Imperative to understand
This is understandable, given the research conducted by the Harvard Business Review that states that Millennials (born 1977 - 2000) will account for more than half the global workforce by 2014. This makes it imperative for organisations to understand the best ways to engage and manage this new generation employee.
Globally, the so-called 'war for talent' is on, and it has become necessary for organisations to find creative ways to attract and retain skilled individuals... especially the new-generation Millennials. It is now widely accepted by business leaders that engaged employees (those who understand and believe in the organisation's vision, values and goals - and as a result are willing and motivated to work towards achieving them) positively influence the success of their organisations.
Towers Watson research reveals that engaged employees are less likely to leave and are ultimately more profitable and productive. Every business leader wants employees who live the cliché - 'going the extra mile' -- but for this to happen employees must be cognitively, emotionally and behaviourally engaged.
What makes them tick?
If executives want to get the best and most of the Millennials, they need to understand what makes them tick and adapt their engagement efforts accordingly. So what's the big deal about Millennials?
The first thing that business leaders need to know and accept is that Millennials will question everything. They are called Generation Y (Not) for a reason.
Millennials were raised to question everything and everyone. It doesn't matter if you are the big boss; they will still question you! The "because I said so" or "we've always done it this way" type of answer will not suffice for the Millennial employee. So share the big picture with them. Give them context and rational reasons for the decisions made.
Millennials are also the most socially conscious generation. They are attracted to an employer who demonstrates care and concern for society at large and the environment. In a nutshell, they want to work for the good guys, so tell them about your CSI and sustainability programmes, and involve them in your initiatives.
Easily embrace diversity
They are also a generation that easily embraces diversity and is more tolerant of cultural differences. This is partly because they often have at least one friend of a different ethnicity or race.
Also known as the Techno generation, the Millennials are the most technologically savvy. Richard Sweeney calls them 'digital natives', meaning they adapt faster to computer and Internet services because they've had them for most of their lives. For employers, this means that you need to embrace new media such as mobile technology and social networking, and integrate it into the workplace.
Finally, contrary to some beliefs, Millennials are not disloyal job-hoppers who will leave an organisation at the drop of a hat to make a quick extra buck. Although financial reward is important to them, it is not the be all and end all.
Do not separate work from life
Employers who will successfully retain Millennials are those who understand that they want much more than money. Millennials want to be fully engaged and entertained. They want to have fun at work. In fact, Millennials do not separate work from life or view work as something that needs to be balanced with life. They view work as an integral part of life and thrive in organisations that share the same philosophy.
So if you want to attract and retain Millennials, keep them entertained and engaged. They will be loyal and over-achieve on your behalf, and they will serve as your most powerful brand advocates.
