As we look forward to the coming year, I think it's the right time to take a "long-term view" of how we equate the Millennials in our businesses.
The position of millennials in the workforce is a topic often covered in business blogs like mine, and that's a good thing because it's a problem important.
Exactly how much it jumps out at me the other day when Paychex released the company's latest special report – The Rise of the Millennial Employee. The first item in the report is the chart below, which shows the trends of the Millennials, Gen Xers and Baby Boomers as a percentage of the small business workforce between 2011 and 2017. The release of Gen Xers and Baby Boomers is rather dramatic!
The Millennium Overview
The report also provides interesting statistics on areas of the country that are increasingly using Millennials, as well as comparisons between the Millennials and the labor force as a whole. However, I do not think there are too many unexpected results here.
In general, millennials earn less than the national average in earnings, but this is almost certainly due to the fact that they are in the early years of their careers. I believe this is also reflected in the fact that the Paychex study found that wages are rising faster for millennials than for the overall labor force.
The millennium challenge
I like the advice that Paychex gives small business owners to deal with the growing workforce of the millennium. They divide it into three important areas:
- Attracting a Millennial Talent,
- Engaging a Millennial Talent and
- Millennium Talent growing.
Smart small business owners will set goals, plans and systems for each of these areas. I've already talked about attracting and engaging Millennials for your small business team, but I think it's time we start taking Millennial talent growth very seriously. that we have – or we will have soon – with us.
The graph above clearly demonstrates that the current leaders of the Baby Boomer and Generation X groups are about to leave the labor market. We must help the millennial children prepare to take over. And frankly, the companies that do the best will be the companies that will thrive in the next decades. Paychex offers good advice in this area.
The millennial generation in management
You must provide professional development opportunities, including additional training outside your workplace. I must add an important observation to that. Millennials have a much higher university debt than graduates of previous generations. In fact, yesterday I heard about a bright young millennial graduate who is looking to hire a company that will help pay for his master's degree. See what you can do to help your talented and promising Millennial employees.
Another point raised by Paychex is that if you are able to take advantage of Millennials' passions by using them within your company, it builds their trust and helps them integrate better into your organization.
Finally, continue the conversation. When millennials join them, discuss career goals, put a plan in place and monitor it together so that they may feel like they are making progress.