Maximizing Millennials

The Who, How and Why of Managing Gen Y

Who Are Millennials

Education Attainment

Males

Females

Millennials are the most diverse generation.

Millennials:

Previous Generations:

Generational Differences:

Percentage of 20-year-olds who value a job with more than 2 weeks of vacation as “very important”:

Percentage of 20-year-olds who value a job that gives you a chance to make friends as “very important”:

Percentage of 20-year-olds who value a job that most people look up to and respect as “very important”:

Why does your company need them?

Millennials want to learn and grow with you.

Millennials are tech-savvy multi-taskers.

Millennials switch their attention between media platforms like laptops, smartphones, tablets and television 27 times per hour on average -- as compared to only 17 times for previous generations.

Millennials can be a social media megaphone for your company.

Friends of fans represent a set of consumers 34 times larger than fans themselves. Having employees who are more active on Facebook can greatly increase your digital reach.

Millennials On Social Media

Millennials are motivated by more than the money.

Job factors valued as important:

1 in 3 millennials said he/she would prioritize social media freedom, device flexibility and work mobility over salary in accepting a job offer.

Millennials are mobile.

71% of millennials would like to work abroad.

Millennials want to lead.

How To Keep Them At Your Company

Organizations will need to recognize the priority millennials place on flexibility and fulfilling social needs at work, while at the same time setting realistic expectations of career paths and advancement opportunities.

Flatter Them:

This generation prefers on-the-spot recognition to traditional performance reviews. A whopping 80% of millennials said they would rather receive feedback in real time, not to mention frequent check-ins to keep a pulse on progress.

Motivate them:

Motivation of millennials will require coupling structured assignments and frequent feedback with opportunities to learn, grow and contribute in meaningful ways. Millennials want a work environment that is comfortable and inspires them to contribute without fear of being criticized, such as one that has “pizza party” lunches or offers time off for a job well done.

Collaborate:

Millennials are natural collaborators, particularly when the group’s purpose and goals are understood. Employers should be clear about deadlines and any business boundaries the group should be aware of.

Sources:


Kenan-Flagler Business School

Phone Number: 888-986-2622
Email Address: OnlineMBA@unc.edu

Legal

© The University of North Carolina at Chapel Hill for its Kenan-Flagler Business School. All rights reserved.