PwC Survey: do you know how to manage Millennials?
Finding and retaining younger talent is one of the biggest challenges faced by CEOs, according to a recent PwC survey.
CA Today speaks to Jan Bowen-Nielsen, from coaching company Quiver Management, about the changes business leaders can make to lead the Millennial generation successfully.
“In such a challenging environment, it makes perfect sense to meet the needs of this workforce head on, starting with a more cohesive, mentoring approach to management style. It is, after all, the workforce of the future and we must do all we can to engage and integrate this generation into the workforce of today,” says Jan, discussing the challenges faced by business leaders when managing the Millennial workforce.
"It's also important to recognise that Millennials are not just young trainees," notes Jan. "They are ranging from late teens to their mid-thirties and becoming a significant part of the workforce. Millennials are reaching an age where some are taking on middle and even senior leadership roles."
What do Millennials want from their career?
The PwC survey highlighted that 38% of Millennials are actively looking for a new role.
Jan said: “until now, they’ve been willing to compromise, take lesser roles and remain longer in one place during the global economic downturn. However, as the world recovers from the financial crisis, they are poised and more confident to move on to better employment, seeking jobs that align more closely with their personal values.”
The survey also recognises the strong similarities between millennials and preceding generations, noting that job security, loyalty, and variety in their career remain important. However, there are notable differences in career expectations, with the strong beliefs that personal and professional goals are more closely intertwined than ever, and a stronger shift to the importance of work/life balance.
Want to know why Millennial management is important and find out tips about how to manage your young workforce? Come along to our exclusive How to Lead Millennials breakfast event, hosted by ICAS and in association with Quiver Management. Learn how you can adapt, lead and retain your young talent.
“It needn’t mean that you’re about to lose your young talent. If you are aware of the needs and expectations of your millennials, and take an active role in meeting those requirements, promoting engagement and offering the rewards that they seek, this is an opportunity to prepare your organisation for the future,” Jan explains.
How to meet Millennial expectations
The PwC survey highlighted a number of key factors:
- The biggest draw for Millennials to an employer is the opportunities for career progression.
- Their most valued opportunity for progression is the chance to work with strong coaches and mentors.
- The highest-ranking benefit they want is sustained access to training and development (this ranks higher than financial reward).
- Millennials dislike outdated working practices, rigid hierarchies, fixed hours and the same, uninspiring place of work.
Jan asks: “the question is, how well equipped are managers and leaders in understanding these requirements and providing for them?”
Chances are, you have at least one Millennial on your staff. So what do you need to know to lead a Millennial workforce? Are you equipped to deal with the rising digital natives? Our free breakfast event will help you reap the rewards of an engaged, productive workforce.