Millennials are the up and coming generation of employees. They tend to be better educated and more culturally diverse than earlier generations—also notorious for leaving jobs when they feel dissatisfaction with their work and the opportunities it offers. What should your company do to keep this new generation engaged and motivated?
Our partners weigh in on this topic and give some examples of how you can build motivation and commitment amongst your younger, millennial talent.
Liz is a highly experienced international executive who has run both large and middle market companies and built world class organizations in the U.S., the Caribbean and South and Central Americas.
"I believe that two of the most important job features that will help to attract and retain millennials are offering them a flexible work week and more vacation time."
Keith is a Newport partner in New England who has been president of operating divisions in four different Fortune 500 companies, in sales/marketing roles as well as other strategic leadership responsibilities.
"Celebration of individuals and collective successes with recognition awards can be an important part of the picture."
Helen’s career has focused on developing and executing strategies for business development and growth for leading retail and consumer companies. She has worked with private equity for more than 25 years-- as CEO of seven PE-owned consumer and retail companies and as an operating partner to eight PE firms.
"It's all about offering millennial talent restricted stock units and in-house employee services."
Ron is a Newport partner in West Florida who has a diverse background as a CEO and senior executive in the consumer packaged goods industry, especially food, with public and private companies.
"Most companies aren’t doing enough! Today's job seekers are looking for different kinds of benefits and rewards. Most companies haven't learned that yet."
Tom Henricks began his four decades in aerospace as a fighter test pilot in the U.S. Air Force before being selected by NASA to become an astronaut. After leaving NASA, Tom has held a series of senior level positions in the aviation industry.
"Best practices include trying to engage millennial talent in all levels of decision making and providing them with modern, less structured work environments to enhance motivation and commitment."
Sam, a Newport partner in Atlanta, is a seasoned executive with a record of implementing strategies to enhance revenues and profits across a variety of industries. He has particular expertise in assisting clients in redesigning their sales organization and sales management processes.
"Companies are rethinking their reward mix of: money, advancement opportunities, and recognition. The mix of carrots that comprise each has changed. Important features include vacation time, flex time, work schedule, etc."
Guy Kennett is Managing Director of Newport Board Group’s practice in South Florida. He has extensive experience developing mobility strategies and mobile apps.
"Recent studies have shown that millennial talent are not just looking for large salaries, but innovative benefit packages, flextime, option to work from home, flex benefits, employee discount programs, and opportunity to use state of the art technology laptops."
Art Medici has a diverse background as an executive leader in e-commerce, high tech, telecom and information companies. His experience spans startups, high growth small/mid cap firms and global leaders like Thomson Reuters.
"Younger talent seems to be highly interested in community service. Forward thinking firms are finding ways to accommodate this interest to the advantage of the firm and the individual."
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Billie is a Newport partner in the Pacific Northwest who has been Executive VP and CIO of TrueBlue Inc. (NYSE: TBI) the largest industrial staffing firm in the U.S.
"Companies are experimenting with changing legacy policies to be more flexible (blurring the line that has traditionally separated business and personal activities). They are focusing more on employee engagement as opposed to turnover and are being more explicit about their social purpose in addition to their core business purpose."
Ted Parrish is a Newport partner in Dallas. His background in advisory services includes solving strategic and operating problems for banks, financial service companies, manufacturers, distributors, retailers and transportation companies.
"While most mid-market executives aren’t focused explicitly on millennials, they are however acutely tuned into retaining high capability employees in order to insure efficiency and consistently profitable operations, and attracting capable new employees to provide lower costs and higher sales."
Mark is Newport’s Chief Knowledge Officer. He has held similar roles in both global consulting companies and entrepreneurial professional services firms.
"I recently visited an early stage company where the CEO made a point of saying that their Director of Operations, a millennial, came to the company with a non-business background and is doing a great job. I think that innovative companies are more open to younger employees with unconventional backgrounds if they bring an exceptional level of talent and energy. Most millennials I know want to be part of a team that is intensely motivated and goal-oriented, with minimal bureaucracy."
Performance must be the relentless focus if a company is to sustain growth and prevent a stall.
Learn the pratical steps you need to take to make the shift from a culture based on loyalty to one where all employees assume collective responsibility.
To break through the second stage of growth, this transition is a necessity to ensure team alignment and accountability.
