Engaging the Millennial Workforce
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There exist thousands of assumptions that are associated with the term ‘millennial’, as they are discussed in the context of work culture and organizations. These assumptions hugely differ from ground-reality and facts. Organizations seem surprised as some hard-hitting facts come across their way while they try and understand the millennial generation, who have been fortunate enough to witness the gradual shift towards the digital age. It has become very crucial for organizations to understand this generation and evolve with them. The future belongs to them!
If statistics are to be believed, by the year 2025 the millennials are expected to amount to 75% of the total workforce. India would eventually be beating China as it will have the largest millennial workforce in the world! This would result in an increase in consumption pushing the economy to grow. By 2020, it is estimated that India will be a US $ 3 trillion economy. And in the next five years ( 2025) it could grow to USD $ 5 trillion!
How Should India Optimize This Data Productively For The Development and Growth of its Economy?
The answer lies in investing in our invaluable assets, the millennials. Human Resources will have a huge role to play when we talk about investing in a workforce equipped for the future. Human resources is all about understanding people and making them fit in a work culture that helps in their personal growth as well benefits the organization simultaneously. However, organizations would need to reconfigure their DNA to deal with this new reality.
The Indian work culture is deeply rooted in hierarchy. The one you’re reporting to, would still command the respect, similar to the one commanded by your parents or teachers. But gradually and steadily we are witnessing a shift in the Indian work culture as the millennials have started joining the workplace. The millennials prefer a work culture that is a hierarchy – free and that which leans more towards being role-based. They have ushered in the need to have organizations that do not hire people on the traditional lines of having a number of degrees but the right skill-set apt for the job profile.
Today’s generation does not appreciate when the freedom to express their individuality is threatened. In recent times, one cannot expect an employee to complete a glorious 25 year run with an organization and follow all the rules laid down by the firm without any queries and oppositions. With the changing times, millennials are constantly in the search of ‘work satisfaction’ and contentment. They do not want a corporate to decide their clothing or control any other aspect of their lives. The freedom to express themselves creatively in both their professional and personal lives is highly valued by them.
Contrary to what is generally assumed, millennials are highly focused and yearn for a working environment that challenge them to put their best foot forward in everything they do. Organizations that recognize and value their hard work would end up retaining the millennials over a longer period of time.
What do They Actually Need?
The millennials are a purpose-driven generation. They search for their purpose at quite an early stage in their life as opposed to their predecessors. Does your organization have a purpose? Is your organization socially responsible? These are some of the questions an organization needs to ask itself if it aims to hire the millennials. Supporting social causes, being environmentally conscious are some of the things that an organization can associate itself with to make this world a better place. An idea that strongly resonates with the millennials.
Millennials are going to be the key -players in reviving the Indian economy. They are going to play a pivotal role in the substantial growth and development of the Indian economy in the near future. Hence, it’s the responsibility of the organizations to bring about the desired changes in their respective eco-systems or work cultures that nurture this talent and utilizes their potential.