By: Tevin Smith
Generation-Y, Millenials, The Trophy Generation, whatever you choose to call them, according to the U.S. Bureau of Labor Statistics 36% of the workforce will be made up of these young professionals by 2014. By 2020, half of the workforce will be Millenials. To achieve long-term success, business leaders will have to keep Gen-Y happy and productive.
Here’s your 3-point plan to Gen-Y success:
Invest in development:
Gone are the days where money is the only motivator for young professionals. For most Millenials professional development is the most important benefit they’re looking for when choosing an employer. Millenials need to understand timelines for advancement and be kept in the loop about growth opportunities. A structured mentoring leadership development program for recent graduates is a great way to cultivate young talent for future leadership responsibilities.
For a generation raised in team sports and group projects, promoting team cohesiveness can increase productivity and loyalty. Millenials often feel a stronger connection to the people at a company than the actual company. Building strong relationships with colleagues will lead to a stronger connection with the organization as a whole.
A generation of risk-takers and thrill-seekers with immense confidence in their abilities, Millenials crave responsibility in the workplace. Giving responsibility doesn’t necessarily mean altering job descriptions. Ensuring young professionals know how their role contributes to the overall success of the organization is vital to Millenials.
Implementing these strategies will require time and effort on the part of today’s leadership, but with a large number of Baby Boomer’s nearing retirement the leaders of today cannot afford to neglect the movers and shakers in business of tomorrow. Using strategic approach to effectively leverage the talents of these fresh-faced thinkers will ensure a promising future for organizations.
Tevin Smith is a guest writer for KRS Consulting. Tevin has a passion for small business and seeks to illuminate issues that promote productivity, growth, and sustainability of business. Contact Tevin Smith by email at firstname.lastname@example.org.