How To Leverage Millennial Talent In The Workplace
Generational differences exist in the workplace; however, this fact does not need to impede the development of a productive and dedicated team. Millennials are the latest generation to receive the spotlight, as their presence in the workplace now plays a critical role in the success and productivity of most organizations.
In order to successfully leverage the millennial talent that exists, it is critical to work towards understanding their generation. Understanding is the foundation for any strong business relationship. Being that millennials have a good sense of the future of business processes and tactics, developing their talent will help as you learn to fully leverage their potential and secure the future of your business.
Companies that successfully develop the talent of their millennial and generation z team members position themselves for success in the long term. It is estimated that by the year 2020, millennials will make up about 50% of the workforce, and already be in leadership or executive roles. This is why now is the time to start developing and leveraging their talent.
Talent Development Strategy
The need to develop talent is clear among leaders within most industries. The issue is not the ability to see this need, but rather an ability to act on it. The talent development strategies being utilized among businesses vary depending on size. Larger organizations work towards in-house talent development, while smaller organizations look to outsource these efforts.
What is important here is that actions are being carried out to improve on the skills and knowledge of millennial employees. This will eventually lead to a more successful business, as these team members will grow to reach their full potential and succeed in the workplace.
Approaches to Leveraging Millennial Talent
In order to gain some perspective, and improve your ability to leverage the talent of your millennial workforce, here are some tactics to consider:
Trust and Team Building
At the core of any talent development strategy exists a fair amount of trust. Without an ability to believe in the team members that you are working with, their growth will be stunted, and you will never be able to truly leverage their talent. This concept especially applies to your ability to trust that the investment of resources in these individuals will prove fruitful down the line.
As you are developing new talent in the workplace, it is very important not to lose sight of the talent that already exists. Experienced team members can provide a great level of knowledge to newer team members in the form of mentorship programs. Essentially this should be viewed as older generations teaching newer generations how to succeed.
Times change, and simultaneously evolving should be your organization’s talent development tactics. In order to see continual success, it is critical that talent development leaders are regularly assessing their approach. It can be quite effective to incorporate process reviews in order to ensure that you have your finger on the pulse of what is successful, and new approaches that could work in the future.
High expectations exist among younger generations when it comes to promotions and acceleration through the ranks of an organization. This could be viewed as a negative attribute, or it can be seen as an area that could be leveraged for a company’s success. We believe that the latter perspective can be beneficial, so long as an organization works to guide these younger employees in their quest for a larger role at a company. This is a great opportunity to make promotions from within your organization. Show to your millennial team members that you’re willing to help them develop their talents through challenging projects, and ultimately promote them if they deserve it. This will keep them engaged and excited about the future at your company.
Develop the Entrepreneurial Spirit
Building on the previous tactic, there are ways to leverage the big aspirations that exist among millennials. They strive for rapid advancement, which is why it can be useful to help them grow as entrepreneurs. Look for areas of entrepreneurship that can benefit both the individual and the company as a whole, and water those seeds. This could lead to some innovative thought processes, and eventually new business ideas or strategy for your organization to incorporate.
Millennials are making their presence felt within the workplace. Some organizations are choosing to look down on these younger team members, while more forward-thinking organizations are looking at strategies to leverage and develop their talent. We believe that they possess a lot of potential and can ultimately help secure a better future for companies that choose to leverage their skills. Happy developing!