Millennials, also known as Generation Y, are entering the workplace in record numbers. They are idealistic, diverse, digitally-enabled, social and perhaps most importantly, ambitious. While these are all traits that can make a positive impact on your organization, it is a tall task to retain and motivate millennials for a variety of reasons. Their attitudes toward work and careers differ from previous generations as evidenced by the following:
- In a recent survey, millennials prioritized “meaningful work” over high pay.
- 1 in 3 millennials said “social media freedom” is a higher priority than salary.
- 70% of millennials are planning to change jobs once the economy improves.
Change can be daunting, but these factors are not difficult to embrace and can ultimately improve your company culture. Here are some things you can do to maximize your leadership of millennials:
Empower the entrepreneurial spirit, provide feedback, let them grow
- 92% of surveyed 21-24 year-olds said entrepreneurship education was vital in the new economy
- 30% started a business in college
- 80% of millennials said they would prefer feedback in real time rather than via traditional performance reviews
- 65% of millennials said personal development was the most influential factor in their current job
To learn more about the who, how and why of leading Gen Y, take a look below at the infographic produced by UNC Kenan-Flagler Business School.