According to Robert Half research, the millennial generation is expected to make a positive and progressive impact on the New Zealand workplace.
- According to New Zealand companies, the top three qualities brought to the workplace by millennials are increased flexibility (52%), an increased emphasis on collaboration and transparency (49%) and a greater emphasis on soft skills (36%),
- To adapt to a changing workforce, 55% of CFOs have refined their hiring processes, 51% are increasing collaboration among all generations and 36% have implemented (reverse) mentoring programs.
With millennials set to make up 50% of the global workforce by 2020  , the millennial generation is expected to make a positive and progressive impact on the New Zealand workplace. According to new independent research commissioned by specialised recruiter Robert Half, New Zealand businesses are adapting their workplace and adjusting their hiring practices in order to attract top millennial talent.
According to the research, more than half (52%) of New Zealand CFOs cite one of the top qualities brought by millennials to the workplace is increased flexibility, which refers to the growing acceptance of flexible working arrangements such as working from home and flexible work hours. This is followed by an increased emphasis on collaboration and transparency (49%) to enhance sharing of best practices (44%), followed by a greater emphasis on soft skills (36%), such as communication, problem-solving and interpersonal skills, and increased mentoring programs to foster supportive work relationships (28%).
Megan Alexander, General Manager Robert Half New Zealand said: “New Zealand companies are operating in an increasingly competitive landscape which is being heavily characterised by advancing technology. To keep up, businesses need to attract skilled professionals who have the technological capability and knowledge on how to move companies into the future. Millennial-aged workers have grown up with accessible technology at their fingertips, making them prime candidates to help transform companies into more agile and responsive enterprises.”
“Despite already being multi-generational, the New Zealand workspace will inevitably be dominated by millennials as Baby Boomers gradually retire. Employers will need to change their approach to hiring if they hope to attract top millennial talent, as well as encourage more multi-generational collaboration and (reverse) mentoring programs as a way to share best practices and knowledge.”
When asked what measures they have taken to adapt to an increasingly multi-generational workforce, more than half (55%) of New Zealand’s CFOs have adapted their hiring practices to attract top talent. This is followed by an increased level of collaboration among all generations in the workplace – which includes a greater focus on teamwork, brainstorming and relationship building across all company teams (51%). Other measures include (reverse) mentoring programs (36%), open lines of communication (22%) and tailored retention and professional development programs (22%).
“Millennial workers can be utilised by employers as a positive catalyst for change. By diversifying hiring practices to suit the needs of millennial candidates, New Zealand companies can maximise their business’s full potential in order to face the changing demands of the market.”
“But to do this, New Zealand companies will need to adapt – and fast. Remuneration is not always their top priority, and millennial workers thrive in a flexible and transparent workplace. The hiring process will need to evolve and talent management programs be specifically tailored in order to attract the workforce of the future,” concluded Megan Alexander.
About the research
The annual study is developed by Robert Half and was conducted in January 2017 by an independent research firm, surveying 100 Chief Financial Officers (CFOs) and Finance Directors in New Zealand. This survey is part of the international workplace survey, a questionnaire about job trends, talent management and trends in the workplace.