Millennials will soon dominate the workplace, with 75% of employees expected to fall under this banner by 2025. Undoubtedly, this generation is going to play a big part in defining the future success of your business.
The good news for you is that many of their unique traits suit the direction many industries, and the future of work is heading in.
Here are eight common benefits, backed up by research, that millennials will bring to your team.
Self-improvement is a big deal to young workers. 65% say that personal development is the most important factor in their current job. They want to learn and grow, and they want to do this while they work for you.
This means they’ll be open to any training and learning opportunities you make available, and they’ll actively seek any feedback that will turn them into better leaders. Your team is the single most important thing that will impact the future success of your business, and a team with members looking at continually improving can only mean good things for you.
Millennials have grown up in a time of constant change, largely due to the rapid progression in technology they’ve seen during their lives. No one else in your team will handle the continuing changes to your business and industry than them.
More than half of millennials are attracted to employers who offer career progression opportunities, and they crave added responsibility. Rather than just turning up to work and doing the bare minimum, this generation is heavily invested in the work they do.
They’ll give their all to the tasks you assign them, and if you empower them with added responsibility, they’ll go out of their way to prove they’re capable—to you, and to themselves.
This group is made up of digital natives—the first generation to be raised with a smartphone in their hands. They don’t know a life without computers, the Internet, social media, and hyper-connectivity. As a result, most of them have developed a digital "sixth sense".
To drive sustainable growth your team needs to be at the forefront of innovation in technology, and millennials will help you get there. They are always on the look-out for the next app, program or device to get things done more efficiently. And when the time comes to adopt new systems, not only will they pick it up quickly, but they’ll also be a valuable learning source for other staff.
Social media is a valuable marketing channel for any business looking at engaging with its community, as well as acquiring new clients, and this generation understands it better than most. To give you an idea of just how big a part it plays in their lives, 88% of millennials get news from Facebook.
Whether you are looking at using Facebook to gain new clients, attracting great talent via LinkedIn, or utilizing Google My Business to improve your web reach, it’s likely you’ll find some young accountants within your team with the know-how and enthusiasm to lead it. Let them!
Compared to generations before them, millennials have a healthy tendency to think globally. Growing up with the internet, more affordable air travel and real-time news have all contributed to this.
The international nature of business means that even the smallest practice can easily have customers (or staff) around the globe. Physical boundaries are going to continue to recede, so you need to put your business in a position to capitalize on the opportunities this creates. Millennials will be well-equipped to handle any future moves you make.
95% of millennials say their own employer’s ethics are important to them and most believe businesses have a positive impact on the world. But they think much more can be done to address society’s challenges and they want to be a part of this positive impact.
These staff members have a constant desire to make a difference in the lives of clients and the wider community you operate in. Not only will this help with their motivation, but it will also ensure they take pride in their personal output and the wider results of your business.
A large proportion of millennials have traits that make them a full-stack employee. This is a staff member who possesses a combination of skills enabling them to understand a bit of everything. Beyond the primary role they were employed for, they might understand a bit of digital marketing, client onboarding, and social media.
Innovation can be found at the boundaries between disciplines and as your business evolves, full-stack employees will be invaluable. Whether you’re looking at enhancing your advisory services, marketing in a unique way, or solving an unusual client problem, you’ll often find millennials very handy to have.
While there are always exceptions to rules, you’ll find that most millennials will possess a large quantity of these traits. The challenge is to identify which of them are most important to your success and recruit accordingly. They are the future and will shape your business, its culture and the role it plays in the future for your clients.
If you’d like to learn how millennials are changing the face of the accounting industry, what this means for your firm, and how you can capitalize on it, download Accounting for the generational shift for free.