Millennials, who will by 2025 make up of three-quarters of Australia’s work force, bring a range of good qualities to their workplaces.
A survey of CFOs by specialised recruiter Robert Half finds that Australian companies have already started adapting their hiring to meet this change.
According to 60% of Australian CFOs, among the top qualities brought by millennials to the workplace is an increased emphasis on collaboration and transparency.
This is followed by increased flexibility (44%), a greater emphasis on soft skills such as teamwork and problem solving (43%), increased mentoring programs (38%), and greater emphasis on communication practices (22%).
“Having grown up with accessible technology at their fingertips, millennials are well-equipped to help companies transform into more agile and responsive enterprises,” says David Jones, senior managing director of Robert Half Asia Pacific.
“We’re living in exciting times where new technologies increasingly enable a wave of ‘game-changers’ determined to disrupt industry players who don’t step up to the plate.
“To keep up, companies need to attract the necessary talent and invest in their staff’s professional development to ensure all their employees have the skills required to move the business into the future.”
Today multiple generations are working alongside each other.
More than six in 10 (62%) CFOs say they have adapted their hiring processes and half (50%) have implemented reverse mentoring programs.
Other measures include increased collaboration among all departments (43%), tailored retention and professional development programs (34%), and introducing open lines of communication (25%).
“Millennials generally make their career aspirations clear when it comes to employment choices, and interestingly remuneration and rewards are not always their top priority,” says Jones.
“They thrive in a flexible and transparent workplace with open lines of communication across the business and they look for professional development programs which ensure their needs for career advancement are met.
“In order to attract and retain top millennial talent, Australian employers will need to adapt. This will include refining their hiring practices, and adjusting their talent management programs to make their organisation appealing to the workforce of the future.”
The annual study by Robert Half and was conducted in January 2017 by an independent research firm, surveying 160 chief financial officers and finance directors in Australia.