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The Risk of Ignoring Millennials
| Guest post by: Judith Lindenberger |
Article Overview: One of the biggest challenges for businesses today is integrating the Millennials twenty-somethings into a Baby Boomer culture. They are the newest generation to enter the labor market, arriving with distinct ideas about what they expect from their jobs. They are our future leaders and our next generation of revenue-generators. So who are the Millennials and how do we manage their expectations while maintaining high performing organizations?
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Free Download - Next Generation Leaders: What They Want and Need from the Workplace By Judith Lindenberger |
The Risk of Ignoring Millennials
The Millennial Generation was born between 1977 and 1998. They are 75 million strong in size and were raised by “helicopter parents”, who doted on them. Millennials tend to display an abundance of self-confidence and believe they are highly valuable to an organization from day one. They are extremely focused on developing themselves and thrive on learning new job skills, always setting new challenges to achieve. They are also the “can do” generation, seldom worrying about failure, for they see themselves as running the world and work environments.
As a whole, Millennials are very connected to their parents. As they move through their twenties, they still speak to their parents frequently and turn to their parents for personal and career advice.
When it comes to work life balance, Millennials are not willing to give up their lifestyle for a career. They have traveled extensively and value having flexibility in their daily lives. They choose careers that allow them to live the life they desire, busy with after-work activities, including philanthropic involvement. Multitasking is their way of life. This generation grew up with little unstructured time as their parents carefully selected their life choices. The result of their minimal “down time” is that they are highly comfortable going from activity to activity in their adult world. When their workday ends, Millennials charge out into gyms, volunteer positions, classes and social events.
Millennials are team-oriented, banding together to socialize in groups. In school, this generation was taught lessons using a cooperative learning style. Therefore, they feel comfortable working on teams and want to make friends with the people at work. They believe that a team can accomplish more and create a better end result. They also grew up in a multi-cultural world which enables them to work well on a team with diverse co-workers. They communicate in snippets through instant messaging, texting, Facebook and e-mail.
Of all of the talents that Millennials bring to the workplace, being technologically savvy is their greatest skill contribution. They are constantly connected as they listen to their iPods or send text messages, all while working on a critical project. Social media is at the heart of their world. This allows them to connect with co-workers and friends around the world at great speed. The electronic capabilities of Millennials are extraordinary. On a recent twitter chat, several Millennials participated at lightning rod speed, sharing their thoughts: One commented: “Social Media has expanded my network tremendously. More people to talk and learn from.”
Another characteristic of the Millennials is their need for feedback and praise. As children, they were recognized with stars and trophies. Whether or not the trophy was deserved for each individual, the entire team received the positive reward. They also enjoy adding their opinions and ideas to company decisions. They want to be heard. They have little patience for ambiguity, so directions must be clear and specific. Organizations will be more successful in delivering performance milestones on a more frequent basis than once a year. The feedback sessions must be interactive, so that the Millennial is presented the opportunity to share his or her feelings and ideas. Brainstorming together could be a very effective technique.
So how do you integrate and manage the youngest generation within the workplace? Here are some key tips and insights.
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Category
|
What
To Do
|
Why
|
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Work
environment
|
Provide flexible work schedules and a
relaxed workplace.
Create opportunities for social interaction. |
Millennials value friends and lifestyle.
They are getting married, and having children later. |
|
Learning
and training opportunities
|
Provide tuition reimbursement, employee
training and mentoring.
|
Boomer parents raised them to believe
that education is the road to success.
|
|
Recruiting
|
Emphasize the ways that your company
contributes to society and the environment.
|
School violence
and global terrorism (specifically 9-11) have made them wary about the world
and helped them develop a global perspective. Almost
70% say that giving back and being civically engaged are their highest
priorities.
|
|
On
boarding
|
Give them exposure to different parts of
the business, provide resources on the intranet for them to use at their own
pace, and help them build relationships with current employees.
|
Millennials want and need connections,
checkpoints and mentoring.
|
|
Work
ethic
|
Millennials ask “what is my job” and go
about figuring out the best, fastest way to complete that task.
|
They are resourceful.
|
|
Motivation
|
Provide paid time off as a reward.
Give them opportunities and responsibility. |
They value friends and free time.
They want to move up quickly. |
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Boss
relationships
|
Win their affection.
Be careful not to cross the line from “boss as advocate” to “boss as friend. |
Loyalty to the boss is the number one
reason they stay in a job, especially during the first three years.
Dissatisfaction with the boss is the number one reason they quit.
Millennials want a tight bond with a boss who is close, caring and aware. |
|
Managing
|
Describe the result you’re looking for
and let them figure out how to get there. In many cases they’ll develop a
better process.
Hold them accountable for mistakes and praise them for success. If you tell them it’s your way or the highway, they may walk. Be authentic and do what you say you are going to do. |
Millennials grew up learning how to
figure out things on their own. With the Internet and a network of friends a
text message away they will find their own answers.
They are impatient but eager to learn and quick to do so. Millennials think of themselves as a commodity that they can sell to the highest bidder. Reality television, MySpace, Facebook, Second Life and Google have shown them that being transparent is how things should be. |
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Work
assignments
|
Give them multiple projects.
Put them in the field with clients, where they can work in teams and solve problems collaboratively. Let them work on projects with higher-ups when appropriate. |
They are great multi-taskers with 10
times the speed and technical knowledge of their older siblings. “This
generation understands that there is no need to stay up all night to make an
overseas phone call. They can simply text message the person with the
information they need and continue the conversation the next day on their own
time,” says Roberta Matuson, president of Human Resource Solutions.
Though they are independent thinkers, Millennials enjoy working in teams. They question the status quo and expect to make an impact on day one. |
|
Performance
feedback
|
Provide coaching sessions to discuss
career paths.
Do reviews at least quarterly. If they screw up, present it as a development opportunity. |
Boomer parents coached them to ask for
what they want.
Because of the talent shortage, they will need to be promoted quickly into positions of leadership. |
|
Reducing
turnover
|
Create career paths and reward successes
along the way.
Provide them with sophisticated technology to use at work. |
Watching their
parents get downsized in the 80s and 90s has caused them to question loyalty
to the company.
They are technologically savvy. |
With 75 million Millennials entering the workplace, organizations have no choice but to learn how to recruit, grow and retain these workers. If not, companies will lose talented employees who, because of their strong networking and technological capabilities, have the ability to be the most productive generation to date.
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Article Tags: baby boomer, challenges, distinct ideas, jobs, millennials, next generation, risk, twentysomethings
|
About the Author: Judith Lindenberger RSS for Judith's articles - Visit Judith's website Judy focuses on driving performance. From developing more impactful communications to helping successful leaders become even better; from navigating your career to managing conflict; your team will leave her programs with renewed energy and focus. Judy's background includes designing and facilitating the first-ever sexual harassment prevention training for federal workers, leading the management training department for a major financial organization, and creating a highly successful, global mentoring program for a Fortune 500 company which won the national Athena Award for Mentoring for two consecutive years..... She is also a certified career coach and human resources consultant. In her free time, Judy serves as Member, Board of Trustees, YWCA Trenton and Vice President, Hopewell Valley Regional School District. She is the Past President of the Board of SERV Achievement Centers, and is a trained community mediator and child advocate. Specialties: Contact: info@lindenbergergroup.com or 609.730.1049 Click here to visit Judith's website   Resumes That Work Ten Steps To Take Charge of Conflict Mentoring and Millennials The Risk of Ignoring Millennials Next Generation Leaders What They Want and Need from the Workplace |
Related Forum Posts
How to valuate a business
- Hi Garth - here is how we did it at Northern Crown Capital when I was helping them raise venture capital for Toronto-based entrepreneurs. Assume the start date is 2003 so 2008 projections are 5 years out:
How Northern Crown Capital Valuates a Business
2008 Financial Projections
Earnings Before Tax
$5,865,000
Tax Rate
42%
Taxes
$2,463,300
Net Earnings
$3,401,700
Amount Seeking to Raise Today
$3,500,000
Discounted Value of Future Opportunity, 5 Years Out
2008 P/E Ratio
15
Value of Company in 2008
$51,025,500
Discount Rate Applied
30%
Year 2008
$51,025,500
Year 2007
$35,717,850
Year 2006
$25,002,495
Year 2005
$17,501,747
Year 2004
$12,251,223
Value of Company at Investment in 2003
$12,251,223
Less: Investment Amount
$3,500,000
Present Value
$8,751,223
Discount for Risk & Private Company
40%
Less: Discount for Risk & Private Company
$3,500,489
Private Company Value
$5,250,734
Present Value (What the Owner Keeps)
$5,250,734
60.00%
Financing (What the Investor Gets)
$3,500,000
40.00%
Total
$8,750,734
100.00%
I hope this helps!
Show the Benefits
- Offer a free test drive of the Product or Service with a Money Back Guarantee - Take the Risk out.
This will help them make the decision but you have to work with them to realize it by explicitly state the benefits they are receiving.
Unsecure Neighbourhood
- Instead of knocking on their door why don't you leave a letter in their Mailbox in a hand written envelope. You can advise them via the letter that their internet connection is unsecured and write how an unsecured internet connection can affect them.
Note: this is time consuming but I'm assuming that your willing to spend the time to drive neighbourhoods to find your target market.
People on this forum may be able to assist you in determining how to make more use of your time.
Maybe you can post flyers in the neighbourhood stating
"This Neighbourhood is Unsecure!"
"Your Internet connections may be at Risk"
Call me now for a free assessment of your Wireless Connection at 509-xxx-xxx
The free assessment is critical in getting strangers to contact you.
I'm sure you'd be able to come up with something more creative and I hope you use this as a launch pad for new ideas.
GoodLuck and tell us what you plan on using to attract new clients and the results of your effort - we like helping people that come back with their reuslts (good or not so good).
Re: Does birth order influence the desire to start a business?
- Are you the oldest sibling in your family, the youngest or somewhere in the middle? Your birth order can influence your work and management style and perhaps even the career you choose.
While far from an exact science, analyzing psychological values associated with birth order can give valuable clues to how you're handling your work and management duties -- and may even help you get ahead in your career.
Firstborn children tend to be responsible, intellectual and interested in practical, down-to-earth professions. Parents usually have great expectations for their first child and can spend a lot of one-on-one time fostering these expectations. Studies show that parents tend to be more lenient with later-born children, supporting desires for careers in the arts, literature or music. Firstborns, however, tend to pursue careers in business, law, medicine or finance.
Management traits of the first child: First children are often practical, confident, able to delegate and make rapid decisions and possess the desire to win or excel. Often, firstborns simply want to be the best they can be. This can translate into exceptional management skills and a rapid career path. Also, firstborns often work well with older individuals in the firm, including supervisors and executives.
Management challenges for the firstborn: Firstborns may be intolerant of those who do not work at 100 percent capacity. They may not be the best team players, since they always had the upper hand on younger siblings. They can be disappointed if passed over in promotions for younger workers and may be overly cautious and avoid risks, hindering career advancement.
What it means: Firstborn children can be excellent as small-business managers and owners because they are confident and have the desire to excel. Risk-taking is a vital ingredient in small-business success, so firstborns need to be aware that playing it overly cautious can be a detriment to long-term success...............
True Characteristics of an Entrepreneur
- It is said that in order to become a successful individual in whatever endeavor you wish to take, you must have the right attitude and characteristics. This is also true with an entrepreneur. Not everyone can become an entrepreneur.
What are the characteristics of an entrepreneur? Are they really important? Well, of course the characteristics are important because if you don’t possess them, you will have lower chances in terms of business success. The characteristics are as follows –
1. Risk taker – this is a very important characteristic of an entrepreneur. If you're not willing to take any risk, then you will not succeed as a businessperson. In the everyday course of the business, you will encounter a lot of problems and challenges which you need to decide the soonest.
Some risks are worth taking after careful evaluation especially if it's for the good of the business. If you're not a risk taker, then you're not an effective entrepreneur and you're bound to fail in your business undertaking.
2. Smart – being smart is another characteristic of an entrepreneur. You have to be clever, keen, and witty in all your business dealings. You have to show mental alertness and intelligence so that you can win the respect and trust of customers and other clients.
3. A leader – leadership is a characteristic that is hard to find among individuals. Not many individuals have the nerve to take the lead. To become a good entrepreneur, you must be a leader. Some say that this is a born characteristic but if you don’t possess it, you can also learn to become a leader.
You're quite lucky if you're a born leader because you only have to develop your other qualities and use them when you choose to become an entrepreneur. As a leader, you should be able to guide, influence, and direct people. This way, you can handle all your business activities with ease and fewer worries.
4. Inner passion for business – another important characteristic is having the right passion for business. You have to maintain your enthusiasm and interest in the business. As long as you have the right drive and passion, you can run the business for a long time.
5. Honest and trustworthy – some say that eighty percent of an entrepreneur's time is dedicated to pooling and attracting customers. This may be true because without the customers, the business will not exist. You have to be honest and trustworthy so that you can develop good will.
There are other characteristics that an entrepreneur should possess. These characteristics help him or her do all the business responsibilities and obligations that need to be done.
These are also the keys to business success. If you want to finance a certain business venture and run the business yourself, you should develop these characteristics. Without them, your business will soon fail and you will suffer the losses.
Be thankful if you already have the characteristics of an entrepreneur. All you need to do now is to study the market carefully, think of a good business venture, and provide for the capital and you're all set.
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