Millennials in the workplace are offering up several challenges that contradict the traditional business models of older generations. The Millennial mindset values benefits, growth opportunities and a great working environment. Accordingly, business owners need to adjust their team building practices to reflect the current employment climate. As the Baby Boomers age the Millennials are now the largest group of employable individuals on the planet. Beware that the lack of care and understanding regarding Millennial needs in the work place will result in high turnover, poor job performance and loss of revenue.
The old mores of running a business are now changing and the new norms are being established. The net result of the Millennial work culture will be a more benefit-oriented workplace. Income is not the main motivator for this new breed of employees, but rather time off, growth opportunities, quality leadership, mentorship and a great work environment will win the day.
It’s time for the New Business owner to be sensitive to the concerns of their employees and considering their individual needs and goals. By creating that upwardly mobile, team building and mentoring environment these Millennial leaders will become your most loyal team members and our corporate leaders of the future.
Leading by example will yield great results for your growing enterprise, but lack of understanding of this new and thriving millennial culture will be the downfall of many. Be the Me In Team owner and achieve greatness.
- 41% of millennials expect to be in their current job for two years or less (compared to 17% of Gen X and 10% of Boomers) (Job Applicator Center)
- Millennial turnover costs the U.S. economy $30.5 billion annually (Gallup)
- 32% of workers ages 18-35 say they can see themselves leaving their job within a year (Comparably)
- 64% of millennials say benefits are extremely or very important to employer loyalty (Qualtrics)
- If a job lacks growth opportunities and avenues for leadership development, 67% of millennials would leave that position (Bridge)
- Millennials who feel they’re at a great workplace are 25 times more likely to plan a long-term future at that workplace (Great Place to Work)