It is estimated that, by the year 2030, 75% of the workforce is going to be the millennial workforce. Millennials want different things, especially when it comes to a performance management software. The millennial workforce is wired in a different way, in the sense, they have different aspirations, priorities, thoughts and motivation levels. These underlying factors need to be examined thoroughly because these factors influence various other aspects such as employee retention, on boarding and engagement.  

Millennials are digital natives and they have been shaped and transformed widely in an electronic and socially networked world. They are usually characterized by their optimism and how well-educated they are. They are usually not the kind of people who would prefer complex performance processes, rather, they prefer a straightforward management structure. They usually have their own thing going on and love autonomy and flexibility when it comes to their work. So, conventional methods would be boring for them.  

So, what do you think millennials are exactly looking for in their performance management system, or their organization in general? Let us gain a few insights on what inspires them to be better performers:  

Regular and ongoing communication 

Millennials prefer openness and transparency in communication. Ideally, they would prefer if opinions and suggestions are given to them openly. This is because, millennials usually like to be updated about the current scenarios in their business. Organizations must spend their time on creating various channels for this kind of ongoing communication, so that employees would feel valued and this results in better employee engagement. Luckily, we have a lot of digital platforms such as performance management system, that facilitates regular communication between everyone at the management level. 

Qualitative feedback 

Millennials prefer continuous feedback from their superiors. Nobody prefers the age-old annual performance appraisals. What they expect in a performance management system is that, it needs to be continuous. Communication channels are open in a performance management system, it allows exchange of ideas and opinions and communication happens at multiple levels. It is no longer linear. Moreover, managers can analyze the behavioral attitudes of the employees with a continuous feedback platform. 

Positive work culture 

We had established earlier that millennials prefer flexibility in their workplace. This means increasing employee engagement by creating a positive work culture. Sometimes, managers would push them harder to perform certain tasks. But little do we realize that millennials usually do not appreciate that because, they prefer autonomy. Managers must trust the employees with their duties and engage them actively by encouraging them to take part in the decision-making process. Moreover, when it comes to goal setting, communicate the objectives of the organization to the employees, then they can align their goals with business objectives. Most millennials do not even care about salary hikes or promotions if they have flexibility in the workplace.  

Guidance from superiors 

As we have discussed earlier, nobody likes a bossy boss. As a manager or leader, your job must be to guide your employees rather than making them do what you expect. Sometimes, it is not about fulfilling your expectations, because the business is very important as well. Therefore, once you have assigned them their tasks, give them the time to prepare and let them take accountability for their tasks or goals. Instead of constant intervention, let them come to you if they face issues in performing their tasks. Your job is objectively look at those issues and guide them. Similarly, if they make mistakes, do not reprimand them; politely give them suggestions for improvement because they learn from their mistakes.  

Career advancements 

Millennials want to own their careers. Performance management system needs to have the scope for career development planning because, ideally millennials would prefer if organizations are invested in their careers as much as they invest their time in the organization. Therefore, it is better to include elements such as self-assessments, employee engagement surveys, coaching and training, and action plans. All this need to be established with the support of the organization and the managers. Moreover, this helps in understanding the career aspirations and passions of your employees, and it will help you formulate goals and strategies for employee development. Eventually, employees would actively be involved in their career development, which is again a win for the organization. 

What have we learnt so far? 

Millennials are very persevering. They would always run to places filled with a plethora of opportunities for them to grow. If you want to retain your workforce, it is better to make tailor your performance management process to suit the needs of the new generation. If you are looking forward to making the most out of your employees’ strengths, then, it may not be such a bad idea to change the perspective in which your organization works.