Millennials…Millennials…Millennials… We’re always hearing about them. They’ve taken over the spotlight, and perhaps rightfully so. But, what makes them so special? Well, it’s simple: they’re different. It’s now more important than ever before to understand how to effectively manage and engage the incoming generation. According to Gallup, Millennials make up 38% of the workforce, a number that is only going to increase in the coming years. And, based on a report from Gallup, How Millennials Want to Work and Live, there are several distinctive behavioral factors separating Millennials from the other generations, and employers must be aware of to manage their success.
1. Millennials don’t just work for a paycheck, they work for a purpose.
Millennials need their work to have meaning and are attracted to organizations with a clear mission and purpose. Previous generations didn’t look for meaning in work, and work was viewed as just a paycheck. However, for Millenials, compensation needs to be fair but is not the driving factor. Your company culture must emphasize purpose over paycheck.
2. Millennials are pursuing development.
They need to be able to develop and advance within their respective fields. Job satisfaction and security have been surpassed by the need to develop. Does your organization offer room for individual development?
3. Millennials are looking for coaches, not bosses.
Throw out the old authoritarian leadership style. It’s no longer going to work on this generation. They care about having people who can guide them to advancement and usher their success, not just tell them what to do. A Millennial needs to be valued as a person and then as an employee.
4. Millennials don’t want or need an annual performance review.
This generation is accustomed to real-time and continuous feedback. The old-school annual review isn’t going to cut it anymore. Organizations must change the narrative of the “quarterly performance review” to an “ongoing conversation.” Look to build-in ways to offer feedback as part of your organization’s day-to-day operations (psst…we can help with this), and not something that happens at the end of the quarter or fiscal year.
5. Millennials understand that time is money.
For Millennials, they’d much rather spend time evolving their strengths rather than fixing their weaknesses. According to Gallup, this is one of the biggest discoveries made on the subject of human development and is imperative in effectively managing them. Now, don’t entirely ignore their weaknesses, but focus on minimizing them and maximizing their strengths.
6. It’s more than just a job for Millennials.
Everyone in the world wants a good job, but for Millenials, it’s no longer just a job, it’s their life. Millennials are looking for organizations where their strengths and contributions feel valued, and they want their current employers to give them the chance to reach their full potential day in and day out.
Share this information with your leadership, human resources, or anyone who plays a role in creating and driving your company’s culture. Find out how we can help at www.engageboost.com.
References: Gallup, Inc. “How Millennials Want to Work and Live.” Gallup.com, Gallup, 23 Oct. 2019, .