The Millennials Impact on the Workforce – How to Optimize their Capacity.
from the Turning Good People Into Top Talent blog series.
Millennials, those born between 1980 and 2000 (15-35 year-olds), just became the largest generation in the workforce. Mary Meeker’s “2015 Internet Trends Report” has some very useful conclusions about Millennials and how to optimize their capacity to perform.
A group of 4,000 college graduates under the age of 31, from around the world, were asked “Which three benefits would you most value from an employer?” The top three responses were:
- Training and Development – they want to learn
- Flexible Hours – they want to be spontaneous, they want to feel “free”
- Cash Bonuses – they want to have an “upside” in the value they are creating
The Meeker report further revealed:
- 32% believe they will be working ‘mainly flexible hours’ in the future.
- 20% identify as ‘night owls,’ and often prefer to work outside of normal business hours.
- 34% prefer to collaborate online at work, as opposed to in-person or via phone.
Another study by the Career Advisory board compared the difference between managers’ and millennials’ views of the most important factors that indicate career success to Millennials. Most managers (48%) thought that MONEY was the most important thing to Millennials. However, MEANINGFUL WORK is what Millennials want most.
Here are five steps you can take to optimize their capacity:
- Provide them the freedom/autonomy to work the way they want to work. Working a 9-to-5 workweek does not appeal to them. Instead, let them do the job as they see fit. However, be clear about performance expectations.
- Develop a Massively Transformative Purpose (MTP). Millennials are mission-driven and the brightest, most hard-working of them want to change the world. It will take a compelling MTP to attract and retain them.
- Challenge them. Millennials tend to be egotistical and love a good challenge. Give them the authority and autonomy to demonstrate that their particular solution could be better than yours.
- Provide a curriculum of continuous learning opportunities with coaching and mentoring.
- Be prepared to do more listening and be more accepting of differing opinions.
Visit the “Resources” section of www.TalentManagementInstitute.com and review the development tools you can provide to the Millennials in your workforce. Also, check out the management development tools to be sure your team leaders are up to the challenge of developing this very different group of high potentials.
Bob Moore, CMC
Chief Optimizer, Effectiveness, Inc.
Managing Principal, Talent Management Institute
“Turning Good People Into Top Talent”
CMC®, Certified Management Consultant,
is the globally recognized certification mark
of competency, professionalism and ethics.