According to Forbes, by the year 2020 over 50% of the American workforce will be Millennials (born 1981 to 2001). By the year 2025 that statistic will grow to 75%.
Baby Boomers began retiring in 2008 and this trend will continue at the rate of one every 8 seconds for the next 8 years. There will be major impacts to your business in the next few years. The fact is, less experienced workers will be doing the bulk of the work. Senior leaders must prepare them to manage and ultimately lead their business.
The generation gap is not such a hard thing to understand. The fact is that we were all inexperienced workers in our 20’s. As each generation came along, we each thought we were different and we certainly had a different way of thinking than the previous generation. Regardless, there must be mentoring, training and feedback for the incoming workers to have solid business growth and retain your talent.
However, before a business can train, they need to attract the best and the brightest. This is your pipeline for future leaders. And some of those recruits will need to jump into a leader role earlier in life because the GenX population is simply not large enough to fill the same vacant footprint of the exiting Boomers.
When it comes to attracting and recruiting there are some things recruiters need to know about this newest generation. This is where the generations really show how they’ve changed.
The Millennials have seen their parents’ generation struggle when several enormous corporations went bankrupt and failed because of corruption and greed. Then the economy went into a recession and many families experienced financial difficulties because the household breadwinners were laid off after working many years for a company – some lost their homes. There were not many good jobs available for Millennials leaving college. Those that received opportunities didn’t get paid as much as the incumbent needed or wanted to launch themselves in the world. But they made it work because they developed a different value system overall.
For this next generation, a paycheck is important but it’s not the only thing they want from a company they work for. They have been taught to think highly of themselves and go for what they really want. They want to make a difference in the world. They look for employers who are the right fit for them.
There are three different general categories of Millennials. The first group are the entrepreneurial types who have big ideas and are creating their own companies. They love working for themselves, traveling the world and making a big impact.
The next group are highly educated, have big dreams and want to work for a company that has strong values. These young professionals are conscientious workers, want or already have a family and they need to feel they are contributing to making the world a better place. Some of these high achievers want to be leaders and they have much to offer but they won’t just work for anyone. They expect a company they work for to also make a difference in the community.
The final group cares little about money in general. They care deeply about improving life on the planet. They will work for non-profits that are making big headway in helping the less fortunate or improving the world environmentally. These Millennials are willing to work for less because of who they work for and why they work, i.e. to serve humanity.
In all three groups, Millennials want to make the world a better place. We need to help them do it the right way.
The best way to attract the best and the brightest for your company is to have a product or service that helps improve life on earth. Companies that have strong values of integrity, quality, customer focus and who give back a percentage of their resources (time and money) to the local community, will draw high level Millennials. Millennials want the opportunity to volunteer and be altruistic. Providing these type of experiences in your company is a clear benefit where every generation wins.
Let’s be clear. Millennials will change the world. Not only because they are more conscientious and educated than any generation before them, but because of the sheer numbers.
Be wise and invest in listening to their ideas and training them with good values and the leadership skills they need to change our world and serve humanity in the best way. In doing so, your business will surly live on and be led by excellence and integrity for generations to come.
Contact me if you want help in educating your workforce!
