Millennials value culture, values and social influence in the workplace. These are important benefits, but when it comes to employee retention, and how to motivate millennials in the workplace none of them can make up for low pay.
Motivated by purpose
In recent years, the assumption that millennials are more motivated by purpose has become increasingly popular. This compared to their older counterparts. Millennials want to work for organizations that promote clear social value and action. Important factors such as workplace diversity, leadership transparency and well-being are often highlighted as most valuable to this generation. Millennials tend to be willing to take a pay cut of over $7,000/year to work for an organization with a better culture.
Motivate with flexibility
One trend that has been particularly incorporated into today’s workspace is flexibility. Perhaps the pandemic showed us that a lot of work can be done on a flexible schedule. And for this reason, working in hybrid systems is more popular than ever. The desire to work in hybrid systems is especially appealing to millennials.