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White Paper: Employers in Hong Kong Risk Losing Millennial Talent

Managing Millennials

Submitted by Anonymous (not verified) on Tue, 09/13/2016 - 09:01
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Morgan McKinley has recently carried out research on challenges faced by Millennial employees and hiring managers in the workplace.

The research was based on a total of 287 feedback collected from both groups, sharing their challenges and opinions of each other when working together.

The white paper presents two sides of the story, the employers' and the Millennials', with challenges, misconceptions, possible causes and recommendations towards a peaceful and profitable collaboration between the two generations. 

Click here to download the report.

Here are some of the key highlights:

  • Findings show that hiring managers should be more collaborative and transparent from the very early stage of the hiring process. More specifically, Millennials felt that often, the job description at the interview did not match the actual job, creating a gap between the employee's expectations and the reality.
  • Hiring managers felt that the new generation wanted more feedback and were “experts” not understanding the importance of “experience” in the workplace. Millennials disagreed with this view - only 23% of Millennials stated that they have learned all they can and are open to more learning opportunities, compared with 32% of Non-Millennials.
  • Hiring managers believed that personal development and career progression were the biggest challenges in retaining millennial generation talent alongside impatience with regards to salary growth. However, 26% of Millennials ranked faster promotion as the most important factor in job satisfaction compared to 16% of Non-Millennials. Non-Millennials were more likely to rank recognition from management as their top priority than Millennials (31% versus 18%).
  • Hiring managers felt that Millennials don't have a sustained work motivation with no career goals and tend to change jobs more frequently. The research showed that 37% of Millennials have been in their current role for less than a year, compared to 26% of Non-Millennials. Only 23% of Millennials have been in their current role for more than three years, compared to 39% of Non-Millennials. However, many hiring managers stated that their organisations had not implemented any initiatives apart from training and team building, to retain Millennial employees.
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