What to consider when working with Millennials in Mexico
Currently and in the near future, the generation of millennials is about to take over the labor market. Millennials, also called Generation Y, refers to individuals born between the early 1980s and the late 1990s. Among other things, this generation values work-life-balance and development opportunities more than other groups do. It is therefore indispensable for companies to adapt their processes of personnel recruitment and staff retention.
As early as 2020, half of the employees will be formed by this generation. In the following years, this amount will steadily increase. Hence companies should start now to rethink their structures and to adapt and prepare themselves for the upcoming change.
Especially for foreign companies, this can be a challenge. They do not only have to consider the cultural differences between the domestic and the foreign country, but they also have to keep up with these continuous changes of nowadays generation. On the other hand, these companies are facing high potential. As this generation had high birth rates, there are many qualified individuals who are willing to contribute their knowledge and skills to the companies and are highly motivated to develop them further.
In order to profit as much as possible from the capacities of this generation, the following points should be considered.
1. Recruiting Process
Regarding the recruiting process, social media is gaining more and more importance. Online platforms enable you to attract young and qualified talents and extremely facilitate getting in touch with them. Therefore, the presence of companies in these networks will play a major role in the future.
2. Continuous development
Mexican employees of the Generation Y are always looking for opportunities to develop their knowledge and capacities, in order to obtain promotion prospects among others. This is related to the fact, that they grew up in a constantly changing society and that they developed in accordance with technological innovations.
When accepting a new job, the possibility of further education and development plays a major role and can be a crucial factor for many Mexicans. The relevance of this opportunity for personal development in Mexico is even higher than the global average. For companies, it is important to get to know their employees in order to e.g. be aware of the personnel’s objectives and needs, to support the workforce by reaching and complying them and offering the corresponding opportunities. At the same time, it also offers a possibility to retain talents within the company, as they feel appreciated and tend to plan their future in that firm.
3. Good and frequent communication with executives
Given the fact that we can always learn and be inspired by our supervisors, the communication within the different levels of the hierarchy is essential in any company. This also includes regular and effective feedback. Therefore, supervisors should take more time for this kind of conversation in the future and should also address the potential of their talents. As a result, employees feel appreciated and valued. Furthermore, mentoring is gaining more importance, since we can learn from the experiences of our coworkers. All this also has a positive effect on teamwork and the general cooperation of the different generations.
Since this generation grew up with the latest technology, they are used to work with any kind of devices and like to integrate them into their daily workflows. Regarding this, Mexico is above the global average. However, this does not mean that this generation has excellent technical skills. They are only open-minded and willing to use technical innovations in their daily work and to learn how to use them.
5. Additional Benefits
Especially in Mexico, the additional benefits that are offered voluntarily by the company are gaining more and more importance. Particularly relevant is the payment into saving funds, followed by additional private health insurance and performance-related bonuses.
Moreover, it is about understanding the life situation of the talents. The work-life balance is becoming more and more important. That is why employees should be supported in arranging their working and private lives. Consequently, the talents will be willing to perform the desired duties, as well as to go beyond what is expected from them.
6. Always looking for something ‘better’
Due to the constant wish to develop further, millennials are always looking for improvements and opportunities. This leads to a higher rotation in their professional lives and to the fact of being rarely satisfied with their current situation. For companies, these circumstances are associated with the loss of talents. Therefore, methods have to be found in order to retain these talents within the company. For the majority of Mexicans, salary is a crucial factor. Further aspects are career opportunities, bonus payments, training opportunities, and goal-oriented work.
To sum up, it is important to:
- Offer opportunities to enable the talents to extend their knowledge and to develop further
- Focus more on social media
- Provide employees with regular feedback
- Maintain good communication with employees and being aware of their goals and needs
- Support workforce in achieving goals and meeting needs
- Use mentoring for the transfer of knowledge and experience
- Take advantage of digitalization and integrate it into work processes