Updated: August 17, 2017
Born from the 1980s to the early 2000s, many Millennials have graduated college and entered the workforce. They are destined to become future business leaders and managers.
As of 2016, 4 out of 9 Filipino Millennials are working, Philippines Statistics Authority reports.
But 2 in 3 Millennials expect to leave their current job by 2020, the 2016 Deloitte Millennial Survey forecasts.
So how can you develop Millennial leaders for your company’s long-term growth?
Here are 3 proven ways on how to lead Millennials in the workplace.
Share Your Company’s Vision, Mission, and Values
Millennials are more purpose-driven than older generations.
In Center for Generational Kinetics and Barnum Financial Group’s whitepaper, 60% of Millennials claim that a sense of purpose is part of the reason they chose to work at their current employer.
Most Gen Y workers want to find meaning in their work and are not satisfied by simply completing their hours.
Your company’s vision, mission, values, and culture are now essential in recruiting and retaining Millennials.
Be sure to include financial education for all your Millennial staff. Being financially responsible empowers them to be more productive and fulfilled, in or outside the office.
Be Authentic. Walk The Talk.
There are two major causes why Millennials job hop:
- Their values are not aligned with the company’s
- The company does not practice what it preaches
Gen Y employees are more critical of what their company says or does.
Also, Millennials want their companies’ vision and mission to be congruent with their actions, HAVAS Worldwide’s Prosumer Report observes.
They value companies that are true to their cause because they want to align themselves to a greater purpose.
Through the Internet and Social Media, they can see past Marketing speak, Public Relations spin, and inauthentic pep talks.
So practice what you preach.
Develop a Collaborative Work Culture.
Millennials are all about teamwork.
Intelligence Group’s study found that 88% prefer a more collaborative work-culture rather than a competitive one.
Some of today’s most successful companies, including Google and Zappos, use physical and virtual tools to inspire and enable a collaborative workforce.
Coach your team to be productive members by delegating responsibilities, not just tasks. This enables them take ownership of their work.
“Building this type of culture not only makes business “˜cents’ through increased productivity and creativity, but it also creates a more engaged workforce, increasing morale and helping attract and retain top talent,” Huffington Post suggests.
We can only manage what we can control. Our staff’s thoughts and behavior is beyond our control. However, you can control your thoughts, perspective, and behavior to be a better leader and example for them.
Have a fresh perspective on Millennial workers. They may have new ways to grow your business.
So be more empathic with your Millennial staff’s personal and professional goals and challenges. By understanding who they are and what they need to succeed will help you form better company policies.
This article is an excerpt from Developing Millennial Leaders: The Definitive Guide To Attracting and Retaining Generation Y Employees. Written by Sean General and Diane Ting.
In this FREE eBook, you will discover 13 other ways to attract and retain top Millennial talent. Download this FREE ebook and learn how to motivate and develop Millennial leaders at work.