Companies around the globe are experiencing an influx of millennials. These young people can bring lots of benefits to the workplace; they are highly creative, ambitious and productive team workers. However, managing millennials in the workplace is often challenging as this generation is quite unlike any that has come before it.
According to research from PwC, millennials don’t like rigid corporate structures and information silos and they expect rapid career progression and constant feedback. There’s no avoiding them though: millennials will comprise 75% of the workforce by 2025 – so figuring them out sooner rather than later will benefit your business.
In managing millennials in the workplace, there are some simple ways for a business to attract and retain this talent without compromising its core values. We took a closer look at the workforce of tomorrow and found that, when it comes to HR and payroll, there are four things that are non-negotiable.
Here’s what millennials want from their employers.
- The ability to do things themselves
Millennials value getting things done quickly and area easily frustrated by business processes that prevent them from managing their own work schedules. For example, millennial employees won’t be happy if your company requires them to email the HR department every time they want to take time off. Why? Because this is typically followed by a long waiting period that involves various line managers and HR colleagues checking department schedules and messaging each other back and forth. Millennials want a fast answer.
For this reason, self-service payroll is very popular with the younger generation. It enables them to book their leave through an online system which gives them more control over their personal lives and plans. Automatic notifications are sent directly to the manager responsible for approving the request and once confirmed, the dates are loaded and everyone who needs to know is alerted.
Additionally, employees can use a self-service payroll system to immediately access their tax certificates, complete performance evaluations and capture expense claims – it’s quick and there’s no need to wait for anyone to get back to them.
- Access to information
When managing millennials in the workplace, it’s important to remember that these people grew up with the Internet at their fingertips. They are not used to waiting for information. A self-service payroll system gives workers quick and easy access to information. For example, if an employee is confused by their nett salary one month, they can immediately access their latest, and previous, payslips to review the breakdown of deductions. There is no misinformation or delay in communication which helps avoid any misunderstandings and disappointment.
Millennials want to work in a way that suits their lifestyle. This means being able to travel more should they want to, or working from home more often if they have a family. To create a workplace that attracts this younger generation of employees, you must grant them the flexibility to work remotely.
Fortunately, there are lots of business tools that enable you to do this without it negatively affecting your business. Plus, with a cloud-native payroll system you can manage your payroll remotely too! The information is stored in the cloud so your employees and managers can access it at any time from anywhere in the world – all they need is an internet connection.
- Career development
Millennials aren’t interested in dead-end jobs, or constantly being checked up on – they want to be mentored and guided along a clearly defined career track. Most millennials are ambitious so it’s advisable that you have a good performance management system in place. This needs to include short-term goals and mentoring and a fully transparent 360-degree feedback process.
Adjusting your business’ payroll and HR processes to ensure you are effectively managing millennials in the workplace isn’t difficult. Simply put a system in place that caters to their needs and gives them the flexibility and transparency they need. This will keep them happy, productive and committed.