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Millennials: Understanding the Generation

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Understanding the Millennial mindset can be a tricky thing to do. Understand some of the key things Millennials need in the workforce in order to be happy. For even more information, check out our eBook here: http://resources.urbanbound.com/millennial-mindset-understanding-millennials

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Millennials: Understanding the Generation

  1. Understanding the generation
  2. MIL·LEN·NI·ALS (n.) 18 to 34 years-young otherwise known as Gen Y [   [  
  3. They can be a difficult group to understand. What do they want? What do they value? What do they need?
  4. You can stop guessing.
  5. Let’s put the power in your hands
  6. We’ll give you strategies to attract Millennials and increase productivity
  7. þ þ þ Millennials have different preferences than their Baby-Boomer predecessors They want more social interaction and team collaboration in the workplace They’re motivated more by cause marketing and less by monetary reward
  8. they’re who your company needs to survive and grow
  9. So, here are 5 things you should probably understand
  10. Millennials seek peer affirmation and feedback (a lot of it!) 1.
  11. THINK TWITTER-SIZE PIECES OF ADVICE: Millennials want small bits of feedback at a time, so even a 1-2 sentence email is enough sometimes.
  12. They also gravitate towards mentorships
  13. 35% of employees who don’t receive regular mentoring plan to look for another job within 12 months Source: http://www.urbanbound.com/blog/a-little-guidance-goes-a-long-way-why-you-need-to-implement-mentoring-programs
  14. The mentorship can work both ways, too! Let your Millennials teach your Baby-Boomers a thing or two - some companies even implement reverse mentoring, in which a new employee teaches a senior employee a helpful skill. Through this reverse exchange, new employees gain valuable relationships with upper management - relationships they know they can depend on in the future if they ever need further guidance.
  15. Millennials also rely heavily on review sites (47% of Glassdoor visitors are in the 18-34 age range.)
  16. trust user-generated content reviews (compared to only 34% of Baby-Boomers) Source: http://go4greater.org/wp-content/uploads/2014/03/img-3.png
  17. Make sure that you encourage employees to write (hopefully positive!) reviews and maintain a strong online presence
  18. Millennials aren’t alllll about the money 2.
  19. Millennials Want to be creative
  20. 83% of Millennials want a job where creativity is valued Source: http://business.time.com/2012/03/29/millennials-vs-baby-boomers-who-would-you-rather-hire
  21. They want
  22. 40% think they should be promoted every 2 years, regardless of performance Source: http://www.urbanbound.com/blog/infographic-the-data-behind-generation-y
  23. They want a little something more
  24. 92% believe success should be measured by more than just profit
  25. They want to feel like they are making a difference, both in the business and also in the world
  26. So let Millennials make an impact   (72% of them say it’s important)  
  27. This can be as easy as: Providing volunteer opportunities Encouraging them to mentor others Letting them teach interns Giving them a growth plan Embracing community activities
  28. Remember: Do good Give back Sponsor
  29. As long as you make your mission clear and , your Millennials will be happy!
  30. Give Millennials the full package3.
  31. Even though Millennials value more than monetary incentives, they still want a competitive benefits package with unique offerings
  32. They value not only the basic benefits like medical insurance or a 401K, but also benefits that add to a well-balanced life (benefits you can achieve for a relatively low cost)
  33. workplace flexibility
  34. unnecessary
  35. Don’t forget about travel!
  36. work abroad Source: http://www.businessinsider.com/millennials-moving-abroad-for-jobs-2014-10
  37. Which makes them the perfect candidate for…you guessed it… relocation!
  38. Remember to provide for their future, too
  39. Companies offering paid parental leave dropped 5% in 2014, which could be a make-or-break benefit for Millennials, as they will soon be entering parenthood Source: http://www.wmmsurveys.com/2014-100-Best-Executive-Summary.pdf
  40. Get comfy: Millennials like to work in a warm and collaborative environment 4.
  41. 79% of Millennials think jeans should be allowed (at least sometimes) at work Source: http://www.forbes.com/sites/tykiisel/2012/05/16/gimme-gimme-gimme-millennials-in-the-workplace/
  42. Source: http://seattlebusinessmag.com/business-corners/workplace/creative-spaces-your-millennial-staff 88% said they want to work in a more social environment where their co-workers are their friends
  43. Healthy snacks and a stocked fridge can go a long way with Millennials
  44. A comfortable work environment can lead to comfortable collaboration
  45. collaborate
  46. Pay attention to how each generation works the best, and find a middle ground that works for everyone
  47. Give Millennials a creative outlet, and they’ll give you productivity
  48. Millennials are very driven by technology 5.
  49. Technology and Millennials are practically a match made in heaven
  50. 59% say state-of-the-art technology is a key factor in picking a job Source: http://www.pwc.com/en_M1/m1/services/consulting/documents/millennials-at-work.pdf
  51. Millennials need less face-to-face communication than your Boomers
  52. compromise
  53. Introduce everyone to video platforms and other technology used to facilitate communication
  54. Hold in-person meetings on a more frequent basis to make them feel more collaborative and less formal
  55. in the loop
  56. þ þ þ Millennials have different motivations – they want to grow, to make an impact, to be social, and to make a real difference. They want consistent feedback and a strong mentorship program They look for a strong benefits package that incorporates a comfortable and flexible work environment
  57. One thing we know for sure though, is whether young or old…
  58. Motivated Confident NEEDED