Have a look at your workforce, there’s a good chance that it is generationally diverse at every level.
Millennials, also known as Generation Y ( the generation born between the early 1980s and early 2000s), make up a quarter of the UK population. However, they have been a subject of a number of debates and have gained a reputation for being difficult to manage.
As the first truly digital generation, Millennials, their behaviours, beliefs and attitudes, are the fundamentals of the fast-changing world we now live in.
It is easy to tag the generational defect when Millennials are not meeting the expectations of their leader. However, Millennials demonstrate many positive characteristics that make them truly valuable.
Here are 3 most common myths about Millennials and the truth behind it.
1. Myth 1: Millennials have no work ethic
Numerous Millennials entered the job market after the financial crisis and have never known the world without the internet. Their expectations about job and money are different from previous generations.
It isn’t that Millennials don’t want to work – they do. However, they value things that stretch beyond financial success. They want to work effectively to balance work time and personal time.
For them, working long hours does not equal working hard. Predominantly, Millennials are results-orientated. They desire to complete tasks well and do so effectively, allowing more leisure time.
2. Myth 2: Millennials are unmotivated
The previous generations have been largely motivated by the future and financial stability. Promises of rises and promotions are the main motivators for Baby Boomers and Gen Xers. They demonstrate their commitment through working overtime.
Millennials seek a different path. Money is important but time is the ultimate currency. Having the access to both means that millennials will sprint to deliver positive results for the team and the business. The also value feedback and recognition, without it motivation will drop.
3. Myth 3: Millennials aren’t loyal.
According to a recent research, many Millennials are planning to exit their current roles. They feel underutilised and don’t believe they are being developed as leaders.
Millennials will form the majority of the workforce in a near-future. Some researchers estimating as high as 75% by 2025. The reality is that Millennials are no longer leaders of tomorrow. In many cases, they are today’s leaders. Is your business doing enough to develop the next generation of leaders?
As a Business Leader, you create the reward system within your company. Do you apply sheep dip leadership strategies or do you understand and recognise what drives individuals in the team?
Personal development is a significant factor in growing and retaining high-performing millennials. Do you invest and reward your team with training - perhaps prepare them for their first or next leadership role?