a clear knowledge of their career growth path.

Turnover cost

Currently, many companies do not meet the requirements mentioned above, which is why millennials get restless or feel unappreciated and move within a year. Having their HR requirements taken care of quickly gives millennials a sense of value as employees.

Adjusting to millennial requirements

As millennials increase significantly in the workforce it is important the companies and especially the HR departments make the necessary changes and adjustments. By taking timely action it will be possible to reduce turnover and improve retention, which is a saving for the company. Carefully considered strategies, need to put into action, to cultivate the necessary environment for the millennial employee.

What is required

AI will play a very important role in the HR departments daily functions, with an Employee Management Software being the way forward for employee satisfaction and retention. Millennials appreciate instant responses and do not appreciate delays. Having these HR features online helps increase your company’s overall efficiency.

An Employee Management Software should cover functions such as leave application with real time updates, maintain employee personal details with easy access and an overall view, probably in graphical or chart form, of the company structure. Millennials appreciate being in the know with a clear idea of the company structure and personal growth possibilities.

Skills and competency management is also important, so that suitable employees can grow within the company and not be overlooked. This reduces the need for millennials to look for interesting job roles in other companies.

According to a Forbes article, Chatbots, which are fuelled by AI, are said to become even more important in the workplace in 2018. Further, Chatbots are predicted to generate savings and increase efficiency, making it a very important investment for companies moving forward. An Employee Management software is an important asset and a necessity to meet the requirements of a millennial workforce