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Have you ever managed a team of Millennials? If not, statistics say you will soon. With this young generation coming into the workforce, businesses should know about what drives and influences the members of this generation.
Knowing how Millennials feel about their workplaces and work-life balance can help you utilize their diversity and education to better your company. Check out our infographic for a detailed breakdown of this talented generation, and keep reading for a breakdown of the data and how you can apply it.
Who Are Millennials?
Members of the Millennial generation are often categorized as people who were born between 1981 and 1996. The most important fact that you should glean from this section of the infographic is that not all Millennials are in the same stage of life.
Some are young people who have just graduated from college or are seeking post-graduate education, some have been in the workforce since graduating high school, and some are older and have begun to start families of their own.
A “Millennial” can often be a misnomer for the word “young.” Often, however, Millennials span age ranges today from 21 to 38. Can you believe it? Some Millennials are pushing 40. Because of this age range, it’s no surprise that by 2020 they’ll make up nearly 46%-50% of the workforce.
The chances are that next year, you’ll take a look at the office space and be able to see Millennials doing every task within your business. If Millennials are making up half of your workforce, then it’s obvious that you ought to know what makes them tick. You also stand to benefit from providing them with workplaces that keep them happy and engaged. But first, let’s break down the benefits of hiring them.
The Benefits
Millennials can be a great source of hard work for your office. While they may be everyday people just like everyone else, they do have a few unique qualities that set them apart.
They’re techy. Millennials were the first generation to grow up with technology. This phenomenon has dubbed them “digital natives” and means that Millennials know how to navigate the complex world of emerging and existing technology.
They can use the internet and are active social media users. This means that having Millennials in your network can solve minor IT issues, conduct business online, and tell you how to engage with audiences on social media.
This generation is also hard-working and driven. Members are attracted to workplaces that will advance their knowledge and education on industry practices. They prefer workplaces that can give them the knowledge to advance their careers. 65% said that personal development opportunities are the most influential factors of accepting a job. Take a look at your workplace and ask whether or not you have a system in place that can help them advance their careers.
Nearly half of Millennials have some sort of post-secondary degree. You can utilize their vast education to stay up to date on current industry practices and cutting-edge breakthroughs in every category of learning.
While some members are a little older, they have education too, so you can get a little bit of new school and old school at the same time. It’s a great way to maintain a certain level of age diversity in your workplace. But the younger members will have the most up to date knowledge on communication, psychology, and even history to better serve your clients.
Don’t be scared by Millennials' use of the internet. It doesn’t detract from their ability to work in teams, and many Millennials even prefer working this way in person (60%). Don’t paint them in your mind as couch potatoes that only work from home. Millennials love to get in the office with well-crafted teams and put themselves to work.
How Do You Set Yourself Apart?
A lot of things in a business contribute to attracting Millennials, which becomes apparent once you know about them as a generation. Firstly, Millennials look for well-paying jobs. Millennials have student loans. That’s the sacrifice they made for their education. Reward their sacrifice with good starting salaries and you’ll have some extremely thankful workers on your hands.
This generation is managing a lot of things: work, life, debt, and families. While the work allows them to gain compensation, it has to be enough to account for the latter three. The great thing though, is that they’re not dead set on money. They keep a lot of other factors in mind as well.
Respect is another provision that Millennials strive to find in potential businesses. Millennials aren’t disrespectful by any means, but they don’t like arbitrary rules and often only respect authority if it respects them right back. Who doesn’t want that?
While every person wants a certain level of respect at the office, Millennials won’t be afraid to speak up in order to make your business a better place. And if you have any arbitrary rules that hinder the productivity and happiness in your workplace, you can rely on a Millennial to approach you with ways they can be fixed.
Very few things are as important to this generation as individuality. Millennials want to stand out and express themselves. Whether this is achieved by maintaining a casual dress code or asking for feedback from them during meetings, Millennials want to be acknowledged for their unique skills and perspectives. Find ways to enable them to express themselves, and see how brightly each of them can shine.
As mentioned previously, Millennials highly value a business where they can continue to grow and have more opportunities. They want to advance in the company and feel meaningful. Hardly ever will you keep a Millennial in the same role at your company for more than a few years. This is because they take pride in their hard work, and want to carry out their vision for a better product and better company.
Have frequent conversations about where their careers are going and don’t be afraid to give them new responsibilities. See how quickly they’ll jump on a new task that needs sufficient brainpower.
Flexibility is an admirable trait that Millennials look for in a business. Millennials want adequate vacation time and PTO to recharge their batteries and come back fresher than ever. The bottom line here is that Millennials work hard, and they appreciate a company that lets them play hard as well.
After big projects, let them take time off as a reward for outstanding work. Enable them to experience all life has to offer without your workplace being cast as a corporate entity that beats them down and thinks of them as a cog in the machine.
What If You Don’t Do Any of These Things?
Your office is constantly changing with the times and Millennials are the new cause. Millennials currently have a very high turnover rate and aren’t afraid to quit their jobs. While some of these changes can be daunting to implement, they’re worth it. They are worth it so that your business can utilize Millennials’ high-education, tech skills, and passion for efficiency. Fill your office space with Millennials, and see how quickly your business becomes a high-energy, effective workplace.
Millennials have a future in every industry, not just logistics. We're seeing their rise to power in our company and are doing everything we can to accommodate their potential. Ask yourself whether you're on the cutting edge, prepping for the rise of the Millennial. If not, don't worry. There's always an opportunity to make a few changes.
