Small Businesses Must Embrace Millennials, Not Fear Them

It’s very frustrating to me, the inane and insane fear of “Millennials.” Sure they’re young, inexperienced, born in a world of swiping, touching and social connectivity. But “Millennials” have a lot to learn from older professionals as well. How to shake hands, clearly communicate verbally or written. How to lead and be led and more.

There is so much focus on Millennials as increasingly they are the ones who will be working for us and who we will be working for. They are the ones who will be leading the shared economy and pushing the boundaries on digital communications.

In that context, Microsoft released a new survey in partnership with PWC that will be helpful.

Download the full survey here. Check out a summary of the report in the blog of Cindy Bates (head of Microsoft small business).

Why Do Millennials Matter?

Millennials matter because they are not only different from those that have gone before, they are also more numerous than any since the soon-to-retire Baby Boomer generation — Millennials already form 25 percent of the workforce in the U.S. and account for over half of the population in India. By 2020, Millennials will form 50 percent of the global workforce.

Millennials Want More than Money

Millennials are attracted to employers who can offer more than merely good pay. That’s not to say that pay isn’t important — 44 percent of those questioned said competitive wages made an employer more attractive, the second highest proportion for any factor given. The biggest draw for Millennials, though, is the opportunity for progression — 52 percent said that they felt this made an employer an attractive prospect. Once again, the ambition and optimism of this generation comes through

Developing Millennials

One of the strongest Millennial traits is that they welcome and expect detailed, regular feedback and praise for a job well done — 51 percent of those questioned said feedback should be given very frequently or continually on the job and only 1 percent said feedback was not important to them. The companies that are most successful at managing Millennials are those that understand the importance of setting clear targets and providing regular and structured feedback.

Republished by permission. Original here.

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This article, "Small Businesses Must Embrace Millennials, Not Fear Them" was first published on Small Business Trends