What is top of mind for MNC's in APAC?

If you are reading this post chances are you are a Millennial, are managing Millennials or are managed by a Millennial. The Millennial generation (anyone born 1981- early 2000s) will make up 50% of our global workforce by 2020. At LinkedIn we recently sat down with Talent Acquisition and HR leaders from MNCs including Google, HSBC, GE, Deloitte, Johnson & Johnson, CBRE and Diageo to discuss how to attract, engage and retain Millennials. Below are some key points from roundtables in Hong Kong, Singapore and Sydney.

1. Authenticity

More than any other generation, Millennials seek approval from their peers and want know what it’s like to work at a company #IRL (in real life). Consumer driven behaviour now drives candidate behaviour. HSBC in Hong Kong shared they created videos featuring employees for a social media campaign to attract more graduates into banking, as Millennials don’t always see banking as ‘sexy’. At LinkedIn we have an Instagram account, LinkedInLife, for employees to share day to day experiences. Millennials want content that is organic and don’t see their personal brand and professional brand as separate. In the same way we share our personal life through social media, Millennials want to share their professional life as they take pride in their work and employer’s brand. When I even think about my instagram posts, at least 20% is work-related.

This authenticity and organic form of communication needs to come from leadership too. At our Sydney roundtable, Deloitte shared how their CEO recently took a Snapchat interview in an elevator with some graduates. LinkedIn’s CEO Jeff Weiner has said his most engaged posts on LinkedIn are the ones where he shares personal stories. 

2. The 3 P's

When it comes to engaging Millennials, you could summarise it with 3 Ps - purpose, progression and perks!

Purpose: In Hong Kong we discussed that while Millennials look for quality work, they also value work-life balance. In fact 74% of Millennials prefer flexible work schedules, but the environment they work in and who they work with impacts their engagement level. Many organisations are grappling with creating this balance. Collaborative communities, effective use of technology and global projects were some common examples to maintain engagement and enable flexibility. HR leaders also highlighted the importance of linking how a Millennial’s work is making an impact throughout regular performance check-ins.

Progression: While Millennials have lower tenure compared to older generations, they are more proactive in pursuing promotions and new opportunities. Promotions are also no longer private affairs celebrated with a fancy dinner - when Millennials update their social media or LinkedIn everyone in their network knows about it! While this creates instant gratification from the number of likes and comments on the update, others can see this and become stressed they are not progressing fast enough. 

At LinkedIn we talk to our employees about ‘Tours of Duty’. We understand our employees won’t be in their current role for life so it’s up to the manager and employee to a build a plan with defined goals, deliverables and timeframe for achieving them. Once accomplished the manager can offer support in exploring their next play.

We learnt many companies are offering top Millennial talent the opportunity to take on special assignments to enable progression and continued learning ‘in seat’. At GE they offer ‘Bubble Assignments’ and at Google, employees can go on ‘Explorerships’. Millennials are our future CEOs (if they aren’t already the CEO!) so developing this emerging leadership population is critical to business sustainability.

Perks: Everyone’s favourite P or is it? There are two types of Millennials - those that don’t have perks and get jealous when they see friends instagramming workplace perks and those that have only ever experienced perks. Perks while enjoyed are not enough to engage and retain. Companies still need to think about their Benefits Program from the perspective of their entire workforce to ensure inclusion.

3. Resilience

In a world where opportunities abound and work is enabled by technology more than ever, how do companies retain their top Millennial talent? Across our discussions in Singapore, Sydney and Hong Kong, resilience was a hot topic. Millennials grew up in a macro environment where volatility and change are the new norm. They thrive on it, but some are still to develop all the ‘softer skills’ needed to navigate and lead through change in the workplace. For example, one bad sales quarter doesn’t mean you start looking for a new job!

For Baby Boomers and Gen X, there was a linear connection between study, work, life and home but for Millennials - it’s a mash up and work-life is integrated. Given career and identity are so intrinsically linked, by allowing Millennials to integrate their 'whole self’ at work, companies can help to build resilience. To facilitate this, managers need to get personal in one-on-one conversations and utilise strength-based coaching to help build the resilience and confidence muscle. To hear how to 'embrace the feelings' with Millennials, watch this great interview by Pat Wadors and Brendan Browne with a Millennial Manager on managing Millennials.

4. The hyper-personalisation of the experience

At LinkedIn’s Talent Connect last year, Brian Fetherstonhaugh Chairman and CEO at OlgivyOne Worldwide said the companies that will win in the future will be those that hyper-personalise the experience. This can apply to candidates and employees. With technology and automation as standard in the future, ‘humaness’ and connection will become the point of difference to foster a ‘lifetime alliance’ between candidate/employee and company. Alumni programs are growing and most companies at our roundtable sessions shared how they are building strategies to win back Millennial boomerang employees.

So if you are a manager of Millennials reading this or are a Millennial yourself, know that engaging this generation and creating a greater sense of belonging in the workplace is a top priority for business leaders. As the saying goes, ‘it takes a village’! 

I would love to hear what your company is doing to attract, engage and retain Millennials?