In partnership with SAP, Oxford Economics recently conducted a survey across 27 countries, including more than 5,500 executives and employees in large organizations. Results indicate companies may have an easier time engaging those five generations than it appears. Why? Well, the results conclude that Millennials and prior generations really aren’t that different. Some of the myths that they attempt to debunk include:
The Oxford survey finds that inter-generational differences are actually less pronounced than these myths would have us believe. Let’s take a closer look:
Myth Buster #1
The survey findings indicate that Millennials are actually slightly less likely than non-Millennials to leave their jobs in the next six months (21% vs. 23%).
Myth Buster #2
41% of Millennials say higher compensation would increase their loyalty and engagement with the company, compared to 38% of non-Millennials.
Myth Buster #3
Only 29% of Millennials say work/life balance is important to their job satisfaction, vs. 31% of non-Millennials.
While Millennials share similarities with non-Millennials, companies should take note of the distinct differences between generations. For example, while both Millennials and non-Millennials are almost equally likely to want more feedback, Millennials seek it more frequently, with 50% preferring it on a monthly basis, and as many as 16% of Millennials surveyed wanting it on a weekly basis. Most non-Millennials (51%) would prefer feedback on a quarterly or annual basis.
As a whole, Millennials are not really that different from their older counterparts. The good news is companies do not need to overhaul their engagement and retention strategies to cater to the new generation. The survey suggests that current practices of fair and equitable compensation, focus on work/life balance, and creating a fun and engaging workplace will work with Millennials as well.
One area companies should consider increased focus with Millennials is meaningful work. Adam "Smiley" Poswolsky, author of The Quarter-Life Breakthrough, argues that Millennials yearn for meaningful work. He defines meaningful works as "work that provides personal meaning, reflecting who you are and what your interests are, allows you to share your gifts to help others, and is financially viable given your desired lifestyle." Meaning is personal, Poswolsky argues, so meaningful work may look different for everyone.
In order to provide Millennials with a meaningful and empowering work environment, Poswolsky suggests companies provide:
Measurable results will be key to demonstrate that impact and engage and attract Millennials.
It is important for leaders to partner with their people and understand what motivates them. They should also work together to remove obstacles in their way to enable their people to do what they do best every day.
Poswolsky argues that Millennials seek a flatter organizational structure, and a holacracy may attract more Millennial talent than the traditional hierarchical structure found in most organizations. Why? It comes back to meaningful work and the ability to make an impact.
The Call to Action
According to the Oxford Economics survey, only about 30% of executives surveyed say their companies pay particular attention to the needs and wants of Millennials.
Whether you subscribe to Oxford’s theory that Millennials really aren’t that different from other generations or not, it is important to recognize that the entrance of a new generation into the workplace will bring about unexpected challenges. Companies have to be ready to meet those challenges head-on.
The key question to ask now is: are you ready for the next generation?
Game on.