By 2020, millennials will occupy 35% of the global workforce, according to a Speakap report released on Thursday. With so many millennials in the workplace, businesses must learn how to best support this new era of talent, especially with the majority of organizations currently experiencing high turnover rates, the report found.
The report surveyed more than 250 HR professionals in the US and the UK to determine how to best motivate, manage, and retain employees. High turnover rates can be directly linked to poor employee engagement and communication, the report found.
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Nearly half (48%) of respondents said millennials–ranging in age from 23 to 38 this year–make up the majority of non-desk workforces, but 32% labeled millennials as the most difficult generation to engage. The best way to engage employees is through real-time feedback and social engagement, the report found.
“Companies should tap into millennials’ intrinsic desire for personal fulfilment and a sense of purpose,” said Erwin Van Der Vlist, co-founder and CEP of Speakup, in a press release.
Some 46% of respondents said millinials and Gen Zers want a workplace communication platform with the same layout and function as in social media, the report said. Additionally 47% of Gen Zers said young generations like to have any workplace questions answered in real-time.
Technology is a sensible means to this end, with nearly three fourths (69%) of respondents saying their organizations currently have tech-driven HR initiatives. By prioritizing technology, companies can expect to better engage and retain employees throughout, the report said.
For more tips on how to retain employees, check out this TechRepublic story.