If you were born between 1981 and 1996, you might not like being called this, but you are a millennial. The most recent research done by the U.S. Census Bureau and the Pew Research Institute estimates that millennials make up the largest generation in the U.S. labor force. About 35% of working Americans are millennials. With the prevalence of millennials in the workforce, it’s imperative to cater to what they desire in a company. Transparency has been an important topic for millennials in the workforce. So much so, that they are willing to leave their job if they believe organizations aren’t openly defined.
You might be asking yourself, “Why is transparency so important to millennials?”
The reason lies behind millennial’s passion for corporate social responsibility. At the core of the corporate social-responsibility model, companies have an obligation to act in ways that promote society’s well-being. A job to a millennial isn’t just something you put your time into and then leave. Millennials view their job as an extension of themselves and a way to make the world a better place. Think about it. Millennials grew up in a world plagued with bad things. They were old enough to remember witnessing 9/11, the 2008 recession and the debt crisis, to name a few. As a result of being exposed to these terrible events, millennials want to do their part to make the world a better place. One way to contribute to the well-being of society is to make sure the individuals and corporation’s millennials are working for are transparent with the public.
The next question you might ask yourself, “How do I ensure that I am transparent with my employees?”
The answer comes down to your organization’s culture. What does your company value? Do you live by these values? Are you open and honest with your employees? If you have a hard time answering these questions, you most likely have a hard time attracting millennials to work for your organization. One of the most critical factors that determine your company’s transparency is the culture that it pushes. If your organization promotes questionable values or your workforce doesn’t live up to the values written on the walls, millennials perceive the organization as not being transparent. This can prove to be extremely detrimental to your organization. According to the same study mentioned above, 75% of millennials said they would leave their job to take another if the other company was more transparent.
Transparency doesn’t just apply to culture. It also applies to communication, especially about your employee’s benefits. One way to increase the transparency of your company’s benefits is to have a knowledgeable and trusted human resources team. Is your HR team fit to handle complicated claim issues? Is your HR team well-versed in benefit terminology? Can your HR team explain the ins and outs of the industry? Having an HR team that can describe your organization’s benefits package thoroughly and accurately increases your organization’s transparency. This increase has a trickle-down effect that will lead to more millennials staying loyal to your organization for an extended time.
The bottom line is this: if you want millennials to work for you, treat others the way you would like to be treated. Be open and honest when communicating, never hesitate to offer a helping hand, and contribute positively to society. If your organization embraces these values, you will have an easier time finding and keeping employees who are millennials.
Published By: Jeffrey Duvic