The millennial generation, dating back to around 1980 and lasting through 2000, marks an evolution of youth impacted by previously non-existent digital media and technology. As these people grow up and enter the professional workforce it is crucial to understand how they operate, and what this means for your business and employee retention. So, how do millennials impact the workforce and how do they prefer to be treated? Keep reading to find out!
- “Purpose Over Paycheck”: Historically, motivation has been fueled by the incentive that is salaries and wages. There has been no greater reason to achieve results than by your expected compensation. However, this trend differs among millennials. In fact, these professionals actually prefer to feel a greater purpose for their work and being over a simple paycheck. It is when their responsibilities appear valuable and worthwhile that the greatest results and levels of motivation are achieved.
- Mentors and Support: Millennials have proven to be less responsive to traditional supervisors, and more receptive when they are appointed caring mentors. Where the image of a “boss” usually coordinates to a visual of someone hovering over employees, enforcing deadlines or reminders, and in several instances enacting disciplinary actions, mentors are illustrated in a majorly different light. Mentors teach accountability, responsibility, and diligence with a stronger sense of support and care. This attitude is much more effective among the millennial generation.
- Trust and Understanding: It is crucial to treat your millennial employees with open communication and honesty. These professionals must feel comfortable confiding in their supervisors, as opposed to being negatively affected by feelings of intimidation or fear.
- Using Failure as a Part of the Process: Understanding that failure brings ultimate success is a vital component of the “recipe” for retention. It is most meaningful when employers help their millennial employees to “get back up” after symbolically “falling down” after a failed assignment that may not have reflected the true effort put in. Collaboration is a key component of this process so that the final presentation of a project is not the first time it is being evaluated.
- Allowing and Promoting Growth: Instilling a substantial level of freedom among these employees will allow them to activate their unique senses of creativity. This same culture built on healthy flexibility, as opposed to a more structured design, will help these important figures in completing their responsibilities with a necessary level of comfort and confidence in their work. Additionally, making employees aware of their potential for upward mobility will allow them to work even harder to reach greater success.
- Embracing Themselves: Each of the points above builds up to the most valuable component of interacting with these individuals; they must be allowed to embrace who they are without detrimental judgment and critique. Once these millennials identify their greatest strengths and weaknesses, we are confident that they will prove themselves as some of the most valuable employees of your firm.
Millennials now comprise approximately 35% of the entire workforce! That being said, it is quite necessary to understand how they operate so that you can maximize their growth potential and productivity. Following the important notes above will allow you to do so effectively and efficiently!
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