Engaging the Millennials, getting them to commit whole-heartedly to the culture, mission and vision of their employer, is absolutely crucial to the future success of any company, non-profit or association that pays people to work for them. But to engage the Millennials it is necessary first to understand what is important to them. Companies that try to impose restrictions that make no sense to the Millennial mind will find themselves constantly searching for new talent to replace that which just left to go work where the culture fit their priorities.
In other words, the better the talent of the employee, the more mobility they have in the job market. This is a prime example of PLOT, Profits Left On the Table, that can make a critical difference to a company's bottom line. Constantly spending money searching out, interviewing, hiring and training new talent is simply flushing profits down the drain, not to mention the negative effect such a never-ending process can have on the company culture.
Millennials value teamwork more than competition; they would rather work with a co-worker than against them. They are very socially conscious and want to leave the world a better place than they found it. Flexible work time is something they understand more than rigid schedules; they see no difference between working 8-12 PM and 8-12 AM, as long as the work gets done. Entrepreneurship is high on their priority list, but perhaps most important is 'work-life integration', they want to live life to its fullest, live out their dreams while also pursuing their career.
Recently, a consultant called on a 40 year old company (let's call it Company X) that had once dominated its market, but which in recent years had been losing ground to competitors. The company was in a very specialized and competitive industry where expertise came at a premium, and the vast majority of Company X's newer employees were Millennials, who were naturally drawn to the industry (it concerned electronics). From his research the consultant already knew much about the company and its industry, then went about discovering details of Company X's operations.
The company CEO listened to the consultant, answered his questions, and was generally open about all aspects of his business. The most serious issue facing the CEO, who was also the owner and founder of Company X, was a turnover rate that exceeded 50% the previous year, and sub-contractors who gave Company X's competitors priority over him.
After ascertaining details of the serious problems facing the company, the consultant decided to recommend the hottest new employee initiative to hit the USA since the Wellness Program. Companies deploying the program have shown remarkable results for little cost, and the consultant recognized that for Company X the total cost of deployment came to something less than 1/2 of 1 per cent of his current loaded compensation plan for most of his employees. A no-brainer, right?
Not so fast.
The CEO's response was: "I'm 70 years old, haven't taken a day off in more than five years and my doctor says if I'm still alive in 6 months he will be shocked. My employees work 70-80 hours a week and if they had time for anything else, I would find them more work to do. We are losing so much money I'm not even sure I can keep the doors open, but I still spend most of every day trying to hire new people because everybody keeps quitting. I don't have time to try anything new, even if I could afford it! And if my employees don't like it they can work somewhere else!"
Once, this CEO had been an innovator, but he had become a dying dinosaur and he was taking his business with him to the grave. He was from a different generation and could not engage his younger employees because he could not understand them, and he refused to try. Millennials do not mind working hard, but their hard work looks different from traditional ideas of working hard. For them results matter, not appearances.The CEO of Company X was willing to let his company die rather than change an old value system that did not resonate with the available workforce; when it came down to 'Adapt or Die', this CEO chose 'Die.'
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