As the Millennial Generation overtakes the workforce from the Baby Boomers and Generation X, the new technologies are remaking the workplace. This change of the business world is reshaping the work nature and is ushering in a need for new and updated management strategies. So how do you manage the Millennial Generation effectively?
According to a Pew Research Center analysis of U.S. Census bureau data, the Millennials, born in-between 1980 to 1999, became the largest share of the American Workforce for the first time in 2015 by surpassing Generation X. As a matter of fact, in 2015, one-in-three employees were millennials aged 18 to 34.
The millennials shares a special relation with technology as they are the first generation to grow up exclusively on smartphones, computers etc. According to some studies by the Millennial Generation Research Review by the U.S. Chamber of Commerce, it is believed that this generation might even be rewiring their brains due to extensive multi-tasking, like texting while doing their duties or while listening to music.
The millennials have a tendency to mix their interest and ambition with a desire of making the world a better place. According to the Millennial Survey 2016, almost (44%) half of millennials would switch their current jobs in the next two years if provided with the choice. By 2020, fully two-thirds of Millennials would leave their current jobs if provided with a choice.
How do you Motivate Millennials?
In order to motivate millennials at workplace and to retain them, it is crucial to create a strategic people plan keeping in mind both the personal and professional aspirations of Millennials. In order to create such a plan, one needs to keep in mind the perks and metrics which recognize and compensate for the generational gap or difference. It can also be productive to mix Millennials with the older Generations – the Gen X and Baby Boomers, to cross-pollinate their different backgrounds and abilities.
The process of hiring gives an important opportunity to showcase attractive benefits while discussing the specific goals expected of every new employee. While at the same time, the job interviews provide the employers a format to understand specific concerns related to young workers, like the need for streamlining bureaucracies or redoing the merit review process.
Millennials also get easily annoyed with the bosses who prefer equating employee performance with time spent by the employee in the office desk. This dynamic is causing a lot of workers to request new metrics which better evaluate their effectiveness.
As the number of Millennials joining the workforce is increasing, the best talent will be retained by those companies, who stay sensitive and responsive to the particular needs of this generation. The organizations and leaders who can harness the Millennial management power will unleash fresh waves of creative work culture and new ways of thinking which will result in the boost of the business.
SHRM in it’s article ‘Understand Millennials to Bolster Job Retention‘ shares some relevant tips to help engage the millennial workforce. Needless to say a competitive compensation plan goes a long way too to ensure longevity in the organization.
(This post first appeared in an AudioSolutionz blog)
By Ethan W