By Heather Gray
The economy is still struggling and, with unemployment at 18.4 percent among Millennials in 2010, young professionals are not afraid to look elsewhere for a job.
A survey funded by the Ewing Marion Kauffman Foundation and conducted by the Young Invincibles in conjunction with Lake Research Partners and Bellwether Research found that 54 percent of the nation’s Millennials either want to start a business or already have one. Despite the high number of those who desire to start their own company, only 8 percent currently own their own business right now.
Use an entrepreneurial nature to your advantage
With so many of those in the youth and young adult market looking to start their own business, it may seem difficult or even a waste of time to pursue them as potential employees. This would be a huge oversight for any organization, because Gen Y would make valuable employees. Entrepreneurs are innovative, willing to take calculated risks, confident, disciplined and persistent among many other qualities. Given the opportunity and the right environment, you can retain young leaders who will work hard to pursue the tasks you give them.
How to appeal to a Millennial in the workplace:
1. Don’t be afraid to give a Millennial more responsibility or the opportunity to manage a project.
- Someone with an entrepreneurial spirit is likely to yearn for the chance to lead or organize something. Give Millennials the opportunity and see if they thrive. Then, keep an eye out for other projects in which they could offer their help to keep them engaged, challenged and feeling important to the business. This will help create the loyalty that Gen Y is not particularly known for.
2. Allow opportunities for honest feedback AND be open to potentially implementing changes that could improve business.
- Sometimes projects are turned in and later one person expresses an idea or change that would have made a huge difference in the end result. When asked why they said nothing earlier, they simply respond, “No one asked me.” This unfortunately happens more often than we like to admit, so make sure there are avenues for discussion, brainstorming and helpful critique. Entrepreneurs often have new ideas of doing things, they all may not be effective, but it would be worth it for the one idea they share that makes a difference.
3. Offer rewards for dedicated efforts.
- Entrepreneurs are hard working, driven individuals, but will not give 100 percent unless it is viewed as worth their time. Thus, simple incentives like overtime pay, bonuses, benefits, vacation and flexibility will go a long way in getting the most out of a Millennial.
Can you think of other ways you can utilize an employee with an entrepreneurial mindset? How can you implement these into your current work environment and get the most out of your current staff? Keep these things in mind and your company will be more attractive to young people and they will stick around as long as they feel like a valuable asset.
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This entry was posted on Tuesday, April 17th, 2012 at 1:49 pm
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