While millennials may make up for over half the population of the country, a majority of them aren’t happy with their current boss. In a new study done by Times Jobs, millennials are not happy with the leadership styles of their boss.
Most feel that there are differences in opinion, work styles and comprehension of tasks, among them and their employer. In fact, 70 per cent millennial surveyed also say they aren’t happy with their company work culture and environment reveals the latest study.
“The employer-employee paradigm has changed and India Inc. has not yet caught up. Millennials will not be constrained by traditional practices, rigid policies and inflexible employers, which is why we have seen so many millennials quit their jobs and create their own start-ups in India recently. India Inc. needs to imbibe this ‘start-up’ culture if they wish to remain competitive and truly benefit from India’s Demographic Dividend.” says Nilanjan Roy, head of strategy, Times Business Solutions.
The challenge for India Inc. lies within this generation’s outlook itself – as millennials are very distinct from previous generations – attracting, hiring, managing and mentoring millennial talent is radically different as revealed by the study:
They expect rapid progression, an interesting career and constant feedback.
They don’t want to be told what to do. They prefer having quality discussions.
Regular feedback, encouragement and public recognition matters.
The study adds that corporates must re-align workplace strategies, processes and settings to suit the needs of the millennials to have a better and more productive workplace.
More insights include:
Flexibility: Nearly 40 per cent millennials in the study say that flexible work arrangements are the most important aspect of an attractive employer. Good salary and benefits come second and the employer brand takes the third place.
Money is a serious concern: While salary may be a secondary decisive factor when taking up a job, but it still is an important factor. In fact, not many millennials are happy about the way they are paid.
Almost 80 per cent survey respondents said they were unhappy with their current salaries. In addition, only 20 per cent of these unhappy millennials are in their first jobs and 40 per cent have already changed 2-3 employers.
International exposure matters: Millennials have a strong desire to work overseas with 70 per cent respondents willing to relocate and go overseas. While this is great news for organisations looking for expansion and growth, it may also indicate a significant “brain drain” of talent for the country in future.
Build a strong brand: With 30 per cent millennials being serious about a brand’s reputation when taking up a job, it’s enough hint for organisations to put in extra effort to up their brand game. Nearly 40 per cent respondents say they avoid working in a particular sector if they believe it has a negative image.
Not too attached: Millennials are job hoppers. Nearly, 40 per cent of the respondents expect to have at least 4-5 employers in their careers while just 20 per cent feel they will stick with just one employer for their entire careers. Nearly 65 per cent respondents said they don’t think they would be able to rise to senior positions in their current job. This clubbed with a desire to rise up the ladder quickly and make big bucks drives 60 per cent millennials to change job as soon as they land a good opportunity.
This study was undertaken with inputs from 1100 working professionals born after 1980 across India.