In the last 5 to 10 years you must have heard the word Millennials being thrown around and possibly never thought much about it. Guess what? – it’s more than just a buzzword. Millennial defines the generation of people born between 1980 and mid-90s to early 2000s (the naughties).
Millennials are the largest emerging generation in today’s workforce. They already comprise almost 40% of all employees and are estimated to make up 46% of all employees by 2020 and up to 75% within the next decade.
You’ve probably been out of school for two decades, 10 years goes quickly. With this group forming our immediate future, we need to know how to enable them to be highly productive in our businesses.
Unlike generations before them, Millennials have different expectations, values, needs and beliefs about the functions as well as the environment of a workplace.
Don’t be scared. We’re not talking about a new shipment of humans from Mars here. But, before you hire them you need to know a few things.
1. Millennials are motivated by different priorities
Millennials aren’t as lazy as advertised. They have different motivations to previous generations. They want to recognise the value of their work and its contribution to the ultimate vision, goals and mission of the company.
Millennials need you to establish an environment with open communication, where you engage them on a regular basis about their work, their goals and how it links to the organization’s goals.
2. Millennials look for deeper value in their work experience
Millennials often only stay in jobs for a few years, and possibly a few months. This is not because they don’t have loyalty or staying power.
It’s not greed for a bigger paycheck either. Millennials need challenging and creative work and to be in organizations where they can develop personally and professionally. Don’t hire them to tell them what to do, hire them to tell you what to do. (Borrowed from Steve Jobs…)
3. Millennials care about teamwork
Millennials value teamwork. Communicate with them. Include them in the strategic processes when working on brand direction, as well as service or product improvement.
4. Millennials value innovation
Innovative and digital environments motivate Millennials. Technology (the latest) plays a big part in this and seeing how they can disrupt and challenge boundaries with technology is key to them pushing your business further.
5. Millennials care about compensation but not very much
Compensation to Millennials means more than the paycheck, car insurance or pension benefits but they also care about their education and health benefits. This is the generation who will right the short-sighted wrongs of plastics, petroleum and polarized politics. Take time to understand what your younger team members value and how they would appreciate compensation for exceptional results.
6. Millennials want trust
As much as you want to trust your employees, Millennials also want to trust you and this can be ensured with regular and open communication.
Consider this: Millennials will be part of your workforce, whether you like it or not.
It’s important to know when hiring Millennials that more than working for you, they value working with you. Communicating with them will build trust and they’ll be motivated by that.
Money isn’t all that motivates and increases productivity in Millennials. Establish a technologically innovative environment with challenging, creative work as they are looking for personal and professional development as well as making valuable contributions.