If you aren’t thinking about how your business can draw in – and more importantly, retain – millennial employees, you should be. Millennials will make up 75% of the workforce by 2025. So, what can businesses do to attract and retain talent?
The keyword here is ‘meaningful work.’ According to a Workplace Culture report, 86% of Millennials would take a pay cut to work at a company that aligns with their own values (comparatively, only 9% of Baby Boomers would make the same sacrifice). That indicates a huge shift in cultural values for workers. It’s also data that aligns with a survey of 2,000 employees by the Harvard Business Review (HBR) that found 90% of workers would sacrifice 23% of their lifetime earnings – equivalent to a downpayment on a house — to do more meaningful work.
Unfortunately, many businesses simply aren’t doing an outstanding job of making work meaningful for employees. According to the 2017 Edelman Trust Barometer, the credibility of CEOs in the eyes of the public fell to 37%. That’s in-line with another statistic from the same report which found that 63% of employees distrusted their leaders. Similarly, a study by HBR discovered that 58% of employees trust strangers more than their own boss. Even worse, only 41% of employees feel that they understand the ‘mission’ or ‘vision’ of their employer.
These statistics are important. Employees will only feel their work is meaningful if they know why they’re working at all. Ask a Starbucks barista who’s been with the company for five years why they love their job. The answer won’t be “well, I just really like the sound coffee beans make when I put them in the grinder.” You’re more likely to get something along the lines of “I love interacting with the people who come in – especially my regulars. I also really appreciate the causes Starbucks supports and the benefits they give their workers.”
How well a leader treats employees and defines the vision of their business are the key factors that make work meaningful for employees. Yet according to the statistics, most leaders are distrusted by their employees and don’t relate the vision of their company well — if at all. No wonder 71% of workers are currently looking for new jobs as this is written.
If you want to attract and retain millennial employees to your workplace, you need to do a few things — and do them well:
- Make sure every employee you bring on knows what your vision is for the business.
- Let your employees know that they’re valued and put your money where your mouth is. Sending out corporate memos about how much you value workers won’t stand up if you don’t let them take a sick day.
- Align your business with causes you support. This helps cement the identity of your company and solidify your brand in the minds of employees.
- Cultivate leadership that reflects your ideals. Your employees should derive as much meaning from their manager or supervisor as they do from you. That’s only possible if your leadership truly understands your business and shares the same passion for it as you.
We understand none of this is easy. We understand that CEO’s and business owners aren’t blind to the plight of their employees. We also understand that it’s incredibly challenging to develop a workplace where leaders and employees have authentic connections with one another and where employees feel valued. Let us help.
According to a 2007 study by the National Institute of Health, the number one thing that helps connect people to a sense of meaning is relationships. TRIBAL gives leaders the ability to create meaningful relationships between employees from the bottom-up. It’s a force multiplier and a mission amplifier.
It’s exactly what leaders need.
What Is Tribal?
TRIBAL is a relationship and community building platform that helps leaders build strong, inspired teams.
TRIBAL uses strategic storytelling to enable and enhance meaningful relationships across all levels of your organization. By leveraging the inherent tribal nature and impactful stories your organization has, TRIBAL helps leaders shape a meaningful culture from the top down and bottom up. Studies show that a meaningful workplace leads to inspired employees who outperform all others.