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Next week, I am going to address how Millennials can demonstrate their loyalty and prove themselves to their company. To lead up to that topic, I wanted to revisit a past blog post from  a couple years ago about how Millennials are perceived in the workplace. Thanks for reading and, as always, thank you for your feedback!

-Margaret
Young businessman in office looking at camera.

Let’s talk about a touchy subject: Millennials and loyalty. At first glance, the Millennial generation seems to be comprised of disloyal job-hoppers. Statistics show (according to Multiple Generations @ Work”) that a staggering 91% of Millennials expect to stay in a job for less than three years. Such high turnover can be tough for companies and cripplingly expensive. In fact, close to 90% of the firms surveyed (according to an article from MainStreet.com) reported that the cost of replacing a Millennial employee was anywhere from $15,000 to $25,000.

These numbers seem overwhelmingly negative, but let’s take a step back and look at Millennials and loyalty from a larger scope.

First of all, consider the context. Millennials have entered the workforce during one of the worst economic periods in history. Companies are downsizing, outsourcing, and slashing salaries in an attempt to stay afloat. And even though cost-of-living and college tuition are increasing dramatically, paychecks are not. Says Rich Milgram, Beyond.com‘s founder and chief executive, “Younger job seekers don’t have it easy in the current economy and they’ve been put in a hole by the generations that have gone before them.” Oftentimes, Millennials practice strategic job-hopping because they know they could be let go at any time. It’s a defensive move and gives them a sense of security if they feel their current position is in danger of being snipped.

Secondly, Millennials’ definition of loyalty is often different from other generations. Consider this statistic for a moment from Philly.com:

More than eight in ten young workers (Millennials, aged 19-26) say they are loyal to their employers. But only one in 100 human resource professionals believe that these young workers are loyal.

Why the huge difference in perspectives? Many believe it has to do with the way Millennials think about loyalty. Many members of this generation do not necessarily pledge themselves to a company, but to a boss or co-workers. Cam Marston, author of “Motivating the ‘What’s In It For Me’ Workforce” says, “Effective bosses are the number one reason why Millennials stay at a job…They have great respect for leaders and loyalty, but they don’t respect authority ‘just because.’ This is why it’s so important to have exceptional leaders at companies to retain these younger workers. They don’t want someone who micromanages and thinks of them as just another worker. They want someone who inspires them to stay at a company.”

Another attribute that keeps Millennials loyal? Workplace atmosphere. A 2012 survey by Net Impact found that 88% of workers considered “positive culture” important or essential to their dream job, and 86% said the same for work they found “interesting.” Additionally, the same Net Impact survey found that 58% of respondents said they would take a 15% pay cut in order to work for an organization “with values like my own,” demonstrating that Millennials are not just content with “any old job,” but seek meaning in the work that they do.

The issue of Millennials and loyalty is a tricky one, but one thing is certain: We cannot just write-off this generation as disloyal and wishy-washy. With the right workplace atmosphere, excellent leadership, and by providing the right set of motivation tools (as covered in a previous post), Millennials will stick around and perform the kind of innovative, creative work they’re known for.

If you (or your company) needs help creating the right conditions for your Millennial workforce, contact me to discuss potential strategies.

MARGARET SMITH IS A CAREER COACH, AUTHOR, INSIGHTS®DISCOVERY LICENSED PRACTITIONER, FOUNDER OF UXL, AND CO-FOUNDER OF THE TAG TEAM. SHE HOSTS WORKSHOPS FOR PEOPLE WHO NEED CAREER OR PERSONAL GUIDANCE. YOU CAN VISIT HER WEBSITE AT WWW.YOUEXCELNOW.COM

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Millennials and altruism

The next generation of leaders can’t be bought. In traditional business thinking, if you give an employee a raise every once in a while, that’s enough to keep him or her around. Not so for Millennials. According to Forbes Magazine, “They [Millennials] long to be part of something bigger than themselves… Millennials want to lead a balanced life. They want to be happy at home and happy on the job – money is somewhat secondary.”

Additionally, a recent study showed that a whopping 92% of those born between 1980 and 2000 (commonly known as the Millennial or “Y” generation) believe that business success should be measured by more than profit. They want to know that their company is doing good and they want to be a part of it.

I’ve written a past blog post about what motivates Millennials, but this time I’m going to narrow my focus and concentrate on one big motivator: altruism.

Simply put, Millennials care. They’ve been raised volunteering at church and community events, they go on Habitat for Humanity trips, they discuss issues like poverty and social injustice in their classrooms. When all that takes a back burner in the workplace, it can be a bit of a shock for them. They might ask themselves, “Where are all the people who care?” Or “Why doesn’t my company have a heart?” Or “Am I really doing the kind of work I should be doing?”

On the flip side, Millennials are attracted to companies that actively care. 88% of Gen Y women and 82% of Y men believe it’s important to be able to give back to community through work.

What are some things your company can do to engage Millennials (and other caring employees!) in altruistic activities? Here are some ideas:

  • Create a program in your company that rewards good behavior (good attendance, outstanding leadership, team collaboration) with money that goes to a charity of choice.
  • Sponsor fundraisers (such as a 5k run for charity)
  • Create drop-off areas at work to donate used clothing or food items
  • Allow your employees paid time off for charitable work (and keep a board that tracks and celebrates all the different organizations your employees are volunteering for)
  • Promote green living:
    • Provide incentives for biking, ride share, and public transportation
    • Create an eco-friendly cafeteria with reusable or compostable plates, cups, and eating utensils; a compost bin; and locally/sustainably sourced food
    • Provide water bottle refill stations next to drinking fountains
    • Get an energy audit and make the recommended changes. Keep track of your energy savings on a chart that everyone can see
  • Start team fundraising/volunteer work competitions
  • Work on having an open line of communication with your employees so they can bring their altruistic ideas to you!

Margaret Smith is a career coach, licensed Insights Discovery practitioner, founder of UXL, and co-founder of the TAG Team. You can visit her website at www.youexcelnow.com

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