By Robin Kolvek
Unmotivated. Spoiled. Flighty. Sensitive. Words like these are often — and unfairly — used when describing Millennials, but upon further examination, would you really use these terms to describe your Millennial employees?
The reality is, Millennials can be some of your credit union’s best assets if given the right opportunities. Millennials are now the largest generation in the U.S. and, in some ways (not the stereotypes above), they are unlike previous generations. Many millennials have different expectations for the workplace than their more seasoned coworkers.
Considering some of these differences, here are three ways credit union executives can better manage their Millennial employees:
1. Have an open-door policy. Millennials want to feel that they can have a comfortable conversation with their superiors. Research has shown that Millennials are more likely to be motivated by superiors that regularly engage with them. Long gone are the days when the annual review was sufficient communication — your Millennial employees want feedback from you on a consistent basis. Furthermore, don’t treat your Millennial employees as underlings — though they may not have years of experience, employees and organizations both benefit when people at every level feel that they can share their ideas and concerns. Consider implementing an open-door policy at your credit union if you do not have one already — your millennial employees want feedback from you, and who knows, you might learn a thing or two from them!
2. Give them opportunities for learning and development. Though often branded as slackers, Millennials crave opportunities to learn new skills and take responsibility for new tasks and projects. Provide professional development opportunities for your credit union employees, like leadership classes or training in a new area of business. If an employee is excelling in a specific area at your credit union, give him or her the latitude to take more control of their work and increase their responsibilities. Employees want to know that you are invested in their success as much as the success of the credit union.
3. Provide a transparent path to success. All organizations have (and need) structure. However, your Millennial employees are much more likely to be engaged with their work if they know the milestones they need to reach in order to advance at your credit union. Millennials cite opportunities for advancement as a critical factor when searching for a new job. Everyone must start somewhere, but let your employees know what benchmarks need to be met for raises, promotion, etc. It will make for a much more productive environment at your credit union!
By implementing these simple strategies, you can help ensure your Millennial employees are motivated and engaged with their work. All credit union executives want employees who are satisfied in their jobs and have the desire to grow their careers. The success of your employees and the success of your credit union are inextricably linked, so be intentional and provide your millennials with the tools and skills necessary to thrive.
Robin Kolvek is CEO at EPL, Inc. For info: www.eplinc.com.