Turning 40 is one of, if not the most consequential birthdays for most people and, as the Millennial Generation begins to reach that milestone, company leaders best take note. This excellent article by Theresa Agovino for HR Magazine summarizes the life experiences of Millennials along with the memes and the facts about the largest generation in the American workforce.
As for the often overused and misleading memes about being raised by “helicopter parents” and “everyone gets a trophy” the article accurately points out that the reality is that “they’re not so much entitled as emboldened.” The facts bear this out, and it is the facts (the realities) to which business leaders need to pay close attention. Quoting from the article
“Showing Millennials that their ideas are valued is key to keeping them.”
While their collective “ideas” are wide-ranging, it can accurately be stated that they care far more than any previous generation about the pillars of ESG: People, Planet, and Prosperity.
Having a properly constructed, employee-centric, “Total Recognition/Rewards Program” is foundational to addressing this generation. It is now table stakes for any company. The great news is that well-built recognition programs generally cost between 0.5-1% of payroll, but deliver benefits multiple times larger. And as Corporate America pushes further down the ESG path, having such a program in place will improve just about every aspect of those efforts and the efforts to engage better with workers in general. It is the foundation from which companies can most effectively build-out and communicate their vision, core values, and mission to their workers, communities, suppliers, and customers. To show the differentiation that will make the company more attractive to each of those constituent groups.
Happy Birthday Millennials! We’ve been listening and we know just what to get you for your birthday.