Every generation behaves differently from those who preceded them, and this is applicable even in the workforce environment. The millennial generation, i.e. those born between 1980 and 2000, constitutes a significant part of today’s workforce as their growing numbers is soon to surpass the population of the previous generation of baby-boomer. By 2020, millennials will account for 50% of the global workforce.
Millennial generation belongs to the digital era where everything is available at their finger tips. Most of them were mostly brought up by parents who were ready to give them the best of education and personal care. Although this grooming has made them focussed and ambitious, they are often blamed for being the ‘selfish’, ‘lazy’ and the ‘impatient’ generation by the baby-boomers despite having groomed up as focused and ambitious.
According to Joel Stein, Millennials are the ‘Me Me Me’ Generation, who are lazy, entitled narcissists, yet their contributions are very crucial for the growth of the organisation.
In this competitive world an efficient workforce is extremely crucial for a business to thrive. Just like how businesses have evolved, people and their working methodologies too have evolved. It is therefore important for organisations to change their policies to suit and adapt to the requirements of the millennial workforce – the ones who would be our future leaders!
Millennials are the enthusiastic lot who are ready to take up challenges rather than run away looking for alternatives. They live in the internet era and believe in making connections and staying connected. Networking has become an important way of how business is performed today. It is therefore important to harness the networking skills of the millennial workforce to progress in the industry.
Since the millennial generation is exposed to multiple career optionsany feeling of discontent with their present employer can make them leave the organisation. This is one of the biggest challenges that the top management of any organisation face today. Millennials are an internet-savvy generation who knows inside-out about their industry. Hence, it is important to effectively hire, retain and engage the talents and skills of the millennial workforce lest they lose them to their competitors. Some of the steps they could take would be:
(1) Define the purpose: It is important to let the workforce know about the purpose of hiring them, what the company expects from them once hired and also as a company how they would contribute to improving the society. According to a survey conducted by Deloitte For six in 10 Millennials, a “sense of purpose” is part of the reason they chose to work for their current employers.
(2) Mentorship over Control: Gone are the days when managers used to be considered as unapproachable and stern bosses. Today’s millennial generation expects a mentor and an inspirational leader out of their bosses who could motivate them to work on their own without being micro-managed.
(3) Flexibility and Freedom: Millennials prefer flexibility at work like flexible schedules, options to work from home etc.
(4) Feedback from Employees: It is important to engage them with frequent feedback survey. This will give them a feeling that their values and inputs are substantial to the organisation.
(5) Help them advance: Millennials believe that performance scores over tenure in progressing in an organisation. It is therefore important to give them the due recognition and credit for the contributions made by them. If promotion is not an easily available option, employers should look at providing other alternatives like moving across business, sending them on-site, giving them performance awards etc.
Millennial generation is here to stay and thrive in their career field. Any organisation that succeeds in tapping their talents can have a competitive advantage in the market.
Building Culture in a Startup
Does the title strike a jarring note? The first two words border on oxymoron, does it? How does one "build" a culture? Isn't culture a melting pot that is cre...
How can you become a successful Entrepreneur?
Entrepreneurship bug has bitten many young and innovative minds of India. Thanks to the high penetration of internet and mobile networks in the Ind...
Agri-Copter – an innovation revolutionising Indian far...
At a time when the start–up culture is dominated by e–Commerce and other technology based players, we have Athul and team, alumni of Government Engineering College, Thrissur w...