I don’t know if you have noticed this, but it seems that I see the term “millennials” in at least one headline every day. I’ve discovered the reason. The Pew Research Forum reports this group now makes up the largest part of the population—even more than us baby boomers.
If you care about who is buying your product, who is voting in the election, or who is working in your company—you have to care about this dominant group called millennials (ages 16-35), also referred to as “Gen Y.” And yes, you will have to adapt your leadership somewhat to get the best out of them.
Curious about the implications this has for the leaders I coach, our team did some research. We boiled it down to these essentials for today’s leaders.
1) More coaching, less bossing. Millennials want to grow, and they want to find a person in their life who is invested in their growth. In response, leaders would do well to formalize internal training and mentoring programs for millennials. Check out The Advisory Board Company’s robust program of employee development. A coaching leader leads by asking questions that help the individual figure out what they need to do to accomplish a certain task, rather than being a “just-do-as-I-tell-you” boss. How much are you coaching vs. bossing?
2) Compensation doesn’t have to be all monetary. Millennials are looking for more than a number when they evaluate a compensation package. Get creative here. Consider offering structured mentoring, time off, access to a workout facility, or healthy meal options while on the job. Franklin Square Capital Partners, an alternative investment firm that skews millennial, recently built out new office space in Philadelphia complete with a gym, fitness trainers, cafeteria and gourmet, health-oriented chefs. How are you demonstrating you care for “the whole person” who works for you?
3) Show why the work you do matters. Millennials want to “make a difference” in their world. They care about purpose. I coach a CEO of a young technology company. He recently had to make some layoffs and reduce compensation to conserve cash. He told me that those who remained behind (all millennials), instead of being discouraged over the future outlook for the company, “really believe in what we are doing and are committed to seeing it through.” Millennials may be willing to take a cut in benefits if they are intrinsically motivated by the purpose of their work. On the flip side, they are more willing to leave a company when they feel disconnected from its mission. How are you communicating your company’s purpose and helping your employees understand their role in achieving it?
4) Design real paths for advancement. Millennials are driven to achieve. They want to understand where there is room for growth and promotion in your company. And they will leave if they only see dead-ends. One C-Suite leader, recently talking about his relationship with his directs, put it this way, “People don’t follow you because you are ‘the leader.’ They follow you because they think you are going to take them somewhere.” How are you casting a vision of future opportunity for those who work for you?
5) Cultivate a collaborative culture, rather than a competitive one. Millennials want to be a part of a team. It is your job to help create that atmosphere of teamwork. One high-impact way many companies are adjusting is by abandoning the classic cubicle and individual offices in favor of open spaces that encourage collaboration throughout the day. How can you break down barriers that will encourage more teamwork within your company?
Millennials have long been referred to by their elders as “The Entitled Ones” (even though it was the elders who did the entitling!). You don’t have to bend to all the “expectations” of this group. But since they now make up the majority of the workforce, you would do well to pay attention to them.
Great speakers know their audience. Great salesmen know their market. And great leaders know their followers. They are agile enough to fully engage and get the most from all of them.
PS. Next post in two weeks: How to Develop Millennial Leaders.
Resources consulted:
http://chiefexecutive.net/3-secrets-to-finding-and-keeping-the-best-millennial-employees/
https://www.trainingjournal.com/articles/feature/attracting-and-retaining-millennials-workplace?utm_content=&utm_campaign=&utm_source=Shoutlet&utm_medium=Twitter
http://stories.newco.co/2016/02/16/bigcos-newcos-9-trends-remaking-business/
http://www.forbes.com/sites/jefffromm/2015/11/06/millennials-in-the-workplace-they-dont-need-trophies-but-they-want-reinforcement/#37afb6215127
http://fortune.com/2015/06/23/know-your-millennial-co-workers/
http://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-millenial-survey-2016-exec-summary.pdf