Nicolas Dumoulin
Millennials form the modern and upcoming generation of job seekers in the Indian market, professionals who are highly motivated to seek jobs that offer avenues for skill development and better career prospects. They are the demographic group following Generation X, defined by those born between the early 1980s and early 2000s. As reported by Goldman Sachs Global Investment Research, 65 percent of India’s population is born after 1980, of which 443 million are millennials.
India is a traditionally-driven market where corporate stalwarts, with decades of professional experience, have their own sets of beliefs and structured opinions of existing workforce cultures. This perspective is slowly shifting, with millennials dominating the workforce and altering the rules of engagement with employers. As millennials aspire to meet global standards, they work with colleagues to create a healthier workspace and actively pursue those who can assist them with their personal and professional growth.
This millennial workforce demonstrates the desire for a highly satisfying job, in which they are given a platform to explore their talents and optimally utilise their skills. In the workplace, they strive for prospective collaborations between members of diverse teams and seek inspiration as well as aim to absorb maximum knowledge from their colleagues. In addition, they yearn for opportunities to be continually involved at work, through training and development programmes, to enable them to improve their contribution to the organisation.
In addition to skill development and learning, millennials also aim to be financially independent and as a result, income is a key consideration when looking for employment. Therefore, it is a requisite for companies to offer salary increments to their millennial employees, who they would want to ultimately retain in the future.
While millennials are a group that have the capability to adjust and acquire knowledge and skills at a swift pace, they may be lacking in channeling their attention to specific areas of focus. A global study conducted by Oxford Economics and SAP- the Workforce 2020 report- suggests that rather than isolated training, millennials in Asia are likely to perform better with guidance and leadership. Hence, it is imperative that employers ensure a transparent communication system and regularly share constructive feedback with their millennial employees. This will not only enable their employees to improve their practices and grow in the positions they hold but it will also upgrade the engagement levels between the employer and the staff.
Millennials can be regarded as global thinkers with a strong affinity towards technology. Having matured in an age of digital prosperity, they are highly involved with and influenced by technology and social media. Millennials regularly consume information on these platforms and hence, it becomes relevant for organisations to employ social media effectively, ensure activity on these channels and engage their prospective millennial candidates through them. In a competitive period of constant innovation, it is also crucial that enterprises stay abreast with the current technological advancements and strengthen their digital proficiency.
Companies can also consider using increasingly innovative methods to recruit potential millennial candidates. Some of these include engaging with prospective employees via video interviews, social media platforms and user-friendly interactive websites. A few organisations have also uploaded video content to familiarise candidates with knowledge of the company’s offerings, values and workspace culture.
In India, the IT, start-up, pharmaceutical and FMCG segments, to name a few, are rapidly transforming their work culture to accommodate the needs of millennials. Having said that, industries such as the infrastructure and industrial sectors are yet to realise the potential of this adjustment. In an endeavor to match international standards and compete in the global market, a glimpse at the present scenario shows that, a number of Indian SME companies are observing their MNC peers and bringing about a change in the work culture within their operations.
To ensure that the millennial workforce flourishes, it is essential that they are open to continuous learning, which will help them charter a robust course for sustainable growth and greater opportunities. Organisations must adopt learning and development programs with the help of pioneering and engaging technology. Given that millennials recognise the significance of creating and maintaining a work-life balance, employers should consider implementing a flexible work environment. They can also look at introducing wellness initiatives within the company in order to foster better engagement among millennial employees.
In order for organisations to attract, retain and develop millennial talent, the employer will need to understand the diverse range of millennials and what their key objectives are, for pursuing a job. In addition to this, they will need to improve their strategy, expand their work culture as well as work with technology-driven solutions.
The writer is Managing Director, Michael Page India
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