Opinion: Watch out. The Millenials are coming

Michael Rendell, partner Human Resource Services discusses why companies must keep up with the workforce of the future.

HR leaders from international companies are thinking about how they need to adapt to a world where 'the employee is king' as a new generation of workers arrive with a new set of demands and expectations.

Dubbed by some as 'the Millenials', this new generation of workers will demand flexibility and bring a conscience to work. They will expect companies to deliver meaningful benefits to society and the environment.

Millenials will be completely e-literate, making increased demands on IT services. Some may, for example, make snap judgements on the attractiveness of a prospective employer based on the reliability of the company website.

Futurist, Anne Lise Kjaer, a speaker at a recent PricewaterhouseCoopers conference in Barcelona, says:

"Being an ethical company is now one of the key components of successful big business and we are already seeing how this has been recognised by big business leaders today. Companies need to build these values into the DNA of an organisation so that they permeate everything they do, not simply approach it as a public relations exercise. The message from employees is definitely going to be 'Don’t tell me, show me!'"

Most of these workers will be less loyal to employers than any generation before them. If they are unhappy at work, they will leave and go and work where the terms, conditions or corporate brand better meet their expectations and values. They will also be more interested in using their work as a bridge to other career opportunities through further education and training.

Additionally, companies are going to have to keep up with the changing demands of employees if they want the best work force. As companies have aimed to minimise risk in areas such as pensions provision, employees have had less reason to stay around if they are dissatisfied. With talent at a premium globally, companies will need to work hard to keep these people engaged.

There have been talent shortages before, but now they are occurring across all industries and most importantly, globally. This is an issue in India and China as much as in Europe and the US. And it is not all about money. The companies that offer the best package of benefits and brand are going to get the best staff. This is why we are currently seeing so much growth in employee benefit appointments, as businesses seek advice on how to get their employment proposition right.