Millennials at Work: Rocking the Boat or Raising the Bar?
By Michelle Hendelman
Millennials –the generation famously deemed by the New York Times as the “Go-Nowhere Generation” –are expected to make up 50 percent of the US workforce by 2020, according to the U.S. Bureau of Labor Statistics. Aside from a shift in office demographics, what exactly does this influx of Millennials mean for business dynamics, company cultures, and organizational infrastructures?
According to Deloitte’s annual Millennial (Gen Y) survey, this generation is passionate, eager, and ambitious. However, the survey also revealed that half of the respondents don’t feel like they receive enough professional development at work, and the majority (roughly 70 percent) of them see themselves leaving the corporate world at some point in favor of working independently.
There is no question that Gen Y employees bring a different mind-set to the workplace, but what everyone is still trying to figure out is whether or not millennial attitudes are a welcome change or an unwanted burden. Either way, millennials represent the pipeline of future leaders. This means that companies are starting to adjust their practices and policies to adapt to millennials’ demands and expectations.
For example, just last year Goldman Sachs started encouraging junior bankers to take weekends off in an effort to reduce the demands on entry-level employees. While this move negates the traditional idea of junior bankers putting in long hours that almost always include late nights and weekends, it does respond directly to the fact that millennials –of both genders – actually place a high premium on work-life balance.
Does catering to this generation make millennials entitled and lazy –as some suggest –or is it simply a case of companies making a concerted effort to retain young talent before losing them to major competitors or a fledging startup?
What Millennials Want
Deloitte’s Millennial survey of 7,800 individuals in 26 countries is one of the most recent iterations of research dedicated to revealing millennial ideals in order to provide managers with insights and tools for successfully attracting, developing and retaining up and coming Gen Y talent.
According to Deloitte, millennials want to make a difference, and they believe that businesses can positively impact society. However, the report states, “Millennials see a large gap between the potential of business to address the challenges facing society and the actual impact it is having.” This suggests that millennials have a more holistic view of success, appreciating the value of making a difference through their work in addition to ensuring their own financial health.
They also are drawn to organizations that foster innovation, but feel as though traditional business processes are not designed to promote creative thinking and outside-the-box solutions. “They believe the biggest barriers of innovation were management attitude (63 percent), operational structures and procedures (61 percent), and employee skills, attitudes, and diversity (39 percent),” according to Deloitte.
Finally, millennials crave engagement at work in the form of manager feedback, collaboration with their colleagues, and professional development. A recent report published by Network for Good indicated that engaged employees are happier and more productive. While this theory likely transcends generational differences, millennials appear to value engagement much more than their predecessors. According to Network for Good, “If Millennials feel consistently appreciated, engaged, and heard, they feel valued and become happier, more productive, and stimulated.”
Capitalizing on the Millennial Mind-set
Jessica Brack, author of Maximizing Millennials in the Workplace, noted that, “Despite the generations having different motivations, they can be inspired to achieve a common goal. However, it will require leaders to be at the top of their game.”
She added, “Success will require clear communication of the vision, walking the talk of valuing a diverse workforce, and understanding the motivators of individuals no matter what their generation.”
In this paper, Brack presents the idea that Boomers and Gen Xers are more like cowboys at work, preferring individual contributions to teamwork based efforts, and viewing managers as experts whose opinions should not be questioned. On the other hand, millennials are the collaborators who seek interaction and see their managers as mentors and coaches.
Naturally, this dichotomy of workplace attitudes can result in friction that could take its toll on companies if leaders cannot effectively manage a multigenerational team. According to Brack, “There is a fantastic opportunity here for mentoring that can benefit both generations. But these groups must find common ground upon which to build. Focus them on outcomes and both generations, as well as your business, will benefit.”
She encourages leaders to focus on the common vision and purpose while appreciating the unique set of talents and skills each generation brings to the table. “Leaders who can successfully motivate and manage multigenerational teams, and flex as the makeup of the workforce shifts, will come out on top,”
said Brack.
In order to foster a work environment that attracts millennials and keeps them engaged, Brack suggests that all employees should embrace the different styles of thinking and working around them. She advised, “Boomers, traditionals, and millennials, listen and learn from each other. You don’t have to change who you are, but rather open yourself up to the opportunity of learning from someone who may have a different perspective or approach things in a different way.”
