As of this year (2020), half of all employees are millennials - meaning those born between the 1980s and 2000s. That is according to Inward Strategic Consulting, who report that this younger generation now dominates the workplace. Therefore, their thoughts and opinions must be considered and the successful businesses are adapting to that.
Generally speaking, millennials want to be challenged at work. They want to see how they can learn and develop and they want clear paths of progression. Yet, millennials can be described as self-indulgent, entitled, and in constant need of reassurance. Those companies that subscribe to that belief are the ones being left behind.
The old way of thinking
Is it such an outlandish desire to want fulfilment from your job and guidance from management? Gone are the days of the tyrannical boss and the subservient staff who do as they’re told, never ask questions, and allow work to take priority over their personal life. Maybe not in actuality in all cases, but certainly culturally.
Previous generations often view millennials as having it easy, yet in their relatively short lives they have already experienced two recessions and a global pandemic. Competition for jobs has never been fiercer, while the chance of someone in their 20s buying a house, for instance, has never seemed like a more distant prospect.
Millennials want to work differently and when they have an ever-increasing influence, businesses must adapt or die.
What millennials want
When the market is so competitive, it’s important to make yourself recognised from the crowd. That’s why millennials want regular feedback, so they can develop and improve to achieve that. In a joint survey by Oxford Economics and Harvard, when asked, 1400 millennials confirmed they want more feedback from their managers - preferably on a monthly basis.
In short, what they actually want are mentors - not managers. They want people willing to invest in their growth and personal development. Managers are there to guide and help them, not bark orders and commands that cannot be questioned. This needs to be seen throughout the business, from the top to the bottom. The traditional vertical hierarchy is not an appealing structure.
Instead, trust, respect, and understanding needs to be built. Open discussion and the offering of opinions - with both peers and superiors - must be encouraged. Support and encouragement over strict rules and tough love. Millennials want to feel engaged and valued and in turn, will be driven in the workplace. Growth will be experienced together. It’s a win-win.
Losing the best talent
Those companies that ignore this want will ultimately lose out - because their best talent will simply look elsewhere. Competition for jobs may be fierce, but so is the competition among businesses for the top employees. Those who can achieve great things, generally will - it just may be somewhere else.
Millennials won’t put up with a lack of development and progression in the workplace. In a survey by Deloitte, they found that 71 percent of millennials will leave their position within two years if they don’t think their skills are being developed. Those that think they are soft will soon learn that is not the case, when their rivals benefit from talent they refused to invest in and help uncover.
An organisation must show they are committed to an inclusive and collaborative environment. A place where the targets and goals are clear, paths of progression are laid out, and personal development is considered a priority. If feedback is only provided at an annual review, then things need to change.
The solution
Put trust in your staff and give them more responsibility. Set measurable goals and allow them to take ownership in achieving them. Don’t make them afraid to make mistakes, but give them the tools and confidence to fix them.
Regular feedback and independence go hand-in-hand. Don’t micromanage, but prove you are committed to their development and that they are valued within the business. Lead by example and listen. But really listen.
Share your experience, forge a relationship and be willing to learn from them as well. Be transparent, honest and look to inspire - rather than dictate. Properly invest in your employees and everyone involved will benefit. The work environment is changing, so don’t get left behind.
By Tom Seymour, an online content writer for alterniq inspired growth.
