Tips and insights from Sarah Sladek, CEO of XYZ University
If you haven’t started adjusting your leadership tactics to fit millennial workers, you’re already behind the curve. In 2016, millennials officially became the majority in the American workforce, with more than one in three American workers between the ages of 18 and 34, according to a Pew Research Center analysis of U.S. Census Bureau data.
Millennials are bringing an entirely different set of values and expectations to the office, which are posing some unique challenges for employers. For one, these young workers rarely stay in one position for very long. In fact, 66 percent of millennials expect to leave their current positions by 2020, and only 16 percent of millennials see themselves with their current employers a decade from now, according to The Deloitte Millennial Survey.
Of course, these are just a few figures pulled from an avalanche of studies and statistics available about this generation. “I think there’s a certain amount of millennial fatigue that’s out there,” said Sarah L. Sladek, best-selling author, speaker and CEO of XYZ University. “Many people think the millennial focus is way overblown. But there’s a reason why millennials are the largest generation globally, the largest generation in history, and the largest percentage of our workforce. This should be reason enough to pay attention to the demographic that’s now influencing everything from business decisions to consumer spending.”
Sladek founded XYZ University in 2002 when she was 30 years old. What started as a one-woman-show has grown into the leading consulting firm on Generations X, Y and Z. Over the years, her team has studied demographics, economics and pop culture, conducted industry and workforce research, and helped hundreds of organizations better understand the millennial generation.
So, why is it so important for business managers to take time to research and understand millennials? “The leaders who don’t take the time to understand and be in relationship with younger generations are missing out on key information and relationships essential to moving their organizations forward,” Sladek warned.
A Different Breed
Millennials are extremely different from prior generations, which is why managers cannot use old-fashioned leadership tactics with these employees.
“They are the first generation to be raised using technology and the first in over 70 years to come of age during a recession,” Sladek pointed out. “They were raised by the wealthiest generation in history, yet they are currently the most debt-ridden generation in history.”
She adds that millennials were the first generation of children rewarded for participation and not achievement. They were also the first to experience “school shut down” drills in the shadow of terrorism and school shootings. “Millennials have been shaped in radically different ways in a radically different world,” she emphasized.
For Millennials, It’s Personal
Sladek explains that millennials experienced a rocky transition from college to career thanks to the recession. “As a result, they are desperately seeking opportunities to further their careers,” she added. “Millennials will quickly disengage if they feel there is no room for growth or limited opportunities to learn or lead.”
However, the recession also taught millennials another tough lesson: Hard work doesn’t always pay off. “They watched parents and relatives lose their jobs and their savings,” Sladek remarked.
To further complicate matters, this generation does not view work as a destination with defined hours. “This tech-raised workforce doesn’t ‘shut off’ work the minute they leave the office, so to them, work really is part of their lives,” she explained. “It’s personal. They don’t just want a job – they want to feel valued and challenged and have close relationships with their co-workers.”
So, what’s her advice to floundering managers? “If you’re struggling to manage them, ask them to give the management team feedback or put them on a management track,” she suggested. “Your organization has to find a way to stay relevant and engaging to the future workforce – and we’re not going backward. Change will continue to happen. The sooner you listen and adapt to the needs and interests of the changing workforce, the better.”
By: Amy Bell
