Have you heard? Those dreaded Millennials! You know…. Those 20-30 year olds… Entitled, job hopping, expect everything handed to them ?
Well I love the Millennials and you should too! Those 20-30 year-olds are currently the largest generational group in the work force. As the Baby Boomers (1940-1964) fade into ‘relaxing retirement’, this smart, highly educated, technically advanced, youthful group are taking over the business landscape!
• 36% of the Workplace is comprised of Millennials. By 2025 that number will be 75%!!
What does that mean??? That means there is a huge demographic shift taking place! And unlike the BABY BOOMERS who are running a lot of the Organizations today, Millennials will be the largest demographic group to hit the marketplace…. Which means,
- ORANGANIZATIONS ARE GOING TO HAVE TO PREPARE!!!:
And Companies… what are you doing to prepare? Because ‘prepare’ you should!! This group is completely different from the Baby Boomers in terms of Employer expectations, values and needs. Organizations need to start Preparing for the Marvelous Millennials!
And what specific things can we do to ‘prepare’?
- Millennials want to be Engaged & Challenged through LEARNING & DEVELOPMENT: The The average engagement level today globally is at a mere 33%. That means 67% of employees, most of whom are Millennials. They do not feel valued, listened to, or respected, meaning they are not enthusiastic about their job and their role.
• 60% of Millennials say it is very important for them to have Learning & Development programs in the workplace before they will accept a position.
• 46% of Millennials are in Management Positions or higher. Yet only 7% of Companies offer Training programs??!!
• Mentoring Programs, Coaching, Training on a regular basis! By creating budgets to provide educational development programs where this smart educated group can increase their knowledge and skillset, and CONFIDENCE! Remember this is the Most Educated Generational Group Ever!! They want to be Continual Learners!! Those Organizations who are prepared… will start to have the highest engagement levels, and attract and retain the best of the best from this generation!
- Millennials Want Flexibility: After watching their workaholic parents, the balance between home and family is significantly different for that of the Millennial than that of the baby boomer. The Millennials want to LIVE LIFE and place a high priority on doing so!!
• They want flexible hours! Gone is the 8-5 workday.
• They want to work from home.
• They want to volunteer for Social Cause… during the work day!!
But more importantly they want to TRUST their Employers. When an employer allows them FLEXIBILITY, it indicates TRUST to the Millennial, and trust turns into high engagement and retention levels. So Organizations, start to build a high level of trust by throwing out the old 8-5 rules. Be willing to flex and this job-hopping group will be more likely to stick around.
- Support Social Cause: Millennials want to know that efforts having meaning. That the companies they work for are helping to make the world a better place! Organizations, Leaders, talk about your Company Vision, the Team Vision, and how the role and the work this group is doing is making a positive impact!
Millennials want to support Social Cause. They want to know that they, and the Organization they work for supports a bigger cause supporting issues in society.
So Organizations, start preparing by taking on or supporting charities and social cause. By doing so you will again start to gain a loyal following of this distinct and influential group. Oh yeah, and allow your Millennials time to go volunteer… Yes! During those work hours!
- Millennials want TECHNOLOGY: This is a highly educated group, who are technically savvy. They are constantly on their phones and whiz around a computer in a way that makes my eyes spin! Small and Medium businesses are going to have to put this as a priority on their list, and start investing!
• They want the latest and greatest in terms of Equipment and Technology,
• They want access to every platform available
• They want to be connected.
• They want to be able to work from home
• They want to interview via Facetime/Skype/Video
- Leadership/Cultures that are TRANSPARENT – AUTHENTIC – GENUINE – INTEGRITY Based: That means creating a positive healthy work environment and culture, which could be a huge job for some organizations is key! This will be a huge shift for some Companies! The Authoritarian ‘do what I say, when I say, how I say’ type of Leadership is no longer going to be effective. Top down hierarchies where all decisions are made at the top and ‘told’ to those below are going to have to shift and find balance.
• Millennials want Open Honest Communication
• They want Collaborative Workplaces where their input and efforts have meaning.
• They want to know that when their Leader says something, they are accountable and will follow through
These younger generations have seen the Ethics Failures of Enron/Sears/Walmart etc.. and they want to be able to trust and believe their leaders. To know that their Leaders are Authentic and Transparent. Again, this could be a huge shift change for a lot of Organizations. Leadership Training is essential moving forward.
- Say Goodbye to the Performance Review! This young energetic group want REAL TIME FEEDBACK! They want to know on a regular basis that they are doing a good job! And that that the job has meaning. That means the traditional performance a year, will be gone like the doe-doe bird!
- Say Goodbye to the SUIT!
This is a genuine, real generation. Pretence is not what they want…. which means goodbye to the Suit! The office is going to be a lot more casual than ever before. Only positions like Lawyers will retain that fashion from yesteryear, and even that will be more colourful and relaxed. By size alone, this group of 20-30 year-olds, is going to have a profound and impactful impact and influence on the workplace!! Those organizations who start to prepare now will not only have happier, more engaged and loyal employees, but they will gain a significant market advantage over their competitors. So, Organizations and Leaders… prepare now for the Marvelous Millennials, because they are changing the way we do business!