7 Quick Tips for Motivating Millennial Workers
Millennials are no longer the youngest employees entering the workforce. Instead, they are the largest generation group in the workplace today. According to Pew Research, millennials make up more than one-third of all U.S. employees. While millennials are the most educated of any generation before them, they’re also notorious job hoppers. To retain most of their employees, organizations must evaluate strategies for motivating millennial workers.
Taking a more strategic approach to hiring and engaging workers is critical in keeping up with the demands of millennials. Working capital loans and similar financing opportunities can assist with retention initiatives. Here are seven tips for motivating millennial workers:
1. Establish a Clear Path to Growth
Millennial employees are more likely to look for meaning and impact in their work. Because of this, they tend to prefer a structured organizational environment. This means ensuring employees:
• Understand potential paths to promotion.
• Know what they need to do to be considered successful.
• Are confident in how their efforts support the company’s vision.
When your workers have a structured role within the company, they have a clearer sense of purpose. This helps them remain engaged and feel valued, which in turn boosts employee productivity.
2. Provide Strong Leadership and Guidance
Younger employees who want more responsibility need leadership and coaching to help them succeed. Since offering growth opportunities is critical for motivating millennial workers, you must provide strong leadership to minimize any risk that may be created by moving younger employees through the organizational ranks.
Make training employees a part of your company’s goals. Providing millennial employees with opportunities to take workshops, seminars, and classes will help them strengthen their core skills and learn new ones.
3. Encourage Teamwork
When motivating millennial workers, it’s important to encourage teamwork. Millennials often value collaboration and relationship-building rather than working in isolation. Younger workers appreciate opportunities to work closely with teammates and feel that the business will benefit from their diverse skill sets and ideas.
Fostering a strong collaborative environment can create a sense of connection between workers. Consider investing in modern technologies that make it easier for employees to internally communicate.
4. Offer More Flexibility
Work-life balance is one of the most important things to consider when motivating millennial workers. With today’s advanced technology, millennial workers aren’t limited to the 9-to-5 workday or tied to their office desk. Because of this, work-life balance is more valued and attainable. A recent study from the Griffith Insurance Education Foundation discovered that millennials will sacrifice pay for increased vacation time and greater flexibility. Companies that offer flexible schedules, personal time, and the ability to work from home have a better chance of retaining younger employees.
5. Take Advantage of Digital Literacy
Many millennials grew up with immediate access to computers and the internet. They aren’t all digital natives, but they’re comfortable using today’s digital tools to work as efficiently as possible. Using this general knowledge to empower millennial workers to solve specific business pain points can make workers feel more valuable to your business and improve your daily operations.
6. Understand New Work Expectations
Today’s younger workers are entering the workforce with vastly different expectations than older generations. Millennials generally expect to make friends at work. They want to build close relationships with colleagues and have flexibility around how and when they get the job done. Providing a cohesive environment, adjustable hours, and opportunities for relationship-building is essential to motivating millennial employees.
These issues add up to highlight new cultural expectations about how people work. As a rule, millennials don’t want to clock into the office each morning and clock out each night. They want their work to fit in with the rest of their lives. They want comfortable office environments that prioritize fun in the workplace. Not every business can deliver this flexibility and cozy culture with ease. If you have a field service team, for example, you need to build schedules around customer demands and set clear expectations. The key is to do what you can to accommodate employee preference and create a sense of openness as an organization.
7. Use Incentives for an Extra Edge
Engaging employees is often easier when you can reward those workers. Millennial workers respond well to reinforcement and appreciate having their efforts recognized. A few incentive options that can stand out for millennials include:
• Extra PTO days, making it easier to manage work-life balance.
• Casual workdays, allowing employees to be more comfortable on the job.
• Parties and social events, fostering relationship-building.
Open communication and incentives can go a long way in keeping millennial workers engaged and motivated.
Funding Your Employee Motivation Plans
Developing creative financial incentives for motivating millennial workers can help drive an increase in sales and overall employee engagement. For example, sales and operational incentive-based contests are known to get employees energized. Whether you are thinking of using financial incentives to motivate your millennial works, need to invest in your current workforce, or want to fill a payroll gap, small business loans are an option. These financial solutions provide immediate access to cash, so you can motivate and manage your workers as effectively as possible.
Consider how your business and employees could benefit from supplementary working capital and contact us today.