The hardest part is over; you’ve already attracted and hired a whole slew of millennial employees. Now the question is, how do you keep them motivated enough to stick around? This group, made up of people born roughly between 1980 and 2000, are quickly becoming the hottest commodity around. They account for over 80 million people in the U.S. alone and are the first generation to grow up with the technology and social media that has taken over the world.
According to Dan Novaes, the 25 year-old, Chicago entrepreneur and CEO of MobileX Labs, there are four key areas managers must focus on in order to understand what millennials value and what will motivate them to perform best in your business.
It may come as a shock, but Generation Y doesn’t care about the number on their paycheck. Unlimited vacation, stock options, and a happy hour on Thursdays are much more attractive perks in their eyes. Obviously, a large annual salary wouldn’t be so bad, but it’s not the most important thing.
This desire should be easily obtainable for you as a manager. It will cost you less and make your Gen Y employees happier; it’s a win-win. Providing a public transit benefit or putting a retirement plan in place will increase productivity over just raising the amount on the pay stub.
2. Culture, Culture, Culture
There is a massive grey area when it comes to the definition of company culture. A strong working environment means more than the casual dress code and the free espresso machine. Our CEO, Adam Robinson says, ‘authentic culture is really easy to spot: you can feel it. It’s inescapable, invigorating and infectious to those who are a part of it. Vendors arrive for meetings and leave feeling like they want to quit their job and come work there. People absolutely love what they’re doing, and you get the sense that most people would do just about anything to help their teammate or their company achieve success.’ Millennials want to be part of something special. They want to help make a difference.
3. Be a Role Model
You are the one that your employees look up to. Your work ethic and habits will rub off on your team. Your positive reinforcement and enthusiasm to get things done will not go unnoticed. Working late on a Friday or even coming in on the weekend can provide your Gen Y employees inspiration. They will start to say to themselves, ‘this is what needs to happen in order to be successful?’-and then follow suit.
4. Take them seriously
Millennials takes a lot of pride in themselves and what they have to offer. Their creativity and innovative way of thinking can provide real value to your business. Look at them as people with certain skill sets instead of people performing certain tasks. There will be a greater sense of respect and motivation in the office.
Generation Y is on the move. If they don’t feel their contribution to the company is taken seriously, they’ll get up and go to a company where it is. Nurture their talent and embrace it with open arms. They’re here to help.
This generation has been called everything from the ‘tech-obsessed’ to the ‘trophy’ generation; putting technology over work and needing recognition for everything they do. Being digitally connected is one of the most important factors in running a successful business these days and hard work should be recognized. Hold on to these go-getters by focusing on these four areas. You’ll fly by companies who aren’t in no time.
Want to learn more about what millennials are thinking? Download our free eBook and get inside their minds!