Much has already been written about Millennials and the implications of the helmet wearing, everyone gets a trophy, your opinion matters, it’s okay to fail, environment in which they have been raised. Despite the challenges of working with Millennials, companies often hire them in an attempt to address mediocre products, feeble attempts at innovation, and general lackluster performance. Many companies believe that simply crossing the East River and ending up in Williamsburg, Brooklyn will produce immense creativity, unbelievable insights, and incredible digital acumen.
Executives publicly talk about hiring millennial talent in an attempt to obfuscate the structural and managerial innovation-hindering problems inside their companies. The problems however, are far more complex than the demographic composition of an employee base. Simply throwing a ton of young eager Millennials into the mix or even opening up a funky new office space in Williamsburg will not make a company more innovative… it won’t even make it more hip.
There is no argument that large companies are generally inept at innovation. Many executives believe that they simply lack the talent needed to successfully innovate. They like to tell investors and boards that it’s lack of young talent that has stunted the company’s growth. Apparently admitting that the company is too complacent, too lazy, too bureaucratic, or too arrogant to innovate doesn’t play as well as blaming an aging workforce.
However, it’s ludicrous to think that a successful senior executive who over the course of his/her career has mastered the complexities of supply chain management, the intricacies of GAAP accounting, or the nuances of direct marketing cannot equally master digital business models or disruptive technologies. The issue is not lack of ability, intelligence, or skills. It’s not even an issue of age. In most cases, it simply comes down to the corporate environment in which these executives operate.
These issues are particularly prevalent in the media industry. Over the last year I cannot recall a single media executive I’ve spoken to who did not at one point mention the need for more millennial talent as a solution for dealing with the overall decline of their business model. Apparently, if the company simply had more Millennials, they would have predicted (and done something about) the decline of the radio/music/print/TV/advertising businesses.
This is not to say that Millennials are not able to add value or serve as key contributors to the transformation of media companies. They offer valuable skills, fresh insights, new perspectives, and tremendous energy. However the future of the media industry (or any industry under duress) does not rest on the shoulders of a specific demographic, but rather on the industry’s ability to adopt new business models, evolve its business practices, and re-evaluate corporate assets. All of which can happen with or without Millennials… as long as those in charge create the right conditions.
The senior executive who toiled for decades to occupy a comfy corner office has different motivations from the scrappy young millennial who is eager to please. Properly motivating employees (irrespective of age or seniority) and providing them with the environment necessary to succeed is tough… replacing them with younger/cheaper Millennials is easy.
Many CEOs have admonished their HR departments for failing to attract and retain millennial talent, yet few have asked their HR leaders why the company has an out-dated culture, stifling bureaucracy, and an attitude of complacency. Throwing Millennials into such an environment will likely stir things up but the influential decision makers are still the very same senior executives who grew up in (and largely created) the culture, bureaucracy, and complacency.
There isn’t a single solution for how to best select, hire, and deploy Millennials. However, in working with dozens of large corporations across a number of industries, I’ve identified a few Dos and Don’ts that provide some useful guidance:
Do maintain high expectations and standards
Hiring Millennials who are natural risk takers and are more comfortable with experimentation should not be an excuse to lower standards. Experimentation is good but results are better. While many Millennials do best when given a high level of independence, they should be held to the same standards for excellence that apply to all employees. Repeatedly tolerating failure or mediocre work will not benefit the Millennials and it most certainly will not benefit the company.
Don’t hire Millennials to change your corporate culture
Corporate cultures are highly complex and extremely powerful. Corporate cultures are often a reflection of the CEO and his/her attitude, policies, and priorities. Corporate cultures transcend and outlive the people who walk through the doors of a company. CEOs who think that an influx of Millennials will transform a culture will be extremely disappointed. Meaningful culture change will only happen when new Millennials (and all other employees) are surrounded by progressive policies, nimble processes, management, and a vibrant company vision
Do understand the differences between Millennials
Not all Millennials are spending their days hanging in Williamsburg coffee shops sipping hand-sourced, organic, non-GMO mochachinos and discussing their next tattoo. Some Millennials are pulling all-nighters at companies like McKinsey or Goldman Sachs, while making time to train for a marathon, learn Python, and volunteer at multiple charities. Many people (including myself) stereotype Millennials. However, we must also acknowledge that there is tremendous diversity in this generation, including some highly motivated, extremely intelligent, creative thinkers who aren’t just talking about changing the world but are actively doing it. THESE are the Millennials you want to hire and retain.
Don’t put critical initiatives entirely in the hands of Millennials
Millennials are eager to contribute and make an impact. Like any new hire, they should be given ample opportunities to demonstrate their skills and talents. However, too many companies rush to transition critical initiatives over to young Millennial leaders. Drive and motivation needs to be coupled with the experience, rigor, and knowledge that comes from seasoned employees. The various “SWAT” Teams” that are now found inside many large companies will only succeed if they effectively leverage the wisdom and battle scars of experienced employees.
Do offer supporting infrastructure and resources
Millennials are infamous for expecting fun and fancy perks. While free food, yoga classes, and dog walking may help improve the attractiveness of a workplace, they will not increase the chances of success. What millennials really need is mentorship and guidance. They may think they know everything, but the good ones seek out advice and coaching. Some millennials have an understanding of their limitations and look for opportunities to grow their knowledge and learn new skills. Companies need to provide the resources for this growth and learning to happen.
Millennials are a historic generation with unprecedented skills and motivations. They are a valuable resource whose potential should be harnessed and judiciously redistributed across all facets of a business. However, companies should stop blindly turning to Millennials as a magical cure. Instead, they need to carefully examine the roles Millennials can play in their organization and create the right environment in order to maximize their contributions.
