Sector News

How to retain millennials? Diversity at workplace can do the trick

July 2, 2018
Diversity & Inclusion

There’s no straightforward solution to keeping workers happy these days.

Companies that are diverse retain younger workers longer, yet that’s not as simple as increasing the number of women in management or hiring from different ethnic and racial groups. Millennial workers and those in Generation Z — the demographic after the millennials, born from about the mid-1990s — say businesses most need to address having workers with varied educational backgrounds, according to a Deloitte study.

Educational background tops age, gender, disability, ethnicity, social status, sexual identity or orientation and religion as an area of diversity young workers say businesses should work on most, according to the survey of more than 12,000 millennials and Gen Z-ers from 36 countries conducted from November 2017 to mid-January 2018.

This perception of diversity is “more inward looking,” and related to what younger people experience — where there are many different pathways instead of a “straitjacket, monolithic” educational route, said Lawrence Loh, director of the Centre for Governance, Institutions and Organisations at the National University of Singapore’s Business School. “They want to get all this diversity of pathways recognized by companies,” he said.

A diverse workforce could be key to retaining millennial talent at a time when many young employees believe job hopping can be beneficial for one’s career.

Globally, almost 70 percent of those who intend to stay with their companies more than five years consider their organizations diverse, and 56 percent say the senior management team is diverse. In Asia, this trend is more pronounced, with 80 percent of loyal workers saying their organization is diverse, and 74 percent saying the senior management team is diverse.

“This issue of inclusiveness is already now hard-coded into millennials,” Loh said.

By Bloomberg

Source: Business Standard

comments closed

Related News

May 17, 2024

How to create a formula for owning the inclusive leadership journey

Diversity & Inclusion

Many are still searching for practical solutions to excel as inclusive leaders. Approaching the solution from a formulaic perspective can be empowering. So, what exactly would a pragmatic formula for excelling in inclusive leadership include? This article will explore and provide insights into crafting a personalized formula to support growth as an inclusive leader.

May 11, 2024

Job security, work-life balance remain biggest challenges for women in revenue-generating roles

Diversity & Inclusion

Women in revenue-generating roles — such as sales, marketing, revenue operations and customer success — pointed to job security as their top challenge amid a tight economy, elevating it over compensation concerns, according to a May 2 report from Women in Revenue.

May 4, 2024

No longer ‘en vogue’? What to do when DEI has fallen out of favor

Diversity & Inclusion

Beyond compliance, workplace culture is experiencing a shift: Diversity is now a dirty word, seemingly, in corporate social responsibility reports, and some HR experts have told Monster that DEI is the first to go when budget cuts are on the table.

How can we help you?

We're easy to reach