Millennials today make up most of the labor force (one in three
American employees). Consequently, corporate leaders need to start today to develop
the leaders of tomorrow are their companies won’t have much of a future. Most
upper executives reached mid-management positions by their mid-thirties, which
fast-tracked them to C-level roles later in their career. These same top
leaders must in turn develop the talent of millennials, who possess the ability
but not the experience. Engage senior leaders to align millennial talent with a
shared cohesive vision and direction for your organization.
Millennials Want Mentoring
Millennials would rather be leaders than followers. They find the
opportunity to learn from a mentor enticing. By teaming upper management with
millennials in ‘reverse mentoring’ you offer the younger generation career path
guidance directly from senior executives. They gain a precious peek into the
world of top-level management. Plus the firm gets a chance to transfer
corporate knowledge to their younger talent.
This generation is eager for training. Consider assigning projects
to millennials that allow them to network. Another thing is cross-training on a
quarterly basis. Invite professors or business coaches for presentations on
various types of management or leadership fundamentals. This will help
employees understand the company’s strategic course and its organizational
issues.
In addition to career development, you need to tap into this
generation's strengths. For that, you must encompass the way millennials
engage, grow and learn. You need to work with them and not discourage them. As
the president of the Spring Klein Chamber of Commerce, I cater to young
entrepreneurs in the area. Half of our board is made up of millennials. I
encourage them to bring their ideas to the table.
Listening to millennials and taking their ideas seriously is the
best way to motivate and retain them. Create activities and venues where they
can voice their ideas and they’ll propose inspired solutions to issues.
Brainstorming meetings allow them to get to know other employees and gain
visibility. Give your millennial employees varied responsibilities, propose
projects that include a learning component. This generation works harder when
challenged.
Outdated, Rigid Work Styles Hold Them Back
The millennials’ enthusiasm will have a positive influence on your
firm. Their connection with social media along with their adaptation to the
latest technology is key to your organization’s future. This will prove vital
to your company’s development as you look for new, innovative ideas. Keep in
mind, they were raised in a digital world and communicate electronically…rather
than face-to-face. Relying on mobile platforms: phones, tablets, laptops for
work and projects…they collaborate in open gathering spaces and often work from
home.
Personal time is important to them. Millennials pursue a balanced
life and flexibility. With a focus on results not hours, they don’t have a
clocking in and out work style…they might work from home or a coffee house. Set
deadlines for them and if they complete their work to your standards, they are
finished for the day.
Offer Rapid Progression
Career advancement traditionally depended on seniority, but
millennials value results over tenure. Create a strategic plan that illustrates
what their future looks like at your firm. Let high achievers, who have the
potential to rise up the ranks quickly, do so. Otherwise they’ll get
frustrated.
One reason millennials want to rush up the career ladder is
compensation, because they begin work with an average debt of $20,000 in
student loans. Also, they don’t think they’ll ever see a pension or social
security check, so they expect they’ll have to create their own financial
independence in retirement. Basically, this generation merely wants to get paid
what they’re worth. If you can’t afford raises, offer them more vacation time
and flexibility—a day off for a job well done goes a long way with millennials.
They are also the most educated generation in history and they are continuous
learners, so offering tuition reimbursement programs will increase retention
rates.
A Stimulating Career
Millennials want to contribute something to the world and they
have a passion for international settings. Most want at least one overseas
assignment during their career. They also want to be proud of their employer’s
corporate values. They want to work for a company that strives to improve its
community. This generation looks for employers with good environmental and
social records, and many will leave a company if they find the firm lacks
values.
Frequent Feedback
Owning to social media, millennials like instant feedback. A
yearly review isn't enough for them. They require frequent, honest feedback in
real time. They expect praise for a job well done. Regularly highlight their
positive contributions.
Set well-defined targets for millennials and touch base with them
often. A transparent management system, detailing how performance is rewarded
gives them a feeling of value, and the motivation to work hard. Millennials
prefer open communication, so have an open door policy and make yourself
accessible. When employees offer constructive criticism, invite them to present
a business solution and give it serious consideration.
The Latest Technology
Millennials assume the technology that empowers their personal
lives will drive communication and innovation in the workplace. Update your IT
plan and provide state of the art technology. However, this generation is more
effective at work when they also have access to their own personal technical devices.
Diversity
The millennial workforce is composed of more minorities and women
than any other generation. Consequently, they bring in fresh ideas and
contrasting perspectives. Workplace diversity is important to millennials and
it helps eliminate challenges stemming from gender and diversity gaps that
currently effect many corporations.
Millennials are an asset as they are the future leaders. But their
greatest resource is previous generations who went through the same things they
are facing: a bad economy and a tightening job market. And the older generation can learn from the
younger one as well. Both offer attributes that complement each other. This is
important, as the baby boomers leaving the work force will be replaced by the
millennials. So now is the time to prepare for that future. As a CEO I have
been a huge leader in understanding the market and changing to help support
future leaders. Loving change is one of
my best qualities, when others hate change.
Resources:
http://www.miamiherald.com/news/business/biz-monday/article78789262.html#storylink=cpy
http://www.forbes.com/sites/ashleystahl/2015/06/04/managing-millennials-6-musts-for-ceos-who-want-to-get-ahead/#c79fc7f6997e
http://fortune.com/2015/03/01/the-perks-of-hiring-a-millennial/
http://www.forbes.com/sites/taitran/2016/02/21/a-millennial-response-to-an-open-letter-to-yelp-ceo-takeaways-for-millennials-and-companies/#3dbae339433a
http://www.miamiherald.com/news/business/biz-monday/article78789262.html#storylink=cpy
http://texasceomagazine.com/departments/one-gen-x-ceo-cultivates-millennials/
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