The millennial generation, born between 1980 and 2000 are now entering employment in huge numbers. The world is changing rapidly—the evidence is all around us, being greatly enabled by the growth of digital technologies. Companies are engaging them constantly to help drive innovation at work place. They will shape the world of work for years to come, constituting 25 percent of the global population, 50 percent of the Indian population and 50- 70 percent of workforce in IT/ITE industry.
Millennials can be game changers and create an impression. Welingkar Institute of Management, Development and Research, organized a competition, across top 100 engineering colleges where 6,500 engineering students participated. “The winning idea was a walking stick for visually challenged people. The IOT enabled walking stick would act as a travelling aid for visually impaired. This idea was presented under the ‘Make in India’ theme,” says Anil Rao Paila, dean and director, L.N.Welingkar Institute of Management, Development and Research, at CIO Year Ahead 2017.
According to a survey by PwC, CEOs say that attracting and retaining the millennial workforce is one of their main challenges. Well, that’s because millennials have high expectations from the organizations. From a survey conducted by millennial branding, Paila says that Gen Y are focused on money, want to advance their career, have a strong desire to work independently, are optimistic and prefer to work from home. Coming to skill sets, they are very comfortable with technology, show high confidence, exhibit creativity and have a friendly approach.
In the IT Industry, “Generation Y want salary and benefits, opportunities for growth development, recognition of work coupled with work life balance. This shows that they expect rapid progression, a meaningful and an interesting career," Paila says.
When it comes to hiring, CEOs will focus on talent search in different geographies, concentrate on broader range of skills and expects the workforce to be more realistic and work independently. In the future, generation Y participation of workforce is going to increase in India and abroad.
In the last part of the session, Paila spoke about how millennials can be made ready for the future. A platform should be provided for millennials like choosing their top three passion areas, supported by major subjects. Consequently, a student learning dashboard should be created and integrated with educational institutes. “If these steps are followed, millennials shall be ready for future,” concludes Paila.
Regardless of long term gains and ambitions of any individual company, the ability to retain millennial talent will be a vital step to achieving it.