Largest Group of Workers
Clearly, the age group knows as Gen Y or more commonly, Millennials, is the largest group with Baby Boomers second, and Gen X third. They are also the largest group in the Workforce. By the year 2020, they will represent 50% of all workers and by 2035 a whopping 75%.
Most Ethnically & Racially Diverse
According to the U.S. Census Bureau, the most racially and ethnically diverse age group is Generation Y. This means that diversity is your new reality. And a core leadership competency of diversity and inclusion is a must for all firms. Firms must cultivate a culture of acceptance and appreciation of all. We are not as different as we think. We are all more alike than we are different. We all share the same fears, same hopes, and same dreams. We all breathe the same air and we all bleed red. We all need to learn to work with each other regardless of who they are and what they believe.
Want to make a difference at work
Unlike Baby Boomers, Millennials long for meaningful work. They will not stay at a job just to have a job. They seek a career and or a calling. They desire a better work/life balance too.
They were born in the information age. Technology is their friend. They embrace it. Let them take the lead on the implementation of new technology.
Social Media Savvy
Social media was invented by a Millennial. Let them be your guide to have a presence on Facebook, Instagram, Twitter, and LinkedIn, among other platforms.
Value Transparency and Trust
They readily and openly discuss their salary, benefits, and bonuses with their peers. Management cannot keep this secret. This means that there has to be more equality among levels of workers.
Training and Development
Firms need to have a training and development program. They need to provide a clear-cut career path or paths. Millennials must feel that they are progressing.
Firms must have a formal mentor/protege program. Millennials, if there is no such program then do seek out a mentor. You can’t Google experience.
Next Generation Leaders
They clearly will be the next generation of leaders in your firm. Stop hating on them. Every elder generation believes that the next generation will somehow destroy humanity. They are tasked with solving all the problems created by the Baby Boomers.