According to Jean M. Twenge, Professor of Psychology, San Diego State University and author of What Millennials Want from Work, Charted Across the World, after more and more young employees left for other companies, Goldman Sachs began discouraging young analysts from working weekends. Instead of two-year contracts, they are permanent employees from the start.
Chegg, Inc., an online textbook rental company, had a similar experience – many of its young employees left the company after a year or less. In their exit interviews, Millennial workers (usually defined as those born 1982–1999) said they wanted to be more involved in projects, wanted more time off, and wanted to be able to work wherever they wanted. The company moved quickly, giving younger workers more important roles in projects and instituting unlimited paid vacation.
It worked: turnover among Millennial employees fell by 50% a year for two years.
These successful programs highlight two of Millennials’ most distinctive generational characteristics.
The first generational difference by far was in work-life balance. Compared to Boomers and GenX’ers at the same age, Millennials are more likely to want jobs with more vacation time, that allowed working at an easy pace, and that allowed time for other things in their lives. Millennials are less likely to say they are willing to work overtime, and less likely to expect work to be a central part of their lives. More believe that “work is just making a living.”
The second distinctive characteristic is their emphatically positive views of themselves, and as a result, Millennials (compared to Boomers and GenX’ers at the same age) are more likely to believe their abilities are above average and are more likely to harbor unrealistically high expectations about their future careers.
So what can managers do to engage their Millennial employees?
Instead of having promotions every 3 to 5 years, add more levels that can be achieved in 6 months to a year. This Millennial career ladder has smaller, more frequent steps, rather than larger, less frequent ones.
In the arena of work-life balance, flexible hours, more vacation time, and an emphasis on results rather than face time are all appreciated by Millennials. Their ambition will motivate them to work hard – as long as they can still have a life outside of work.
Based on all of the data on generational differences at work, here are 7 principles for engaging Millennials:
- Focus on results
- Offer flexible hours.
- Explain why Millennial employees are doing the project, why it’s important, and why their role is important.
- It might not be necessary to invent new programs around helping others; those that worked before will work now.
- Realize that compensation is more important to this generation facing high rents and student loan bills.
- Give feedback more frequently.
- Create more rungs on the ladder of career advancement, so promotions occur more often.