The Importance of Motivating Millennials in the Workplace
A motivated employee is often a happier and more productive employee. However, what worked to motivate an employee in the past may not work as well with Millennials, and in today’s workforce, they’re the ones who need it the most.
Millennials will make up nearly half of the workforce by 2020, and furthermore, when they depart their jobs, businesses pay. A survey by consulting firm PwC indicates that companies spend between $15,000 and $25,000 to replace each Millennial who leaves. Below, I provide some more insight on why motivating Millennials in the workplace is critical to your business success.
Millennials provide fresh perspectives.
Millennials could become some of your most innovative employees, as they bring a fresh approach to more traditional ways of doing business. They thrive on collaboration, work-life balance and multi-tasking. Furthermore, Millennials are comfortable with technology and help ensure your business stays up to date on the latest trends.
Millennials are uniquely diverse.
It’s no secret that diversity helps businesses thrive, and Millennials are some of the most diverse people there are. Millennial diversity does not simply mean race and ethnicity, it also includes family backgrounds. More so than previous generations, Millennials hail from single-parent homes, same-sex families and blended families, and their experiences can help them (and you) greatly in the workplace. Motivate Millennials, and you get to tap into that wonderful world of diversity.
They’re not like Baby Boomers.
What you may have noticed works with Baby Boomers in terms of workplace motivation won’t be terribly effective with many Millennials. For example, Baby Boomers love structure and are patient, while Millennials need to progress quickly and be recognized for the work they do. Learning how to motivate the Millennials in your workplace will help encourage productivity and improve your working relationship.
Millennials are unafraid to change jobs, and if they don’t feel engaged at work, they’ll leave. No business wants to lose valuable employees plus spend upwards of a hundred thousand dollars replacing Millennials every year. When you develop a Millennial engagement strategy, you’re doing more than motivating employees—you’re also taking care of your bottom line.
This blog post touched a little bit on how to motivate Millennials, but it’s definitely worth your time to find out more. Read my paper on the subject to learn more about engaging Millennials in the workplace.