This is the second of a two-part series on working with millennials. The first post introduced three qualities of millennials in the workplace. Part two will examine how to embrace these qualities and use them to retain quality employees and contribute to the success of your company.
Building a motivated, dedicated workforce. That’s one of the most critical components to the success of your business, as I mentioned in part one. As Principal of GlassRatner in our restructuring and bankruptcy practice, I see so many instances where a company may have many of the basics covered, like having a good product and effective distribution channels, but are struggling due to a high rate of turnover and the lack of a productive workforce.
Qualities of millennials include being tech savvy, not being motivated only by money and being used to working in teams to find creative solutions. Here are some ways to embrace these qualities to enhance the success of your business and retain those employees:
1. Leverage their knowledge of tech by instituting a form of reverse mentoring.
While older generations may have decades of knowledge in their field, millennials tend to keep up more with social media and changes in technology. They are the first generation to grow up immersed in tech. So ask their advice, give them a seat at the table if you’re discussing how to incorporate social media into building your brand. They will feel appreciated and valued, and your business will benefit.
The Wall Street Journal article “Mentor Your Boss” mentions a website founder who made a 21-year-old intern their expert for social media. Stacy DeBroff said, “There are so many changes and so many technologies coming alive, and twentysomethings, who have ‘grown up’ using social-media sites, tend to find solutions quickly.”
2. Make their work feel meaningful.
More than once I’ve had employees leave, either with no other job or with one that paid significantly less. And it’s not just happening to me.
A 2012 survey showed 56 percent of millennials would take a pay cut to to work somewhere that is changing the world for the better. Think about that for a second. More than half your workers may leave, for less money, if they felt they’d found a more meaningful place to work. And 91% say that a company’s social impact efforts are important when they are considering which companies to work for, according to the article “Study: Millennials’ Work Ethic Is In The Eye Of The Beholder.”
So take a look at your business. How is it helping people and helping the world? Focus on that narrative about your business and share it. Make your millennial workers feel proud to work for your business because they are working to make the world a better place.
As reported in the Wall Street Journal in “Helping Bosses Decode Millennials—for $20,000 an Hour,” the consultant Lisa McLeod helps companies “set a ‘noble purpose’ to strengthen young employees’ connection to their work.” And share stories of how your company benefits the world with stories rather than statistics, as they find those more compelling.
3. Incorporate more brainstorming and teamwork into your business.
In a 2013 survey conducted by IdeaPaint on millennial workplace trends, millennials were asked to complete the statement, “My favorite place to generate big ideas is ….” More than 86 percent responded by saying either collaborating with a small group of colleagues (2-3) or brainstorming with a large group of people.
Millennials feed off the energy of others in the workplace. Give them the opportunity to work collaboratively by forming teams and holding brainstorming meetings during which they are encouraged to share their ideas and they feel their opinions are valued. Create collaborative working spaces.
Making changes in your workplace to embrace the differences that millennials bring will pay off. As this article in Fortune, “How tech-savvy millennials humanize your workplace” pointed out, “The so-called “millennial” has become more than a demographic age group; it is a mindset. A way of looking at the world and, regardless of age, declaring, ‘there has to be a better way.’”
You want that mindset working for you and your business.