106 Communications

6th Sense

Loyalty, turnover and the pull of the gig economy

September 2018 | 6th Sense, Behaviours, Culture, Digital Employee, Youth engagement

It’s a two-way street when thinking about getting the most out of your work force and especially your millennials according to a 2018 survey report from Deloitte. In order to entice and retain talent, companies need to understand what is important to this cohort, and what they are not willing to sacrifice or negotiate on.

 

Diversity and flexibility are key to winning loyalty among millennial employees. While a good salary and positive culture attract both millennials and Gen Z, diversity, inclusion and flexibility are of great importance in keeping them happy, engaged, and from straying to pastures new. Many millennials view the gig economy as an attractive alternative to their jobs, so flexibility and trust are key to countering this. Millennials appreciate not being tied to strict hours or locations, and value the trust their employers demonstrate in granting this flexibility.

 

With the allure of the gig economy, it is ever more important to maintain a positive workplace culture as this ranks highly among young workers’ wish lists.  This comes second only to financial rewards and benefits for millennials, while in Gen Z positive workplace culture actually ranks higher than remuneration and benefits.

A business’ actions will strongly influence the length of time millennials intend to stay with their employers. If an individual believes that a company’s priorities aligns with their own, their perception is that those companies are more successful, have higher stimulation and a better work environment, and are better at developing talent.

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