The Millennial generation, our favorite generation to talk about. Will this be the first generation to be less well off than their parents? Will this be the generation that holds strong to their entitlement streak? Will the recession negatively impact their career trajectory? Do we truly understand what is important to them? Are they really that much more different than prior generations?
A study by SBR Consulting, LLC about the Millennial generation offers insights into these and other questions.Stacey Randall, SBR’s founder and Chief Consultant, is an expert on Millennials and workforce-related issues.She is a consultant to companies on talent assessment and delivering value to employees. The SBR study is called Millennial Generation Today: Impact of the Economic Environment on Recruitment, Retention, and Engagement. It offers deep insights, beginning:
The last few years have been interesting, to say the least. The Millennial generation (Gen Y) has graduated or worked through one of the toughest economic periods in recent decades. The goal of our study aims to determine how this generation feels about working in corporate America, future employment decisions, what’s important about work and their future. Much has been said about this generation in the past five to 10 years, but has the recession and slow recovery changed their thoughts, perceptions and behaviors in regard to work?
I recently discussed a few of these questions with Stacey Randall and here are some of her comments:
Career Upshift: How did Millennials get such a bad reputation?
Randall: It is a rite of passage. Every generation gets labeled. The older generations just can’t help themselves. Since every generation has received a label, they must pay it forward. (Remember when all Gen Xers were slackers and would never have the work ethic needed to work hard and ascend to leadership positions?) We as a society are really good at putting people or groups of people in boxes and we don’t all fit in every way (and sometimes you fit so well you really are a walking cliché of your generation).
This generation is uber-connected in ways that work for them. Nevertheless, since some of those communication mediums are foreign to the rest of us (at least until we learn how to use them) we don’t value them in the same way or let them define us in the same way. Some Millennials have no trouble standing on their own two feet and adapting to the world or work environment around them. Whether they like it or not and plan to stick around is another issue. But just as a few rotten CEOs cast a potential haze over all CEOs, so too do Millennials.
Career Upshift:In light of the gloomy review that Millennials receive, what do you suggest new grads do when applying for jobs against older candidates whose generation has a better rep? How can they compensate for the millennial scarlet letter?
Randall:I do want to start by saying that not every company has an “issue” or some beef with this generation. But to your point, some do. But it is not always a generational issue – sometimes it is just a life stage question. When you are older you believe you are wiser, know more and others should listen to you. But when you were 20, the 40 year olds thought the same thing about you. But it is a reality so a few tips I would keep in mind if I were graduating would include the following:
1. Do not underestimate the power of being “cheaper labor.” Figure out how to sell and brand yourself – your work/intern experience, leadership positions in organizations/clubs, volunteer gigs, etc. And keep hitting home the message of your ability to work hard and learn.
2. Highlight your strengths as it relates to the job and industry. Is there an advantage to being young and fresh? If so, figure out what it is and use it.
3. People love to cheer for the underdog, so use the scarlet letter to your advantage. Make sure you establish your credentials and show – in subtle ways – that you are the cream of the crop and not the walking depiction of this generation. Be respectful, listen first, and then ask questions. Send a handwritten thank-you note and talk about your commitment to the organization.
4. And to those still in college, I say: Get experience, as much experience as possible. I am an adviser to a student organization at a local university and I can always tell which students have had the benefit of an internship and which have not. It shows in their effectiveness as communicators, the respect they demonstrate and their ability to perform their duties within the organization.
Career Upshift:When Millennials get hired should they expect more suspicion regarding their performance than other new hires receive? Aside from performing well, do you have other suggestions about how they can earn trust?
Randall:Probably but then again, the most recent new hire is usually watched most closely. All Traditionalists, Baby Boomers and Gen Xers were scrutinized when they were in their 20s and just starting out. And with companies creating buddies, mentors, and 365-day on-boarding programs, it gives the perception (to those not in HR of course) that they need extra assistance.
Companies create these programs in order to accelerate the time it takes for a new hire to become productive and committed to or engaged with the organization. But this fact isn’t always sold in this way to the other employees. They are just left to reflect back on their first day or week of work.
There are smart ways to gain trust: Show up, everyday, on time, and do your work well.Ask questions, good ones, not because you are too lazy to figure it out yourself. Express an interest in learning about the business and what makes it successful.
Millennials must understand who they are up against, I mean working with, and what makes them tick from a generational perspective. Don’t become them, just know what makes them tick, why they may have issues with your generation (or all young people in general). Leverage that to your advantage. It may sound cliché but knowledge is power and it gives you an edge.
Career Upshift:Your research shows that 70% of Millennials are considering the possibility of changing jobs. What is the normal statistic for other generational groups? This is an extraordinary statistic when the job market is so challenging in a recession. How do you explain it? Are young people less concerned about financial security because they don’t have the pressure yet of such responsibility forces as mortgages and children?
Randall:This is one area in which all the generations agree, especially the three main generations in the workforce today: Baby Boomers, Xers and Millennials. As stated in the white paper, 84% of American adults answered a Right Management survey that they actively intend to seek a new position this year and according to the 2011 MetLife Employee Benefits Trends survey, one in three employees hopes to be working elsewhere in the next 12 months.
All generations are concerned with financial security – though for different reasons – but if other opportunities present themselves they are going to consider them. In general, Millennials are delaying marriage and families so they are the most mobile demographic. Nevertheless, do not discount the Millennials who graduate with an average of $20,000 in college loan debt. They need jobs to pay off those loans.
Career Upshift:Should colleges be addressing this situation with upcoming graduates to try to modify the attitude of Millennials?
Randall:YES! Consider this: There is a reason that MBA programs at schools like Columbia University, Stanford, and University of Southern California are now introducing soft skill classes to their MBA students. It is to help them develop the communication and leadership skills needed to lead people, versus only focusing on the “hard” skills like how to manage P&L. The same should be true for Millennials. A healthy dose of reality of what it is like to work today with four generations in the workforce (and all the other ways we are different).
Some receive this guidance through internships. But classes or even seminars would allow for Millennials to deconstruct the situations they are dealing with and give them tools to apply effectively. I’ve given a presentation called “Managing Up and Your Career,” which provides to young professionals or juniors and seniors in college understanding and tools to succeed and excel in today’s workforce.
One final point: My father gave me great advice early in my career whenever I complained about salary. He said, “You learn in your 20s and earn in your 30s.” That statement became the cornerstone of how I made decisions to further my career. I took jobs that paid less if they could offer more growth potential, an ability to grow my network or my skills. Millennials today should not be afraid to embrace this wisdom.