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We are going to summarize a video provided by Simon Sinek, who has said and shared a lot of things we have already discussed in our newsletters and blogs...
Born 1984 and after, Millennials are accused of being entitled, narcissistic, unfocused, lazy. They do, however, want to work with a purpose, they want to make an impact, they want free food and bean bags (not necessarily the last two, just seeing if you are paying attention!). Yet, give them everything they want, and they are still not happy (truthfully, has anyone really been happy about getting anything, never mind everything, when always easily gained?).
This unhappiness has roots in their upbringing, in their use of technology, their impatience, and our environment...
- The failed parenting strategies in which they were raised provoked more long-term problems than resolved. Let's face it, the parenting styles used to raise this generation tried to circumvent several principles everyone knows is true, some of which are: You reap what you sew, you can't sharpen a knife on a sponge, facing the pain you are going through today will minimize an even greater pain later. Instead, the parenting styles that were chosen focused heavily on issues that mostly could have been resolved over time that would have provided lessons learned early on in life. Those early lessons would have provided opportunities to build character which would have prepared their children for life after school, for the real life. This costly mistake has resulted in a generation that has, as far as we know, the lowest self-esteem than any previous generation. This means there are a sufficient number of Millennials, who are now the largest portion of the workforce, are going to need direction and guidance in overcoming an inhibiting lifestyle from what has essentially not been their fault.
- Next on the list of root causes of the Millennials unhappiness is the lack of balance in using technology. This imbalance has allowed Millennials to filter nearly everything around them. This filtering process has kept them from really conversing which would lead to developing meaningful relationships, has kept them from learning how to work in teams, and has kept them from learning how to develop trust. They do this filtering via technology as it feels good. A Harvard study, completed in 2012, has shown that dopamine is released anytime one talks about themselves through social media (if not familiar, dopamine is the same chemical released when we smoke, drink, or gamble and the release of dopamine forms an addiction when it is not tempered). As the use of social media can provide a high level of dopamine, it makes social media and cell phone usage highly addictive. Truthfully, it is comparable to being provided all the smokes, alcohol, and gambling they wanted at a very young age. Yet, we have restrictions on smoking, alcohol, and gambling and none on the smartphone and social media usage. As a result of what amounts to a full access to a quick fix during the childhood and adolescence, what has been permitted in their childhood and adolescence has created an entire addictive adulthood generation that is numbed by a chemical called dopamine. And they are addicted in their personal lives, their work lives, their social lives, every level of their lives. Like ANY addiction, this dependency has deprived them of learning how to form deep meaning relationships as well as how to cope with stress that comes into their lives. Like ANY addiction, they are not turning to a person but to a device. This has lead to a higher rate of depression in a young generation. These addiction traits, however, can be stopped when one sees the value of a life outside of their addiction -- only now there is a higher level of pain involved as a habit needs to be broken, and new disciplines formed to develop new habits. The good news is they will be all the better for it.
- Millennials are an impatient lot. Any time they want to do something, it is almost always immediately available for their participation - watch a film, read a book, ask someone out on a date, even ordering something on Amazon. This results in the failure to learn the life skill of being patient. This has minimized the social coping mechanisms all previous generations had to learn. Everything is instant gratification... except for job (or career) satisfaction and strength of relationships. Millennials have not learned that social coping skills are slow, meandering, messy processes. They have also never been taught that the most treasured and valuable things in life are arduous, long, and difficult in gaining. All this amounts to never having learned how to build joy into their lives.
- Lastly the traditional company environment of short-term gains and funneling employees into positions where they either sink or swim will, with Millennials, result in a labor shortage never seen before. As Millennials want to learn, want to perform, want to make an impact, the traditional environment is not only unnecessary but minimizes the honing and growth of these desires. And their willingness is half the corporate battle, as many who have the hard skills do not have the proper soft skills that are necessary to carry out the hard skills successfully and fully. Companies need to learn how to teach Millennials how they can build confidence, how they can learn the skills of co-operation, how they can learn to overcome the challenges of a digital world while also finding a sense of balance, how they can learn to overcome instant gratification. All this will provide everyone -- the older generation, the businesses, the Millennials, the joys, impacts, fulfillments, and trust that one gets from working on something for a long time. We can not correct the problem we have created with the Millennials by using the same thinking that created the problem in the first place -- we have to think differently, which means actions must be different as well.
How can we, as leaders for the Millennials, do all this? Well, we ourselves have to relearn, and in some cases learn anew, the principles, laws of life, and the means that builds character. This is not something that should ba balked at -- there is a blessing to be had by us as people, businesses, as well as the Millennials as all will become stronger as a result, and that blessing will be in direct proportion to the effort put forth. This is a principle of relationships that transcends cultures, generations, genders, even IQ levels.
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The chart below is from a PWC employee survey shows that Compensation (Ranked #1) and Benefits (Ranked #4) are among the most important factors Millennials consider when choosing a company.
According to PWC’s Chairman, Bob Moritz, to acknowledge these survey results, PWC expanded choice in many rewards areas – including bonuses.
Also, according to the PWC’s survey of its workforce, a greater percentage of Millennials want to be recognized and rewarded for their work at least monthly when asked about reward frequency (41% vs.30%). Harvard Business Review
The Millennial Shift
Using Total Rewards (Compensation & Benefits) to attract, motivate and retain key segments of your workforce is still a complex and sometimes manual process.
The advent of the Millennials in the workforce has made it even more challenging because they are a new breed: expectations around Rewards may not match the programs and policies you put in place for previous generations.
In 2016, Generation Y or Millennials surpassed Generation X to become the largest share of the American workforce.
This comes after Millennials surpassed Baby-Boomers in 2014. % of Millennials in U.S. Workforce (Pew Research Center).
In my most recent HRMS Software implementations involving Compensation Software, nearly half of all project team members were Millennials.
Some were even Project Managers, and many were in IT — which has become a valuable partner for HR.
You may not be able to keep high-potential Millennials for their entire career, but acknowledge their successes, reward them more frequently, and who knows, they may come back, after getting tired of that competitor that doesn’t offer a rewards culture that satisfies them.
Rewards Decisions and Strategy With Millennials
To facilitate your rewards decisions and strategy towards Millennials, I share with you the following benefits of my 20+ years of compensation administration, analysis and management consulting projects in Total Rewards and HRMS Software:
- Millennials like to receive their rewards as cash, gift cards, product packages, or even matched charitable contributions; this can be in the form of a Spot bonus program or worked into your short-term incentive program some way
- One-size-fits-all rewards strategy is out; introducing employee choice & self-selection of Total Rewards are in
- Increased Transparency — provide explicit about career paths and visibility into next level(s) — whether hierarchical or lateral moves; Millennials value skills development that will help them grow — don’t assume staying in the same job function is their goal
Impact for HCM Software or Compensation Software Solutions
- Build trust through maintaining data points that support productive conversations about next steps in careers
- Need Data and good, updated data on Jobs, Competencies, Job Functions, Career Paths, succession paths
- Calibrate outside tool to do workforce planning to support business strategy
- Which employees fit into your companies’ current and future jobs based on business strategies and needed competencies (e.g., See Succession Planning tools — Examples of 9-Box Grids)
- Total Rewards Statements — Total Rewards including non-traditional choices. Benefit: reminds Millennials of their employer’s investment in rewards by value and by reward vehicle
- Off-Cycle rewards integration for managers to reward on the spot – doing so flexibly and meaningfully
- Promotion filters for managers – well-defined criteria for the manager to select the right job based on employee readiness and performance; effective planning for promotions creates bench strength for your organization and transparency for your employees to visualize their career opportunities
That said, Millennials’ preferences in the Total Rewards area do not need to create administrative burdens for you.
Free Information from Cornerstone OnDemand, New to HR, and Others
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Use these proven strategies. Are you able to attract and retain the Millennials you need to compete in an increasingly complicated landscape? Millennial job candidates can be burdened with stereotypes painting them as selfish, entitled, and lazy. Use this insight and much more to help Millennials in the workforce be more successful with these proven strategies. See how different – and similar – millennials are to other generations in the workplace. We have identified the job competencies required to meet your expectations – and the expectations of your clients. Offered Free by Caliper
The Real Secret to Attracting, Hiring, and Retaining Millennials Millennials in the workforce are here to stay (except for when they leave you for better growth opportunities). So it’s time to stop taking the same approach to hiring and retaining talent that we used 15, 10 or even just a few years ago—instead, do something that’ll really work. In this Ebook, we’ll show you what really wins over Millennials. Things like opportunities for growth, mentorship, transparency, and your company’s mission. With 30 + pages of actionable tips and insights, you’ll walk away with a better understanding of how to attract, hire and retain millennials. Offered Free by The Muse
The rise of millennials are our future leaders. Did you know that every day for the next 19 years 10,000 Baby Boomers will reach age 65 and already today Millennials make up 50% of employees globally? New leadership skills are required to meet the expectations of the Millennial Generation. Download this Infographic that has valuable information that will help you understand their needs so you can plan successfully for their development! Offered Free by Cheryl Cran
Get to know the soon-to-be workforce majority, and their ability to rapidly take over every realm of the human resource function. By 2020, half of the professional workforce will be of the millennial generation. Fluent in the language of social media and computer processes, we’ll find plenty of Generation Y on both sides of the interview table. This survey asked individuals ( the majority have worked in HR for at least four years) to assess the skill set, vision, and culture of Gen Y HR pros as they break out onto the office floor. Offered Free by New To HR
Discover how leveraging performance reviews and eLearning empowers you. To get the best performers and strongest leaders, proper performance evaluation processes and training opportunities need to be available. Organizations who utilize performance reviews and eLearning are more likely to experience:
> Higher engagement and productivity
> Increased career mobility
> Increased ability to manage compliance training
> More millennial recruitment
Interested in learning how to attain such benefits? Download How to Maximize Workforce Growth with integrated Performance Management and eLearning. Offered Free by Cornerstone OnDemand
Compensation software, such as COMPOSE by Decusoft can help you meet these Total Rewards challenges by automating your compensation planning process, no matter how complex.
COMPOSE has a flexible ad hoc reporting tool and experience working with clients of all sizes to develop successful outcomes tailored to your goals. Our approach is different. Hands-on consultants, with experience in the above solutions, work with you during every phase of your business cycle; not just during implementation. With Millennials, Gen X, Baby
The Decusoft approach is different.
Hands-on consultants, with experience in the above solutions, work with you during every phase of your business cycle; not just during implementation.With Millennials, Gen X, Baby
With Millennials, Gen X, Baby Boomers, and The Silent Generation demanding acknowledgment and rewards, your solutions should be as innovative and varied as your workforce.
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Garrett is the publisher, editor, writer forThe HRIS World Research Group, which includes The HRIS World, The HRIS World Research, The HRIS World Jobs, The HRIS World News, and The HRIS World Videos
With more than 20 years in roles as a client executive sponsor (#thwCES), project manager as well as functional / technical lead, Garrett is sought for his expertise for project insights, thought leadership, and team management globally.
He has been involved in large-scale and complex implementations since 1991 and has recently moved his operations to be with his wife in Brazil.
Garrett has had the pleasure of working with some of the greatest talents in the industry, and constantly shares his experiences and knowledge through content and webinars.
He maintains his fluency in Portuguese, German, French, and English with his various endeavors and contacts..
When not working, you will have to be adventurous to stay up with him as Garrett loves motorcycling, gunnery, boating, sailing, flying, and sports fishing -- and accompanying his wife on her various likes
About The HRIS World Research Group
The HRIS World blog, which is read by more than 50,000 from more than 160 countries monthly, manages to have more than 550,000 pages viewed monthly. 40%+ of the audience are decision-makers in their organization (and about half of that being C-levels!).
As CEO for CGServices USA Inc, he focuses on multi-provider, multi-line implementations consultation for HRIS systems
Council and Education Member of Gerson Lehrman Group Council, helping institutions of the world leaders meet, engage and manage experts across a wide range of sectors and disciplines.
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