A new generation is swarming the workforce, with new attitudes and high expectations. The Millennials, also known as Generation Y, Generation Next, and the Echo Boomers were born sometime between the early 1980s and mid 1990s; or between the late 1970s and early 2000s, depending on which source you use. They are called the Echo Boomers in part because they are almost as large as the Baby Boom population. The Bureau of Labor Statistics estimates that 40 million Millennials are already in the workforce, with another 40 million on the way. This group has brought with it some challenges for traditional managers who claim that these young people are lazy, attention-seeking, self-indulgent brats. While that may be true in some cases, most Millennials are optimistic, creative, team-oriented individuals who may simply respond to a different style of managing. Here we will review characteristics of Generation Y, why they are the way they are, and how you can more effectively manage them.
The most obvious trait of Generation Y is their increased use and familiarity with media and digital technologies. Millennials are very tech-savvy, sometimes to the point of lacking real social skills. Many prefer to email and text rather than have face-to-face contact. They like to solve problems virtually, and would rather watch online training than sit in a traditional lecture. Multi-tasking is a way of life, and staying connected is essential.
Managers may complain that Millennials need to be given special treatment. These same managers, who are most likely Baby Boomers, might do well to remember that they themselves had a part in this. Echo Boomers were indeed “coddled” by their parents. Generation Y grew up constantly being told they were special, that they were important. Competitive sports were not actually competitive because mere participation guaranteed them a reward. Parents had a high level of involvement in Millennials’ lives. Because of how they were raised, Millennials new to the workplace have higher expectations of their employers. They expect constant feedback, crave reassurance, and crumble when they receive criticism, even if it is constructive.
Another important characteristic to keep in mind with Millennials is the high value they place on work/life balance. Many in this generation are willing to take a cut in pay for a more flexible schedule. Work is not a top priority. Family and personal life is. The initial reaction to this may be to assume that Millennials just don’t want to work. However, most people in this generation are more than happy to stay connected via phone or email on the weekends, so long as they are guaranteed a little flexibility during the work week. Generation Y works hard, but a strict 9-5 schedule may not be attractive to them.
Millennials count on changing jobs and careers several times. They more than likely have no loyalty to a company they work for. That is why it is important to keep the above traits in mind when deciding how best to manage this generation. Employers must make sure they know how to manage Millennials in order to improve employee productivity, and ultimately, retain valuable employees.
Millennials are tech-savvy. Take advantage of this. Put them in charge of a company Facebook page or have them play around with new technology to utilize on the company website. Do be sure to set clear boundaries on what sites they can and cannot visit while at work. Also address the issue of blogging at work. Along with technological expertise, Millennials have other strengths, as well as creative and innovative ideas. Be sure to play to their strengths, and listen to their ideas. They may sound strange at first, but they may help the company save time and money.
Millennials have high expectations of their employers, including benefits and a flexible schedule. This generation has seen economic crisis and most of them are more financially savvy than generations before them. While some evidence would suggest that Millennials aren’t concerned with retirement planning or saving, other evidence suggests that young people are becoming very concerned with savings. If you are able to provide some sort of retirement benefits, do so, because benefits are attractive to Millennials. They also must be given flexibility as well as structure. Millennials do like to have a flexible schedule. However, they thrive under tight deadlines. When giving them work, clearly state expectations, give them a clear deadline, let them know you are available if there are questions, and let them get to work. If given clear goals and the promise of open communication, Millennials will work very hard.
This generation received constant feedback from parents, teachers, coaches, etc. Now they expect it from you. An annual review is not enough for Millennials. They need constant reassurance that they are doing a good job. A good suggestion would be having regular one-on-one meetings. Remember that Millenials do not take criticism well, but this does not mean they need to be coddled. Just make sure to focus on the good as well as the bad, and give explicit directions on how to fix the bad. And always let them know that they can approach you with questions or concerns.
Millennials are a large part of the workforce, and growing. If you make adjustments in management style now, you will later reap the benefits of having motivated, productive, satisfied employees.