Understanding Millennials

Knowing who they are makes it easier to know how to manage them. Born between 1980 and 2000, Millennials make up the largest part of the workforce. Knowing how to manage them and how to get the most out of them is one of the most important skills for maximising one of the most important resources a business has, its employees.

Nature vs. Nurture

Born to baby boomers, Millennails were cherished by their parents who showered them with praise so they have a strong sense of self-worth. Their childhoods were filled with structured activities. You might say that this is not uncommon but the difference lies in the fact that they are first Internet generation. This means that they have had unprecedented access to information, connecting them with each other and the world. 

A Millennial...

  1. Feels worthwhile and wants recognition because their parents showered them with love and praise.
  2. Wants work life balance and flexibility, they don't want to sacrifice their family life for work. They have a“work hard – play hard” attitude.
  3. Is very team-oriented and enjoys collaborating and building friendships with colleagues.
  4. Is confident with high levels of collective optimism and a focus on positive solutions to big problems and the greater good.
  5. Is under pressure to perform, work hard, plan for their future and take full advantage any opportunities that come their way.
  6. Want to know that they will have the opportunity to advance and develop their careers within the company they choose to join.
  7. Wants to feel like they have an open and honest relationship with their manager and co-workers.
  8. Millennials overwhelmingly believe businesses are focused on their own agendas rather than helping to improve society.
  9. Only 28% of Millennials feel that their current organization is making full use of their skills.
  10. More than half aspire to become the leader or most senior executive within their current organization, with a clear ambition gap between Millennials in emerging markets and developed markets.

What does this mean to your business?

A recent study by Deloitterevealed some interesting stats about Millennials which shows there is a major opportunity for retention of talented young professionals within an organization. Especially if businesses tailor their approach to their specific traits and getting to the bottom of making them tick. Here are some of the stats:

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