How companies should manage millennials
All multinational companies are striving to compete on an international level, and one of the strategies to do so is to ensure a good workforce. Companies try organizing their working population by hosting developmental programs to help them learn and improve. The old methods of company retreats are the most minimal efforts made by current companies. In this process, the challenge faced by companies that do so, is the various populations and generations that coexist within the company and the dynamics between the two. As companies grow and expand, their workforce tends to comprise of different generations of employees, mostly millennial and baby boomers. The values and needs of the two generations differ vastly.
The millennial, characterized as Generation Y, could span from 18-26 years, making them the youngest population of any organization. The millennial having been raised by baby boomer parents have usually led protected and well-cared for lives. They are hard-working but are more likely to feel a sense of entitlement; they want access to high level information or exposure to clients or company strategies. Millennials have more freedom toward choosing a career orientation and have more options than ever before. This generation is not looking for a company to provide them a steady career, they are looking for an opportunity to learn new skills, skills they can use in other career paths as well, if they choose. They look for organizations that can give them a good working experience that would be functional yet enjoyable and also very interactive and communicative. Communication is significant to this generation, they like to understand the role they play in the organization and how they are valuable to its growth. It is important for them to understand the organizational goals.
Millennials that hail from families with baby boomer parents have seen their parents willing to put in all their time and effort into work. They have also subsequently seen it lead to possible outcomes like divorce or health problems. Baby boomers were willing to make sacrifices from family time or personal time in an attempt to progress in the company or develop financially. They were a lot more hard working as a generation.
Millennials on the other hand are willing to put in effort as long as they are assured a work-life balance. They crave life experiences apart from work and need to feel a balanced sense of life. If companies can meet expectations of the different generational employees and bridge certain gaps between the two, the workforce can be better mobilized. Organizations aim at making their company a place that employees would want to join, stay and develop.
With these different expectations from new generations, it is important for companies to ensure all leaders and managers solidify company values and beliefs. Leaders are required to be aware and sensitive to the various cultures of their employees who join as the company globalizes, so that the internal environment of the organization is effective and harmonious.