Millennials want more than a paycheck; they want purpose. This does not mean paychecks aren’t important, millennials still value money. Logically, they are at a time in their lives where they are looking to establish themselves in their career, while many are also looking to start families. In this sense, having a solid income is more important to them than it is for other age groups. But because they are young, it easier for them to leave a job and find a new one without being judged. There is less pressure for them to stay at a job they do not like. Ultimately, as important as the paycheck is, a sense of purpose will keep a millennial at a job longer than a big paycheck.
How do you bring purpose into the workplace?
Millennials want to feel like the work they do contributes to the greater good. It is a fact that might seem odd to older generations who lived through periods of economic hardships and have developed a firm belief that financial stability is first and foremost. But millennials were raised to value their social conscience over their wallets. Finding a way to create a meaningful work culture will benefit both the company and the employees. In an age where companies struggle to retain talent, you have address what employees truly value. Essentially, millennials are looking for a way to feel connected to humanity through their work.
How do you create a meaningful work environment?
You do not have to have a charity or social justice mission statement to create a meaningful work environment. To bring a sense of meaning into the workplace, you have to make employees feel like the work that they do helps others, not just themselves. One way to accomplish this is to communicate to employees what the company’s objectives are and how they as individuals contribute to those objectives. Along similar lines, it is important to acknowledge when an employee is performing well via positive feedback.
You also do not have to be in the business of ethics to create an ethical work culture. If your company uses sustainable products in any of their operations, you want to communicate this to the employees. Meanwhile, having ethics training courses shows them you care about respectful conduct and moral issues. The most important thing to keep in mind is that millennials want to see a connection between their personal values and their work life.
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