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Impact more important than salary for millennials

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A survey of executives found most believe having an impact on the business is most important to younger generations

Having an impact on the business is valued more by millennials than income and a path to advancement, according to a survey by the Futurestep division of Korn Ferry.

In the poll of nearly 1,000 executives from around the globe, the largest percentage of respondents (28%) said the ‘ability to make an impact on the business’ matters most to millennial employees. At only 3%, income came in last, and having a clear path to advancement was chosen by only 9%.

Executives felt that millennials need more feedback than older colleagues, with 77% agreeing they need more and only 12% saying less.

Mentorships were found to be the top way businesses are developing their most talented millennials, chosen by 47%. Nearly one in five (17%) have an internal training programme, and 13% rely on frequent feedback sessions. Almost a quarter (24%), however, have no training strategy specially developed for younger workers.

Jeanne MacDonald, Futurestep president of Global Talent Acquisition Solutions, said that it is clear millennials want to know what their organisation stands for and how they can impact the company’s mission. “It is often difficult for older managers to find or take the time to offer the feedback that millennials crave, but it is critical in helping them understand how their role fits into the greater organisational strategy,” she said.

“It’s important to note that as an archetype, millennials will stay engaged and productive if they feel they are valued. Bosses of other generations who feel they show their own worth by working long hours need to understand this is not the case for millennials and respect their time on and off the job.”

“Organisational leaders who understand the differences in the work styles and preferences of employees in different generations can uncover unconscious biases to foster greater collaboration and success,” she added.