Millennials, the population pool between 18 and 35 years of age, are the primary wage earners in our country. Going forward, we wouldn’t be surprised if they lead India’s growth story (some of them are already leading) as their numbers are rapidly growing in India’s working age citizenry. More than 46% of millennials form a part of India’s working age sector. It is also the biggest demographic population in India and worldwide. Millennials account for 28% of the world’s 7.7 billion population. In our country, millennials comprise of 35% of the total population. Also known as Gen Y, they are definitely influencing and dominating various professional domains especially the consumer market. They are categorised as those having high disposable income, digital connected, ambitious and growth-oriented. With these statistics and characteristics of millennials in mind, it is clear your company is going nowhere if you neglect the most important work force and how to manage them. Let’s have a look at some effective tips to manage Gen Y in your organisation.
Usually it is the impact of the task that motivates the millennials than the task itself. Modern science proves that they differ in views from their previous generations in terms of working hard vs working smart. However, they shouldn’t be misunderstood as indolent. Research highlights their aspiration to drive a positive change in the world. It’s just that they like to split their time and energy between their professional and personal lives. Nevertheless, many fail to gauge how their daily activities are collectively making a greater impact. Your organisation can play a big role in reminding millennials about their significant roles, impact and purpose towards creating meaningful change. This will help you build a long-term relationship with this highly productive workforce.
Make use of their digital capabilities
Most millennials are digitally savvy as they are the first generations of people to grow up with internet connectivity on a daily basis. They are amongst the first to realise, embrace and benefit from technology that keeps us connected digitally. Their day-to-day experience and knowhow can help your organisation to discover various opportunities (and benefit from them) in the world of the internet.
Know what motivates them to stay
Many research papers prove over 42% of millennials would take up other jobs within 2-3 years. Less than 30% will stay in the same organisation for more than 5-6 years. However, millennials do stay in organisations that value a flexible working culture and provide for diverse leadership teams. If you manage to build diverse leadership, employee, and client teams along with a supportive work environment, chances are talented millennials will stay loyal to your organisation.
Treat them as family
Millennials value being valued on an individual level. They respect organisations that support and motivate them in their professional as well as personal pursuits. Treat them as a human being, and not as a human resource. This is one of the major drivers of effective millennial management.