If you are reading this then you are probably either a millennial or you manage millennials!
Millennials now make up the largest segment of the workforce, and according to the U.S. Bureau of Labor Statistics this will rise to 75 percent by 2030. If you are a millennial, then this article may not resonate with you. However if you manage millennials then listen up – I’m looking at you baby boomers and Gen Xers!
As the millennial workforce grows, the management of millennials in the workforce will become increasingly more important, and this will fundamentally come down to how well you understand them and their expectations. Consistent employee feedback, coaching and development opportunities are high on the priority list when it comes to millennial career demands, and it’s also important to note that not all young people are the same. In a recent study by Virtuali and WorkplaceTrends.com around millennial leadership in the workplace, 39% of the millennials surveyed were not satisfied with the leadership in their company, with 50% of the respondents citing poor communication as the biggest problem. This insight shows that open communication and an efficient feedback loop is crucial when working with millennials.
Millennials are born into a digital world of instant communication and gratification, and have now begun to expect this in the workplace when it comes to the management style of their leaders. With this in mind, it shows why the annual performance feedback review process is so broken, and why communication is key when managing millennials. Performance feedback examples from situations over 6 months ago can become irrelevant, and will not have the same effectiveness than if they are dealt with in a more responsive manner.
Continuous feedback allows for more fluid communication and gives managers the data to make more informed coaching decisions. Trust has always been the key component when it comes to the retention of high performing talent, and the easiest way to build trust is with effective communication. 360 feedback surveys offer a streamlined approach to gather feedback and allow managers to successfully communicate with and understand more about the new millennial workforce.