Generation Y, also known as Millennials, are twined to be job-hoppers. This generation interacts tremendously well with technology and known to use it to shape their efforts in leading an organization. With projections of Millennials forming 75% of the workforce by 2027, employers in the technology driven era are putting in tremendous efforts to win loyalty of Millennial workers towards the organization. In this VUCA world, employers are trying to explore key workplace drivers to maintain and manage this generation. The goal of businesses is to exercise technology for maximizing the satisfaction of the talented employees, resulting in loyalty and patriotism towards the organization. This chapter aims to explore the factors affecting the work satisfaction of Millennial employees leading extreme patriotism towards the organization steering to long term retention. The chapter includes a quantitative study following a descriptive research design covering 398 Millennials. The main purpose is to find broad constructs which can facilitate satisfaction level of Millennials in this technology led era.
TopIntroduction
Businesses in the current competitive world are making significant profits by virtue of the most strategic asset which is its people. Human resources of an organization facilitate a business and garner tremendous profits through their innovative and diverse ideas. Satisfied employees of an organization are highly motivated, have good morale and work more effectively and efficiently. Satisfied employees are devoted to ceaseless improvement and better work quality. But employees with their unfulfilled psychological contract feel detached from their organization and start planning to hop to another job in no time.
Generational cohorts provide the researchers an opportunity to analyze changes with respect to a specific generation. Strauss Howe’s generational theory says that “an era in which a person is born affects the development of his view about the whole world and his value systems are shaped by observing the working pattern of his immediate previous generation” (Strauss & Howe, 1991). The change in generations over years of time promote the understanding of impact of events, social shifts and changes in technology on people’s views about the world. Every generation is different and their views differ from one another based on the surrounding environment they grew up in. Among all the three generations referred after World War III, Millennials is a generation born between 1981 and 1996 (Dimock, 2019). So the most critical cohorts of new recruits – Millennial are considered as an imperative commodity. Not only India, all over the world the workforce is dominated by this younger generation (Arora & Kshatriya, 2017). This generation is seen to acquire striking values and characteristics which are found to be very different and difficult to tackle. Delloitte Millennial Survey 2016 reveals that this generation at all the stages is directed by values which are strong and sound and has shaped their views on workplace expectations which if not fulfilled motivate them to leave their jobs (Deloitte Millennial Survey, 2016). The survey in 2016 revealed that around 50 per cent of Millennials are already looking for a new job (Business wire, 2016). So, the most important question of the era that HR managers are toggling with is to find what satisfies a Millennial employee. The challenge is to know the presence of factors that make Millennials happy and satisfied at work steering them to stick at the same place. Managers understand that happy and satisfied Millennials can become more committed to the organization showcasing loyalty towards the job if they are satisfied with job.
With the forecast of 75 per cent increase in Millennials by 2025, Kohl in 2019 reported that employers are toggling with the strategies to win job satisfaction of Millennial employees thereby making them more loyal (Kohl, 2019). Employers want to explore key constructs driving Millennials’ job satisfaction to maintain and manage them; winning loyalty of this generation towards the organization (Stahl, 2019).
As compared to generation X, Millennials do not live so that they can work, rather they work so that they can earn and live life to the fullest. This is the most critical workforce in today’s era with uniquely contrasting work preferences but still organizations are struggling to manage this generation and their organizational prospects. Managing young talent is challenging as their work habits need to be incorporated in the existing culture of the corporate melting pot.