Millennials and Gen Z want to work for themselves
72% of Millennials would like to be their own boss. Being your own boss usually means you can work when, where and how you like as long as you are delivering results. It offers freedom, flexibility and eliminates the need for conversations around the dead notion of work/life balance. With current technology, work and life today are fungible , they look the same. Being your own boss is a lifestyle, not a job.
If you embrace Gen Y and Z’s entrepreneurial spirit and build a culture to support, rather than crush it, they will not need to leave your company to fulfill this desire. Giving your employees the flexibility and freedom where ever possible to be their own boss with a focus exclusively on results, produces greater employee engagement, loyalty and ultimately better business results.
Why is it difficult to attract Millennials and Gen Z employees?
Millennials are primarily interested in opportunities for career growth as young professionals crave for career growth, flexibility and a sense of purpose. Following are reasons which makes it difficult to attract millennials :
- • Many businesses still operate on the nine-to-five model or a variation of that model. Traditional industries are still focused on a fixed office location and set hours which makes it unappealing to Gen Zs and millennials who favour working wherever they want.
- • Millennials and Gen Zs are attracted to activities that inspire them. They want to work on projects that are creative, that solve a world problem and that let them use their unique skills. Most businesses still offer ‘jobs’ versus meaningful work.
- • Millennials and Gen Zs are looking for inspiring leaders who will help them grow, who will mentor them to success and who will share everything they know to help the career goals of the millennials and Gen Zs.
- • Currently in business, there are many leaders who are still operating from the leadership style of ‘command and control’ and have not made the shift towards collaborative and team focused leadership.
- • Gen Zs and millennials thrive on the real-time outcomes of bringing an idea to fruition very quickly. Many times in current business the time it takes to get a creative idea into rapid production can be months. This is snail time in the mind of a Gen Z.
How to attract Millennials and Gen Zs?
Since young professionals always want to make an impact , they care about being challenged, impacting society and making a difference in the world . Working in some of tech company allows them to be on the cutting edge of society and see their ideas come to fruition as they are more likely to seek out companies with progressive management . Tech companies like Apple, Google, Amazon and Microsoft top are on the list of employers that millennials want to work for, hence good news is that one can still attract and engage these generations, but not in the ways that have worked in the past.
- • Any company that has high integration of robotics, AI and automation will have greater appeal to Gen Zs and millennials as they want to leverage and collaborate with technology to innovate the business.
- • Shift the structure of your company towards creating meaningful projects and meaningful work.
- • Companies can attract and engage more Gen Zs and millennials as freelancers and contractors.
- • Set up the company with multiple ways of working such as remote working, projects, team projects with senior leaders, and reverse mentoring (where the millennials or Gen Zs mentor upwards).
- • Leaders need to embrace the entrepreneurial mindset of millennials and Gen Zs and seek to inspire and consistently provide career path insights, growth opportunities and recognition and reward for work well done.
Bye, Bye ! Nine-to-Fives for Millennials forever !
Today’s young job seekers live in a world where physical presence is optional: Banking, renting movies, hanging out with friends, going to school, ordering dinner have all transformed from a ‘place you go’ to a ‘thing you do’ from any connected device. Millennials view work in the same way; not to be measured by hours at a location, but by the output of what you do. Millennials don’t just want to spend their time earning a paycheck; they want to invest time acquiring the skills and knowledge they need to grow both personally and professionally.