‘50% of Banks’ Employees are Millennials’

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A study by the Employee MarketPlace has shown that over 50 per cent of millennials make up majority of the employees in Nigeria’s banking sector.

The Convener of the Employee MarketPlace and Group Head, Brand Management and Communication, Mr.Nduneche Ezurike, who disclosed the research findings titled: ‘Voice of Millennials,’ at a forum in Lagos recently, also predicted that the millennials would constitute 72 per cent of global workforce by 2025.

The term Millennials is usually considered to apply to individuals who reached adulthood around the turn of the 21st century.

He therefore stressed the need for improved employee engagement so as to accommodate this category of workers for job satisfaction and improved customer service.

“We know that employee engagement and positive business outcomes are correlated, but happiness, satisfaction or motivation logically lead to better outcome?

“The bank of the future must innovate or expire. The millennials have come to stay and organisations must endeavour to listen to them.

“That is because the millennials are confident, committed and open to change,” he said.

Nduneche identified competitive salary, reward and recognition, training and manpower as motivating factors for the millennials.

“Competitive salary is a distinct motivator that brings out the best performance in millennials. Also,87 per cent of stakeholders recognise employee communication as a strategic function with a designated team lead.

“Also, employee engagement is the leading objective of current employee engagement strategy,” he explained.

Nduneche pointed out that employee satisfaction has basically become the “most exciting thing on earth,” just as he noted the role technology have continued to play in the workplace.

He described the Employee MarketPlace as a forum designed to unlock the organisational benefits of innovation and business growth.

The concept, according to him, constitutes what makes up modern engagement.

“People must be the key drivers of innovation. Employee buy-in executive leadership commitment is equally the biggest challenge faced in managing strategic internal communication.

“Seventy three per cent of stakeholders measure employee related goals as part of product campaigns,” he said.

Nduneche identified communication, collaboration and community as factors that drive employee engagement in the era of millennials.

He harped on the need for organizations to drive communication, collaboration and community in their “Employee Marketplace drive” to achieve efficiency.  

Ezurike believed innovation and business growth should be the thrust of organisations, giving priority to people, strategy, process, technology and experience.  

The initiative was designed to prepare business leaders on winning strategies in engaging millennial employees as well as contribute to the global conversation on the role of millennials in the workplace, especially in mid to large organisations.

The research also explored emerging strategies for workplace collaboration and enterprise innovation.