The next generation is invading the workforce and we are all going to need to adapt. The expectation of a recent college graduate is vastly different than those boomers who are checking their 401k balance everyday and trying to figure out their escape plan. For those of you who haven’t been in a college classroom lately, let me bring you up to date, the twenty-somethings are texting on their smart phones, sitting behind laptops and have never cracked the spine on an encyclopedia. So imagine the shock and horror, when they enter the workforce and they are dumped into a joyless cubicle, only have access to company approved websites and can’t use their cell phone because it’s prohibited by company policy. Hmmm. I think we have a problem. We just put the handcuffs on; we’re bridling a generation that doesn’t even know what that means.
The average Millennial, born between 1980 and 2000, is expected to work 1.7 years at any given company. In Human Resource terms, that is a blink of the eye. Recruiting, attracting, on-boarding, training and retaining seem hardly worth the effort for 1.7 years of tenure (unless of course you are McDonalds).
So how are you going to retain these “kids”? We’re going to need to take a hard look at our work environments, policies and leadership skills and adapt. Some boomers may delay retirement for a few more years but there is going to be deficit in the skilled employable talent pool. The Bureau of Labor Statistics estimates that within 8 years, Gen Y will be the majority generation in the workforce.
Here are some ideas on how to hold on to Gen Y and Z:
1. Purpose. GenY can easily work for the Peace Corps in Africa for 2 years as work for a for-profit company. This group is looking for a higher purpose. Profit for shareholders isn’t likely to cut the mustard. If you can link your company’s vision and mission to a higher purpose, Gen Y might stick around. Is your company giving back to the community, developing green initiatives or supporting a cause? Are you communicating that or are you writing checks and keeping your mouth shut? Communicate it. Often. And in varied ways
2. Feedback. Give it to them straight. In an article from the Harvard Business Review by Meister and Willyerd called Mentoring Millenials, what Millenials want from their boss is someone “who will give me straight feedback”. No sugar coating. No veiled criticism. Cut to the chase.
3. Recognition. This is the generation where everyone got a trophy for just participating and in some cases, they didn’t get grades or never kept score during the game. They have been recognized just for showing up. This doesn’t need to be a huge budget for purchasing trophies for “just showing up to work,” a specific, sincere thank you for a job well done and why it’s important to the company’s goals will suffice. This will build loyalty.
4. Freedom. You might think about how much latitude you are giving this next generation. Antiquated policies about dress code, cubicle decorum and a staunch 8 to 5 work schedule isn’t likely to attract these folks. If your business permits (I’m not suggesting that a bank teller should be able to work virtually), loosen the reins a little. If you want some contrast, check out this video about Zappos culture.
5. Social. This generation has been collaborating and socializing since grade school. Is your company culture open to supporting collaboration below the executive team? Are your departments throwing a BBQ once in a while? What are you doing to get to know your younger employees? Get social.
6. Technology. They are going to demand that you have technology. A 2008 LexisNexis® Technology Gap Survey found that only 14% of Boomers access social networking sites from work; 62% of Gen Y do. Does your workplace permit such things as Facebooking at work? Have you figured out how to manage it? The workplace is changing.
7. Challenge. Busy work isn’t going to cut it. This group isn’t about “paying their dues” for 10 years before having an opportunity to test the waters. My nineteen-year-old daughter had an internship this summer for a documentary company. Within three weeks of starting, they let her edit a piece of the documentary. Is your company willing to do that? How are you challenging this next generation? Challenge them early and often.
8. Open. Whether you are ready or not, within the next eight years more than 50% of the workforce is going to be Millenials. Are you open to change? Regardless, it’s going to happen. Work/life balance, flexible work schedules and virtual offices are here to stay. Think outside of the boomer box and open yourself up to the next generation.
I realize that not all industries can adopt all of these measures, but we can take some steps on one or two. This is not one-size-fits all. The point here is to stay ahead of the talent war looming within the next decade.