Managing Millennials: Strategies to Nurture Millennials in Your Workplace
Picture this scenario –
An employee enters your office. They are furiously typing away on their smartphone. They approach you and ask for a raise, without looking away from their phone for even a second. You ask them how long they have been with the company. “Five days.”
This is how millennials are being caricatured. They have a reputation of being impatient, self-absorbed, entitled, lazy, easily distracted, rebellious…
So why are managers preoccupied with understanding Generation Y?
A Deloitte survey revealed that millennials will comprise 75% of the global workforce by 2025 making them a core component of the future of the workplace. If 2025 seems far off, a PwC report further highlighted that in just 3 years’ time, millennials will account for half of the global workforce.
“Millennials matter because they are not only different from those that have gone before, they are also more numerous than any since the soon-to-retire Baby Boomer generation… They will also be more valuable… CEOs tell us that attracting and keeping younger workers is one of their biggest talent challenges.”
Managing the most demanding generation at work
Though their traits might be different from those of previous generations, millennials look for purpose, a proper work-life balance, and crave feedback. Being labelled as the most demanding and highly career driven generation, managing them can be quite a task. So, how can companies overcome this challenge and nurture their millennial stars?
Do the balancing act
Surveys reveal that 56% of millennials felt that they made better business decisions when they received input from a variety of people, they value work-life balance more than financial rewards and they expect programmes to help them develop their leadership skills.
Your takeaway? Offer them flexibility in terms of working hours and location as well as the option of working individually or in a team. Likewise, initiate development activities so that millennials have the opportunity to hone their skills, resulting in more loyalty towards your organisation.
Say the magic words
When we say magic words, we mean providing feedback to increase their engagement. Gallup research emphasised that millennials require more feedback than previous generations. “The problem is, managers aren’t providing the feedback millennials want… Only 19% of millennials say they receive routine feedback. An even smaller percentage of millennials (17%) say the feedback they do receive is meaningful.”
The solution? To constantly provide meaningful feedback which helps them to work more efficiently. You could also provide feedback in real time, rather than solely at annual reviews.
Be socially responsible
An article in Fortune says that millennials place a great importance on social causes. How does the purpose of the company relate to the wider world? Are they making a positive impact on society? Can they relate to the company’s social responsibility?
This socially-cognisant generation wants to contribute to society, and they expect their employers to not only help but participate too. One of the best solutions to meet this millennial need and engage with them is to organise volunteering activities or social programmes where your employees come together to work for causes they can relate to. You also get the added benefit of improved corporate visibility and interaction among employees. A win-win situation for all.
If your company has its strategies in place to nurture millennials but would like some advice on how to source the best millennial talent, get in touch with us. TalentSpa is an online recruitment specialist and can provide you with competitive fixed price recruitment solutions. You can also connect with us on Twitter and LinkedIn!