According to University of North Carolina Kenan-Flagler Business School, by 2014, 36 percent of the U.S. workforce will be millennials and by 2020, it will grow to almost half (46 percent). That’s a massive number that greatly impacts the tech startup industry.
Now would be a good time to rethink your company’s employee strategy and cater more towards this new generation. Luckily, implementing new strategies should be easy within this industry. And as upper management, your aim should be for retention and happy employees who bring in great results.
Below are five ways to cater to millennials in the small, start-up technology industry.
1. Provide Ample Training and Mentoring
This point can’t be hammered enough. Millennials are always curious to learn new tips and tricks to get the job done, so why not cater to that? Especially in the ever changing technology and IT industry, it’s important to have employees that are up-to-date with the latest network performance monitoring software and beyond. This training can be easily done through meetings and webinars.
Also, showing interest in skill and career growth communicates value to your employees which hopefully leads to retention. This generation craves attention from upper management and this is the easiest and smartest way to do it.
2. Give Feedback On a Regular Basis
Much like mentoring, millennials also like consistent feedback. Now, consistent can vary with companies and employees, but knowing when to give the right type of feedback will help the employee grow within their position. It might be hard with IT duties, but look for opportunities to give compliments or suggestions.
For example, supervisors can meet with employees on a biweekly basis and discuss what they are doing well and what goals to make in the following weeks. These check-ins can also let the employee know how they stand in the company and again, prove their value.
3. Provide a Welcoming Culture
Getting a business off the ground can be difficult enough, without thinking of culture, but millennials care who they work with and the culture provided by a company. Most startups can enjoy the freedom of creating whatever they want. But remember that great cultures come from company mission and values—so figure that out first. A welcoming culture can be as simple as flexibility or open office atmosphere where employees are comfortable asking questions. Remember that good culture only survives with employees who support it, making the onboarding process very important.
4. Have Up-To-Date & The Right Software
Because of the ever changing industry, make sure to provide the best equipment for employees to do the job. It doesn’t have to be all state-of-the-art technology, but maybe instill a BYOD (bring your own device) policy or have project management software, such as Basecamp or Redbooth. Millennials like flexibility with their work, so why not provide equipment that is the same. Going along with the “valuing the employee” theme, giving them better equipment to work with shows their worth to the organization.
5. Have an Innovative Company
Lastly, one of the best ways to cater to millennials is by what your company offers. Relating to point three, make sure to develop a business mission and values that not only helps your company survive, but helps your company make a difference within your industry. Though it might seem like a tall task, doing so makes you more legit to applicants and show’s your entrepreneurial spirit. According to Deloitte’s Millennial Survey, “Innovation is considered to be one of the top three purposes of business and just as important as profit.”
Also, during the hiring process, consider showing a company resume and what you have to offer to the applicants instead of the other way around. Basically, you need to be very appealing and convince millennials that your company is the best to work for.
All and all, work to cater towards millennials as they prove to be loyal and hard-working when these five criteria are met.Business & Finance Articles on Business 2 Community