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Millennials are predicted to make up 75% of Australia’s workforce by 2025 and are set to make a “positive and progressive” impact on Australian business, according to a new research report.
The independent research commissioned by recruiter Robert Half also found that Australian businesses are adapting their workplace and adjusting their hiring practices while vying for the attention of top millennial talent to secure all the benefits brought by their “tech-savviness and appetite for learning”.
And according to 60% of Australian chief financial officers, one of the top qualities brought by millennials to the workplace is an increased emphasis on collaboration and transparency – followed by increased flexibility (44%), a greater emphasis on soft skills such as teamwork and problem solving (43%), increased mentoring programs (38%), and greater emphasis on communication practices (22%).
“Having grown up with accessible technology at their fingertips, millennials are well-equipped to help companies transform into more agile and responsive enterprises,” says David Jones, senior managing director of Robert Half Asia Pacific.
{loadposition peter}“We’re living in exciting times where new technologies increasingly enable a wave of ‘game-changers’ determined to disrupt industry players who don’t step up to the plate. To keep up, companies need to attract the necessary talent and invest in their staff’s professional development to ensure all their employees have the skills required to move the business into the future.
“Even though the workforce will inevitably be dominated by millennials as Baby Boomers are gradually retiring, multiple generations today are working alongside each other. In order to leverage the benefits every generation brings to the workforce, multi-generational collaboration and sharing experiences and best practices through (reverse) mentoring programs are key elements to maximise the workforce’s full potential and to meet the changing demands of the market.”
According to the survey, when asked what measures they have taken to adapt to an increasingly multi-generational workforce, more than 6 in 10 (62%) CFOs have adapted their hiring processes and half (50%) have implemented reverse mentoring programs.
Other measures include increased collaboration among all departments (43%), tailored retention and professional development programs (34%), and introducing open lines of communication (25%).
“The workplace today has never been so multi-generational. Using a variety of technology tools as well as demonstrating a consideration of individual drivers and managing expectations will be key factors to manage a multi-generational workforce,” Jones says.
“Millennials generally make their career aspirations clear when it comes to employment choices, and interestingly remuneration and rewards are not always their top priority. They thrive in a flexible and transparent workplace with open lines of communication across the business and they look for professional development programs which ensure their needs for career advancement are met.”
According to Jones, in order to attract and retain top millennial talent, Australian employers will need to adapt.
“This will include refining their hiring practices, and adjusting their talent management programs to make their organisation appealing to the workforce of the future,” Jones concludes.
