Millennials, also known as Generation Y, are those born in the 1980s and 1990s. According the Pew Research Center, millennials, over 75 million strong, are the largest portion of today’s workforce.
Compared to previous generations, millennials are culturally diverse and inclusive, more highly educated, and have a dose of major self-confidence. Wall Street Journal author Ron Alsop’s research found that millennials are largely seen as entitled and narcissistic. But he believes that millennials’ self-confidence is likely a product of highly involved (“helicopter”) parents who vehemently encouraged the importance of self-esteem.
Alsop also finds that millennials, although good team players, are particularly ambitious, seeking constant appraisal and lightning-fast promotions up the corporate ladder. They desire a good work-life balance and desire a fulfilling job.
Teamwork Makes the Dream Work
During the decades when millennials were in school, teamwork and group projects were a frequent approach to education. This generation is used to a structure where they work together to accomplish tasks as a team. Employers who organize staff into teams with defined roles can take advantage of potential strengths of some of the millennial employees.
Millennials grew up in an age where everyone had a desktop computer and AOL. They are the first to embrace and take advantage of technology that connects people electronically. According to Statista, the Millennial Generation is the largest demographic of Facebook user profiles, totaling over 58 million. Capitalize on their technology experience and knowledge to expand communication both internally and externally for your business.
Embrace Their Diversity
The Millennial Generation accounts for more people who check the “multiracial” box than any other generation according to Pew’s research. A survey by Deloitte shows that more than 40 percent of millennials come in with expectations of leaving their jobs within two years and fewer than 30 percent want to be in the same job for more than five years. However, the same Deloitte survey shows that millennials value and are most willing to stick with companies that have diverse management teams and flexible work environments. Combat the statistics by creating a diverse leadership team and staff. Seek diverse clients and nurture an environment that provides opportunities for career advancement and challenge.
Remember the days of having to show how you got the answer on that math problem? For millennials, how they get there is less important to them than the fact that they got there. Tech company Qualtric’s research found the perception that the millennial generation is lazy is based on a disconnect between millennials and older generations when it comes to prioritizing structure and processes. While older generations value things like fixed work schedules and dress codes, millennials are more focused on end results. Relaxing the rules with a more flexible schedule and less restrictive dress code will go a long way.
The Coffee Shop is My Second Office
Millennials are tech savvy, result-driven and capable of great work even inside the local coffee shop. As long as deadlines are met and emails are answered, many millennials believe they should have the option to work remotely on occasion or even exclusively. A flexibile work environment will help attract and retain this generation of workers.