Millennials are taking over and pushing out the older folk. If this is news to your company, then it is time for some serious thinking over. Millennials – those born sometime between early 1980 and 2000 – account for the bulk of the workforce stepping into employment today. They are climbing the corporate ladder and taking on roles of responsibility a lot quicker than those who came before.
Another key issue with organizations world over is the leadership brain drain. The baby boomers are retiring and with them walks out the hard earned invaluable experience, knowledge and wisdom learned in the trenches. The short answer for both these shifts affecting businesses is to replenish the leadership pipeline. But, execution is where things get tricky. How can you lead a generation that thinks and acts so differently than you? This is the cat the businesses need to bell to stay on.
Six tips that’ll help you integrate the rising generation into the fabric of your organization without causing any fissures:
The millennial crowd brings its functions and norms into the workplace. The onus then is on you to communicate to them the norms and expectations of your organization that reflect your core values. Now, if they known and don’t pay any attention then there is a mismatch that needs immediate redressal. Help millennials find their fit because young people who understand their purpose are likely to stay and be happy in their job.
Very soon the millennials will be leading your organization and take ideas and hunches forward. Ask yourself are you doing all to equip and empower them for success?
- Get employee engagement going
There is a silver cord that runs through retention and employee engagement. Spend good time working on the employees’ emotional commitment to the organization and its values. Conduct small customized trainings so that the employees get to know each other at a deeper level while acknowledging each other’s strengths and responsibilities. Get off the yearly performance and appraisal bandwagon. There should be many informal conversations on a need and relevance basis. Schedule consistent one on one meeting with your younger workers. This will help them streamline their work and improve in real time.
- Be the go-to employer
Millennials are adept comparison shoppers. They will always compare you to other employers. Build a friendly culture to win the battle for millennial talent. There is no need for you to burn the wallet by offering salaries on par with the Fortune 500. Besides an attractive paycheck, young people care about much about how much their welfare means to you. Offer them an attractive healthcare package, contribute more towards their pension plan, offer hassle free loans or fund their university education as most of them are on to job right out of college.
- Create flatter hierarchy
Every company that is doing well with millennials has flattened out. Hierarchies still have their place and value, but not at the expense of stifling the younger workers. Yelling and belittling someone because he/she is a junior should be a terminable offense. Millennials are adults and should be treated accordingly.
- A plush & productive environment
Invest time and resources to put in place employee onboarding systems that rock. Millennials move fast and change their minds as fast as they move. Ensure offices are readily available, workplace technology is up to date and office layout promotes engagement and productivity.
To quote Hiroshi Mikitani, CEO of Rakuten “Don’t ask me about the next big thing, ask the twenty somethings on my team.” The millennials are here to stay, are you prepared to take them to be in the fray is the nagging question in other words are you ready to bell this cat?