Millennials are here to stay

The global workforce is undergoing a huge shift. The net generation, Gen Y, is growing up quickly and account for almost half the workforce already. According to an HBR article, in four years Millennials – the people born between 1977 and 1997 – will account for nearly half the employees in the world. In some companies, they already do!

So What?

What’ the difference from when the Gen Xs grew up? The answer: everything! Gen Y’s have a whole new view of the workforce and a new concept of motivation and success. As a Gen Y, I can say that we acquired this alternate view from the tech-driven world we were raised in. Spending our lives online, being attached to this infinite source of knowledge, changed the way we want to work. Millennials grew up with constant communication through MSN, IM, BBM, Skype, etc.  And then things moved to Facebook, Twitter, LinkedIn – everything and everyone is at our fingertips.

When not social networking online, Millennials spend their time gaming. Through Super Mario Bros, Halo, StarCraft, The Sims, Pac-Man, PS2, Nintendo, Xbox, Game Cube and so much more we all learned that trying your best gets you virtual rewards. Gold stars really do make us stronger!

This ideology has transferred with the Millennials to the work environment. The thoughts that run with us now are: if we do our best work and succeed, we can expect rewards. Gen X grew up with a similar mindset, but their idea of a reward when succeeding has always been money. The net generation now wants public recognition – more than a year-end bonus.

Time for a change

With Gen Y taking over the global workforce, management methods need to adapt. Good news for managers and business owners, we want recognition, not money. Dan Pink, author of Drive says it perfectly: “Meaning is the new money.” The young guns of the workforce want a mentor/coach, recognition and trust.

A McKinsey study found that praise from managers, leadership attention, and project leadership are more effective motivators than financial incentives. These themes recur consistently in studies on ways to motivate and engage employees.

Am I continuing to learn and grow?

Organizations that engage Millennials will get ahead. The net generation wants to learn and grow and they’re not afraid to ask for it. Now that we know that something has to change, ask yourself: what are you going to do for them?

4 ways to keep Millennials engaged:

1. Get rid of the performance review. Performance reviews are a waste of time and money. People are evaluated on abstract skills and competencies and given tons of feedback in one instance. This doesn’t seem logical, and it isn’t! Reviewing performance is good but it should happen informally, every day.
2. Be a coach. Coaching is getting a lot of attention as a more effective way to engage and develop your employees. Gen Ys don’t want an absentee boss, they want a mentor who they can look up to and reach out to for help and feedback.
3. Give recognition. Work is a much better place when we are recognized for our effort – we are all happier and we work harder. The net generation doesn’t want a bonus slapped on our desks, we want to be patted on the back for the work we’ve done.
4. Share ongoing feedback. Feedback makes us better at what we do. Gen Ys want straight feedback, all the time. We want to learn and grow and be the best we can be at what we do. The only way to get there is through feedback from others around us.

“This is a generation to be reckoned with,” says David Spangler, the director of market research for Levi’s Jeans. “They are going to overtake the country.”

The workforce is changing. Companies are seeing this shift happening right now and it is important for the older generation to understand the wants and needs of the Millennials. Why? Because the net generation is here to stay.

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Photo of computers by theducks. Licensed under CC.