According to Time Magazine, millennials have now become the largest generation to enter the American workforce. They have created a workplace more diverse than ever before, and these young workers, between the ages of 18-34, are redefining it.
“Millennials will make up 36 percent of the work force by 2014 and 46 percent by 2020—pretty good news for employers to have a generation of workers who are natural web marketers on the way.” Forbes.com
With more than half of millennials reporting that personal development opportunities were their top priority in choosing a career, management would be amiss to continue ‘firefighting’ styles of employee engagement. Gone as well are the days of “hiring anyone off the street”.
Millennials are creating new management engagement
Social media is the priority of this generation. In fact, studies show they place social media and device use freedoms as more important than their salary. They are also more entrepreneurial in nature than most other generations. What does this mean for those who will hire, train and manage them?
Engagement is critical
Think about how social media works and you will better understand this generation. They want to talk about themselves and see what others are doing. They look for social proof in watching what others do. They are breaking through barriers of single mindedness by having access to more and this increased awareness means they connect more to diversity, information and acceptance.
In managing, they need to be engaged. Don’t set them in front of a project and walk away only to return in 8 hours. Engage them with cooperative conversations, regular check-ins of performance, immediate feedback and information about how they can help.
Plan for the future
Planning that includes how the future is being built is currently lacking in today’s management team, but millennials require it. They want to buy into something bigger and they want to know their role in it. They are more transient than ever before, and if you want to keep them around, they need to be involved. They are less interested in rewards than they are in consistent, non-critical feedback and the ability to contribute. Build systems that allow them to be heard, acknowledged and contributors.
Leadership over management
True leaders will be needed to build and maintain their human capital. Hiring the right attitude will preside over special skill sets. Leaders will capitalize on the millennials strengths with technology and leverage that to build business and rapport. And with technology moving so quickly, millennial’s ability to adapt to change and learn can help propel industries into the forward movement if they too can remain flexible and trust.
The target market reflects the work place
As millennials enter the workforce and reshaping it, they are also reshaping the marketplace. They, in essence, become target market experts. They know what they like, so they know how to sell what they like to others like them. This too, can be capitalized on by forward thinking management teams who know how to engage employees.
Are you ready to hire, train and retain today’s workforce? Do you have a strategy to reduce employee turnover and increase engagement? Does your organization truly understand how to manage your largest resource- your human capital? Contact QCEP today to learn more about how to create profitable business through better leveraging of your human capital.