With 83 million members, Millennials are now the largest sector of the U.S. population, and by 2025, they’ll make up 75 percent of the workforce. Failing to appeal to young talent, and maintain fair working relationships once they’re hired, can affect your business in an economy that is increasingly global, mobile and social. Below are four tips for business leaders to create a desirable career environment for Millennials:
It’s Not All about the Money: According to a recent PWC study, cash bonuses ranked below professional development and flexible working hours on Millennials’ priority lists. In fact, 52 percent say the ability to quickly climb the corporate ladder was a prospective employer’s main attraction, while only 44 percent prefer competitive salaries. Instead of offering “just another job,” create positions that Millennials view as career opportunities that let them balance their professional and personal lives.
Be an Instant Message Manager: According to author Daniel Pink, it’s no surprise that the generation that grew up on instant messenger wants instant feedback from managers instead of annual reviews. The aforementioned PWC study says 41 percent of Millennials (compared to 30 percent from non-Millennials) prefer monthly recognition. Millennials need a mentor, and not a taskmaster, to provide regular feedback, assurance, direction and constructive criticism.
Every Situation Requires Tailored Solutions: According to the New York Times, Millennials aren’t attending parties like previous generations. If you break down the cost of an office holiday party and spend that money on personalized gifts instead, you may build stronger ties with new employees. That said, there’s never been one type of employee, regardless of age. A group of engineers may be less interested in a party than a group of gym trainers, and some staff members may be more outgoing than others. You have to know your people and know what works best for your company.
Empower Employees in the Planning Process: While Millennials think their bosses could learn technology skills from them, management recognizes that Millennials lack the experience to relate technology to the organization’s business objectives. It’s critical to mix these perspectives and skill sets and empower different generations of employees to work together. It will foster better morale, creative thinking and better problem solving.
Eliot Burdett is co-founder and CEO of Peak Sales Recruiting, a B2B sales recruiting company