Why Doing Business Millennial-Style Can Drive Your Organization’s Success

Millennials are said to be the most educated generation in history. They are known for caring about the environment, valuing experiences over possessions, advocating corporate responsibility and building communities around shared interests and beliefs. They are ethical, motivated, tech savvy and interested in working for the common good. In short, they are great for business.

When you consider that Millennials are the largest generation in the workforce today, and that they will be 75% of the workforce by 2025, it’s cause for great concern that they are the least engaged of all generations.1 In fact, only 29% of Millennials say they are engaged in their work.2

Why You Need to Actively Engage Your Millennial Employees

According to Gallup, engaged employees are involved in and enthusiastic about their work and workplace. They help drive performance and innovation to move an organization forward. As a result, companies that engage their employees benefit from:

  • 17% higher productivity;
  • 20% higher sales;
  • 21% higher profitability.3

Disengaged employees generally underperform. They can even undermine what their engaged coworkers accomplish. This is why you need to reach out to your least engaged and most numerous employees, the Millennials. They are ready to do great things. You just need to tap into their unique needs and wants.

What Millennials Want from Your Business

It’s no secret that we’re facing a new millennial-driven paradigm. It emphasizes values, personal competence, technological expertise and the freedom to innovate. While each employee is focused on achieving their own goals to drive personal satisfaction, they will also be actively and enthusiastically contributing to the shared goals of your organization. And because Millennials demand a more flexible, less structured work environment, they can achieve work-life balance while still meeting your objectives. After all, whether they work in the office or remotely, so long as their business goals and targets are being met, your organization will succeed.

Benefits of the Millennial Culture to Your Business

Millennials are intrinsically motivated and they really want to learn and grow. They’re not all about the money; non-monetary incentives like positive feedback and higher responsibilities are of more importance to them. They love to collaborate, are optimistic and work well in teams. They also grew up with technology so they know how to leverage it to benefit your business. On the whole, engaged Millennials are loyal, ethical and care about the big picture.

How to Truly Engage Millennials

It’s important to understand their unique and fast-changing needs. Employ effective use of social media and new technologies to allow Millennials to engage with you and their peers. Ensure you foster a culture of integrity and a sense of purpose that Millennials can believe in and will want to be a part of.

How to Ensure Your Employee Engagement Program is a Success for All Generations

Create a movement and embed an employee engagement and recognition program into your very culture. Make sure you align employee recognition with your business strategies and reinforce desired behaviours. It’s also important to ensure your leadership, at all levels, are on board and participating. Then track and measure the success of your program and make informed improvements based on the feedback and data you gather.

While it’s important that you balance your management style to ensure you don’t alienate other generations who still play a critical role in your organization’s success, there is no ignoring the fact that Millennials are starting to drive the way we do business. Organizations seeking to engage employees have no choice but to adapt strategies to their needs. Are you ready?

To learn more about employee engagement and successfully capitalizing on the new Millennial-driven paradigm, watch our webinar today!


Sources:

  1. Bersin by Deloitte, Global Human Capital Trends 2014: Engaging the 21st-century Workforce, 2014. https://www2.deloitte.com/content/dam/Deloitte/ar/Documents/human-capital/arg_hc_global-human-capital-trends-2014_09062014%20(1).pdf
  2. Gallup, Few Millennials Are Engaged at Work, 2016. http://www.gallup.com/businessjournal/195209/few-millennials-engaged-work.aspxp
  3. Gallup 2017 State of the American Workplace, http://www.gallup.com/reports/199961/state-american-workplace-report-2017.aspx

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