Source | LinkedIn : By Lisa Tharayil
“I’m more interested in people than I am in how businesses work.” — Peter Drucker
The current workforce comprises of four generations: traditionalists, baby boomers, X-ers, and the Millennials. What interests the millennials to work and continue working for an organization is intriguing because they have different lifestyles and work values than the other generations at work. After all, values shape behavior which creates organizational effectiveness. According to generational expert Bruce Tulgan (2009), the millennials have been “much analyzed, but largely misunderstood.” Hence it is unsurprising to note that the other generations at work have problems when it comes to managing the millennials. In a study by American Express and Gen Y research firm Millennial Branding, it is found that the Millennial Employees have an overall positive view of their managers, believing they can provide experience (59%) and wisdom (41%). But, this study reveals that managers have an overall negative view of their young workers. For example, they have unrealistic compensation expectations (51%), poor work ethics (47%), and lack of concentration (46%). According to theGallup Business Journal (August 6, 2013), despite their higher engagement levels, they are particularly prone to job hopping. A Watson Wyatt report estimates that turnover costs between 48 and 61 percent of an employee’s annual salary (ADP staff, n.d.). Hence, organizations need different kinds of management styles while dealing with the Millennial Employees.
Considering that top CEOs are foreseeing a phase of talent shortage persisting in the next decade (Deloitte, 2014), we can witness the “War for Talent” (Chambers, Fouldon, Handfield-Jones, Hankin, & Michaels, 1998) intensifying concerning attracting and retaining talent. As it is argued that the “star talent entering the workforce in the next ten years will most likely be from the [millennials]” (Howarth, 2012: 91), and that “CEOs, you can’t fire millennials, they’ll fire you” (Charan, 2016); attracting and retaining them are vital for organizational effectiveness. (Read the full text of Ram Charan, world-renowned management guru, at: http://articles.economictimes.indiatimes.com/2016-02-03/news/70313765_1_fdi-sectors-management-guru-ram-charan). “Organizational Y-Sizing: Creating a Millennial-friendly Workplace” is a state of the art, 2 days, on-campus management development program (MDP) for managers who are passionate about getting the best from their millennial colleagues.