“Quick, help me, the inmates are running the asylum” is what is
running through the heads of most business owners with multi-generational
employees these days. That is another way of saying those
business owners are struggling with the rapid rise of the Millennials
generation in the workforce, and how these younger employees are not behaving
the way their predecessors have behaved, and it is creating a wake of
chaos in the human resources department. Let me
explain further.
There has been plenty of research done and articles written on
the Millennials generation (people born between 1982-2004, which includes
employees aged 21-33 today) and their impact in the workforce (summarized
in this article). I never paid much
attention to it, until one of my clients was experiencing the impact of the
Millennials first hand, and I wanted to share those learnings with you. And, since Millennials will make up 75% of
the workforce by 2030, only 15 years from now, you need to incorporate such
learnings into your employee recruiting and retention programs . . . and
fast!!
What Employers Are
Seeing
·
Recruiting, Retention & Loyalty. Many millennials do not see the need to stay
at any one employer for more than a year, and worse yet they actually think it
benefits their career to move from company to company. This is the extreme opposite of the Baby
Boomer generation, where workers could stay at one company for decades. This is creating torture for recruiting. Positions that used to be filled for an
average of three years at a time, are now turning over annually, creating 3x as
much work for the HR department. And,
companies are not hiring 3x the recruiters to keep up with that additional work,
so recruiting is taking much longer, positions are not getting filled fast
enough, and work productivity has slowed dramatically in recent years.
·
Changing Demands. Many millennials are driven by: (i) a desire
to have a big impact and “change the world” (so they want to work for companies
that have a greater purpose than simply driving revenues); (ii) jobs that offer
management responsibilities out of the gate (not simply being a cog in the
wheel); (iii) managers that can relate to them as people, friends and equals
(not a boss and subordinate relationship); and (iv) incentives that are
material and more than simply cash (maybe including equity or other meaningful
upside).
What Millennials Are
Seeing
·
The Complete Opposite of their Parent’s
Generation. This includes: (i) many
Millennials not being able to find jobs after college graduation, as the older
generation of workers is not retiring as early, and not opening up jobs at the
bottom end of the jobs funnel; and, hence, have many Millennials (ii) living
with their parents longer, often into their 30’s; and (iii) saddled with tons
of college debt costs and no way to pay them down. Not a great position to be in.
·
Mismanaged Expectations. Many Millennials have been raised as kids in
a culture of “everyone wins a trophy”, regardless of your skills or performance
(as early as the little league soccer fields).
And, they are not seeing that same treatment or experience as they enter
their adult years, and it is a reality check right in the face.
So, My Recommendation
to Millennials
Embrace the fact that you are a part of an economic society
of workers, not the center of it. Where
your managers and peers may have years of learnings and experience to share
with you. Life is a two-way street,
where give and take, and common courtesy (e.g., two week notice before
departure, plan to stay at least a year), should be the norm. Help educate your employers on what your
desires and motivations are, so they can learn.
And, be sensitive to your employer’s needs, and the direct impact your
actions have on compounding those painpoints.
And, for goodness sake, if you find a good company with a good manager,
stick with them. There is no rule you
need to leave after a year.
And, My
Recommendation to Employers
It is time to wake up and smell the coffee. If you are waiting for the workplace to return
back to the “good old days”, forget about it.
Figure out how to better mentor Millennials to your desired
behaviors. Or, better yet, take some
mentorship from them, so you can better learn what they are looking for out of
their employers, and give it to them.
Give them the challenging roles, with friendly managers and “change the
world” goals they are looking for, and good things will happen to your company
culture and employee retention in the process.
Millennials and employers need to learn to play nicer
together in the same sandbox of employment.
Be sensitive to and respectful of the needs of the other party, and do
your best to create an environment and actions that will be well-received by all
involved. Now, start with this “clean
slate” fresh perspective, hug and make up and let’s start building something
great together.
For all you startups out there, be sure to read my companion
piece on how to build
the right company culture, right from the start. And, build your culture around the
ever-changing needs of this newest generation of workers.
For future posts, please follow me on Twitter at: @georgedeeb.