I call it the Millenial Tsunami and it’s about to wreak havoc for organizations who fail to prepare for the impending surge. We all know that Millenials are the largest generation in history, eclipsing the Baby Boomers in size. So why should you care; particularly if you were born before 1980? Hint: Your work life is going to dramatically shift (if it hasn’t already).
Why It Matters NOW
Currently, Millenials – who are 18 – 34 years old – make up 23% of the workforce. That number will double in the next five years. In other words, we will soon be operating in a business world where half of all workers are Millenials. Simultaneously, Baby Boomers are retiring at a rate of 10,000 – 12,000 per day. So what does this really mean?
Since Boomers are exiting from high levels of seniority and rank, the void that is being created in the workforce is unprecedented. It’s a “brain drain” that many organizations, particularly traditional, hierarchical models, are being hit hard by.
As you know, there is another generation – significantly smaller in size – sandwiched between the Baby Boomers and the Millenials. Because of the mass exodus of the Boomers and the smaller size of the Gen Xers, there is only one outcome. Millenials are positioned to not only swell the ranks of the workforce, but they will rapidly ascend to higher positions and impact organizations far faster than any generation in history.
So if you think the rise in Millenials doesn’t matter or that it’s not going to dramatically change work as we know it, guess again! As I’ve studied the major business disruptors that are altering the work landscape, I have to say this generational shift is the most disruptive. In other words, it’s a deal changer and organizations will either survive or perish by how they respond to the impending tidal wave.
5 Key Findings & What You Need To Consider To Thrive In The Years Ahead
1) Finding: 91% of Millenials expect to stay in a job for less than 3 years. (Future Workplace “Multiple Generations @ Work” Survey).
Why It Matters: Retention strategies like flexible hours and generous teleworking policies are more critical to this group than other generations in the workforce. According to PwC’s 14th Annual Global CEO Survey, “Irrespective of the long-term aims and ambitions of an individual company, the ability to attract and retain Millenial talent will be a vital step to achieving it.”
From a business development perspective, you will need to be more focused on ramping up your Millenials sales force faster and finding strategies to keep them on board longer.
2) Finding: Millenials are more concerned than their predecessors with finding happiness and fulfillment in their work. In fact, almost 60% would be willing to take a 15% cut in pay to have meaningful work that aligned with their personal values. (Net Impact Survey)
Why It Matters: Meaningful work is critical. Communicating and building the bridge between your employees and the reason the work is important is necessary. Also, think “relevance” and “authenticity” which are words that really mean something to Millenials. So finding the right matches is going to be more critical in both your hiring practices, as well as in your retention strategies.
From a business development perspective, Millenials need to believe in what they are doing and the products and services they stand behind. They also need to believe in the way they sell. Forget the old school sales tactics or over-hyped marketing approaches. They won’t relate or be meaningful.
3) Finding: Millenials hunger for learning and crave training and development. In fact, training and development was ranked the highest benefit most valued by Millenials.
Similarly, Millenials want mentors who can teach and coach them. They want a collaborative team environment and bosses they consider not only mentors, but friends.
Why It Matters: A progressive mentoring culture that “works” is paramount for retention and engagement. Millenials want a “work family” and to be part of a team. So it’s time to open up the communication (they crave constant feedback), provide more transparency (they want to know what’s going on and how it relates to their role) and break down the hierarchy (they want to be valued as part of the team, not an outsider to what’s going on).
From a business development perspective, better sales coaching and mentoring is critical to get results from Millenials on your sales team. Compensation, rewards, recognition, feedback and pathways for advancement all need to be re-examined for Millenials.
4) Finding: Millenials are tech-savy and they plan to leverage it. In fact, 53% of Millenials said they would rather lose their sense of smell than give up their digital devices.
Why It Matters: Millenials approach work differently. They want and demand social media engagement and ways to use technology to do their work. They don’t view it as a productivity sucker, but rather a productivity enhancer.
From a business development perspective, how Millenials buy and sell is different and means the way your organization markets and sells is going to be dramatically impacted – whether you have Millenials in your sales force or you are marketing to Millenials.
5) Finding: Millenials want a seat at the table. So you can forget those closed board room meetings where all the important decisions are made and then dictated down to the underlings. They have a voice and are not afraid to share their opinions and ideas.
Why It Matters: Millenials have a disdain for authority from the vantage point that listening to everyone’s point of view leads to the best possible outcome. Teamwork, collaboration, mentoring, and communication are all part of breaking down traditional hierarchical structures. They prefer a cross-functional way of working that is not constrained by rank.
From a business development perspective, Millenials thrive in an environment that has a true team environment. Selling and service teams, close collaboration with sales mentors and coaches and advancement based on value, not seniority are important to a Millenial salesperson.
