Gen Y, screenagers, facebookers. Call them what you want to they are becoming more and more a part of our business.
Born between 1976 and 2001 this generation is predicted to be 36% of our entire workforce in the US and Canada by 2014 and almost 50% by 2020. By comparison Gen Xers only represent 16% of the workforce.
What makes this important? Many of you may already see the results of leading this seemingly disconnected group of young people. It has been reported that the average Millennial will have 20 jobs over their lifetime. This means every 24-36 months we can plan on replacing this individual right about the time they are fully integrated into your operation. The turnover costs for companies will be out of control if this trend continues.
Understanding how this generation sees the world will be critical for companies to embrace this sometimes misunderstood group. As baby boomers continue to retire, employers are facing a major gap in leadership. Attracting top talent from the Millennials will require changes in how a company engages these workers.
Here are a few points to consider:
-47% of Millennials tend to favor working for smaller businesses of 100 or fewer employees and 30% for businesses of 100-500 employees. Only 23% work for larger companies according to Payscales “GenY on the Job” report, and many are entrepreneurs.
-Creating an environment of open communication in your companies’ culture is important. Millennials need to be heard and have a way to provide input. Providing systematic, routine ways to engage them will make a big difference and will provide you with some new exciting ideas you may have missed otherwise.
-Providing mentoring will be well received as your veteran Boomers retire. Millennials are sponges eager for information. Providing mentoring in leadership will be a good investment that can provide excellent returns.-Provide a sense of purpose. Being of value is critical, not just for your organization but also for them to be in alignment with their own values. Global Social Consciousness is a way of life for this generation and those companies that integrate it into their culture will be ahead of the curve for retaining employees longer.
-It is imperative to accept technology as part and parcel for this generation. You can use this to your advantage in your companies if you are not fully up to speed in the latest trends in social media, advertising, or software. These young people have never known a world without technology. Put them in a position to utilize this skill set and both of you will be happier for it.
Having volunteered for the past 8 years in a Leadership Youth Program I can attest to the highly intelligent, motivated young people in our communities and businesses. The real question is how we will as business owners, accommodate the way they see the world to maintain our effectiveness and profits in our companies. Prepare for the change for it is upon us now.
As your Millennial Mentor™ I can help you reduce turnover and increase profits for your company. To book me for a consultation or a speaking engagement click here. Contact Me