50% by 2020 - Millennials and Stress in the Workplace
Millennials (1981-2000) are now the most prevalent generation in the workplace (25%), surpassing the number of Baby Boomers (1946-1964) in 2014, and Generation X (1965-1980) in 2015 (Bennet, 2017), and are expected to comprise 50% of the workforce worldwide by 2020 . Researchers at Welltok have discovered that over 50% of these Millennials have seriously considered switching jobs due to workplace stress, and while some employers are taking notice, only 33% of respondents say their employers offer stress management and wellness programs to them.
While companies spend fortunes recruiting and on-boarding new employees, some are falling short to offer relevant and personalized wellness programs aimed at reducing stress, risking greater employee burnout and turnover. In fact, Welltok states that 56% of employees say the health and wellbeing programs offered by their employers are irrelevant, wasting company time and money. So while they get an "A" for effort, their report cards are showing up as "C's" and "D's.
I recently did an Emotional Intelligence 2.0 training for an international headquarters located in Philadelphia PA, and during my 1:1 coaching meetings with mid-level managers (who all fall into the Millennial category), 100% identified the skill of Stress Management as an area they wanted to work on. I mean, all 100%! That says a lot.
So clearly, Houston, we have a problem. It's time to do something about it, especially since Millennials are on track to comprise half of the workforce worldwide by next year!
Here are 5 suggestions that companies can to do help address this problem:
Do your research. Polling your employees about their engagement, satisfaction, desires, and usage of what is or is not currently available can help inform decisions about what to offer and what is not working. While this will not commit you to delivering on their requests, it at least gives you a place to start when re-evaluating or implementing these programs.
Use digital-based health programming such as internet resources, mobile applications, monitoring/tracking devices, and learning management systems. It's important to note that Millennials and Gen Z value privacy, so make sure that if there is any type of tracking platform that it is secure, private, and potential for it to be anonymous, allowing self-reporting as an option.
Develop a rewards program that is relevant and effective. Effective rewards program must align the right type of incentive with the targeted action. For example, company swag (depending on the item), cash prizes, and lunches with executives are all well and good, but may not be the best match to the program. Perhaps offering an extra vacation day, an ability to work from home for a day, or discounted gym membership might bring you to the right ballpark.
Make these resources easy to find. It's not just enough to review these programs for one slide during the employee's on-boarding. They likely will have tons of things thrown at them their first few days and this is likely to get lost in the shuffle. Of the people surveyed in Welltoks's research, 16% of respondents strongly agreed that they know where to find all the health and wellbeing resources available to them, which leaves 84% guessing. Be sure to encourage Human Resources staff members to learn more about those offerings and expectations, so that they can be a more valuable resource to employees.
Model the way. Taking a page out of Kouzes and Posner's work, model and practice well-being behaviors and stress management in the workplace and engage in conversation with other team members about how you practice these skills. This is especially important for managers that have Millennials and other generations reporting to them.
Thanks for reading and have a stress-less day!
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Website: www.theazunick.com
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