Last month we discussed connecting with Millennials in the marketplace because of their significant buying power. As of 2015 Millennials are the largest generation in the US workforce. So it is essential for any company looking to succeed and acquire top talent to understand what makes them tick.
The Millennial workforce is far different than any of the previous generations. They are also the first generation “born digital,” which makes their experience and their viewpoints decidedly different than that of their parent’s generation.
A distinguishing factor among Millennials is that a great many of them possess an entrepreneurial bent. According to a recent study, 79% of millennials would consider quitting their regular job to work for themselves in the future. Crowdsourcing, crowdfunding, collaborative lifestyles, and the sharing economy are all a direct result of this entrepreneurial spirit.
Millennials, who have an aspiration for a more authentic workplace, enter the workforce with the desire for a greater level of flexibility, freedom, and autonomy. When considering a new position, Millennials place more emphasis on the culture of the company, the people, the end product, and the mission than they do the salary. In addition, they are a generation more likely to job hop than to wait for their current employer to catch up with their needs and desires.
A recent article in Entrepreneur Magazine gives five strategies for a manager to better motivate and to connect with the Millennial workforce.
- Emphasize training and personal development.
- Encourage collaboration and transparency.
- Reconsider the schedule.
- Focus on mentorship.
- Commit to social causes.
The key to understanding Millennial employees is that overall they are looking for value in the workplace, value in their work product, value in their role, and value in their team members. They seek meaning and progress and they don’t want to wait for it, they are the now generation. How are you going to manage your Millennial employees to maintain the best talent?