Those who graduated from college between 2003 and 2018, known as millennials, are projected to make up 40% of the workforce by 2020. Despite many negative labels attributed to their work ethics such as a lack of motivation, laziness, disrespect, and unwillingness to earn their stripes, millennials bring their own unique perspectives to the workplace. Unlike other generations like baby boomers, Gen X, and Gen Y, millennials do not see their work as defining who they are.
In the millennial perspective, a job is a means of pursuing their passion, rather than simply a means to pay the bills. Their job preferences differ from those of previous generations too. Numerous studies suggest that millennials value flexibility in the workplace and would accept lower pay if that meant reducing their office hours. An MTV survey even found that 90% of millennials desire a fun work environment, marking a stark contrast to older generations.
While traditional companies might view millennials’ priorities as skewed, underestimating them would be a mistake. They’re hard-working, proactive, and committed to improving their organizations. Hiring millennials could boost your business, and there’s much to learn from this fresh generation.
The key lies in implementing Management Theory Y. Instead of the conventional Theory X approach, which tends towards excessive micromanagement and stifles creativity, Theory Y proposes that employees will naturally want to contribute to a company’s success if their needs are met and their work is appreciated. Often, managers forget what it’s like to be lower-level employees and apply authoritarian tactics. However, various studies have reinforced the principle of mutual benefit: If you build a satisfied workforce, your business will prosper in return.
In today’s digitally connected era, millennials play a crucial role. They’re always connected, turning what some perceive as a weakness into an asset during emergencies, responding swiftly when needed. Where baby boomers may disconnect from work after office hours, millennials are known for continuing to monitor their emails. This constant connection also enables them to stay updated with market trends and customer sentiment about your company.
Moreover, millennials are armed with a skill set that rivals that of even your most experienced employees. They effortlessly adapt to new technologies and can help modernize your business, propelling it into the 21st century.
