Millennials are gaining momentum all over the world. As baby boomers slowly start to retire, gen X and millennials are becoming the new face of the modern workforce. However, millennials greatly outnumber gen X and they’re about to account for more than 50% of the global workforce by 2020.
Hong Kong faces an influx of millennials that are looking for employment. Even though Hong Kong has a business-friendly environment and an excellent startup ecosystem, there are still many things that need to be done, in order to adapt to millennial employees.
Millennials are much more tech-savvy than the previous generations and they’re constantly looking for ways to expand their knowledge, as well as experience new things. Their mindset is already starting to change business environments and cultures.
Businesses that are failing to keep up with millennial trends will have difficulties in finding new employees. Let’s have a look at Hong Kong’s millennials and their perspective on things.
Changing The Business Environment
Millennials in many ways differ from previous generations. They bring innovation and creativity to business environments. According to companies in Hong Kong, the major benefits that millennials bring to the workplace include improved flexibility, highlight on soft skills and more collaboration, as well as transparency.
As a matter of fact, 63% of Hong Kong companies have restructured their business environments and company cultures to accommodate millennial employees. Moreover, companies are making an effort to make themselves more appealing to top talents among the millennial generation.
Many companies are starting to see the potential of how flexible working hours and working from home can improve employee engagement and productivity. In addition, putting emphasis on communication and problem solving can improve the company-wide mood and motivation. The overall millennial focus on transparency and collaboration shows that there are more ways to identify the best means to tackle business challenges.
Focused On Innovation
As mentioned before, millennials are more tech-savvy than previous generations, which means they will leverage any kind of innovation to achieve goals. Moreover, they understand the consumer market best, especially because they make a large part of the modern consumer market and they are the ones who set the newest trends. Millennial employees can help businesses grow, by leveraging innovative technologies and modern approaches that will boost business operations and help achieve business goals.
For example, search engine optimization (SEO) has become an effective marketing strategy all over the world, but Hong Kong companies aren’t too fond of trying innovative approaches and moving away from traditional operations. However, millennials know that search engine optimization is important for Hong Kong companies for making business more visible and easily findable by online consumers. Millennials are well aware of various strategies that work well on the online market and their ideas can become a huge asset for any company operating in Hong Kong.
Millennials Put An Emphasis On The Culture
Millennials tend to focus on the company culture when looking for employment. A lot of Hong Kong companies are about to lose their millennial employees due to a difference in culture. As a matter of fact, 4 out of 5 (83%) millennials are looking for a career change, even though they’ve just recently found employment. The main reason is that millennials dislike a company culture where employers are too commanding and tend to enforce control through threats and disciplinary actions.
Millennials prefer a more harmonious culture where leaders help solve conflicts, not cause them, and where leaders make an effort to encourage teamwork, as well as ensure that every member of the organization feels connected with everyone else. According to millennials, they expect good salaries and nice workplaces, but they claim employers aren’t able to meet those expectations. Senior employees perceive millennials as jumpy, lazy and incapable of growing up, but that’s not the issue with millennials.
Increased Potential Among Millennials
Many millennials suffered the consequences of global recession during their youth. Nowadays, they are up to their necks in debt, trying to pay off their student loans. They may not be the most motivated generation, but they certainly have the potential to grow and become one of the most productive employees.
Millennials expect that employers will help improve their skills and create more job opportunities. Any company that wishes to leverage millennial potential must make an effort to motivate and engage these new employees. It’s also important to adapt and foster new cultures, to which millennials will feel more accustomed to. That way, you can help them grow, while in return they can help your business prosper even more.
The millennial generation is taking its place as the global workforce. Their potential and vast knowledge of modern technology have made them ideal employees. However, their perception and attitude have forced employers to reshape their business environment and company culture, in order to create an ideal atmosphere for millennial workers.