What are millennials looking for in an accounting career? How can you manage millennial employees in your accounting firm? What makes millennials different than Baby Boomers and Generation X?
Here are 10 things that you need to know about your millennial employees - from their values, preferences, to the way they think about work:
1. Millennials are now the largest generation in the United States
They represent one-third of the total US population.
2. Millennials want to be "In the Know"
Millennials like to know what's going on. They will ask you questions about overarching business strategy and how their job relates to the overall purpose of the organization.
3. Millennials Want to Do Good
Members of Generation Y like to know that their job has meaning and purpose. They like to know the "why" behind the business, how the organization helps the world, and make a contribution to society.
4. Millennials are Here to Stay
The first group of millennials are in their early thirties and will be an important force in the US economy for years to come.
5. Millennials are Team Oriented
Millennials prefer working in a team environment. Millennial childhood consisted of structure and multiple after-school activities, hobbies, and sports. Encourage your millennial employees to create teams and to work in groups.
6. Millennials are Tech Savvy
They grew up learning about computer and the internet from grade school. Rely on their knowledge of technology and the internet.
7. Social Media Comes Naturally to Millennials
If you want to incorporate digital marketing into your firm's strategy, your millennial employees will know how to get you there.
8. Millennials are Always Connected
Millennials are more likely to sleep near their cell phone than any other generation.
9. Millennials Value Creativity
This generation knows how to create and distribute content - and the hurdles to publish are significantly lower than ever. Encourage your millennial employees to become involved in creative projects that promote your firm.
10. Millennials Value Family and Community
Millennials are closer to their parents than any other generation. Almost half responded in a study as wanting to live closer to their family and friends, compared with 29% of Baby Boomers and 40% of Generation Xers.
Understanding your peers, whether they are Millennials, Gen Xers, and Baby Boomers will help you in your career. The unique differences of the Millennial generation present an opportunity for you. If you can cultivate the skills of your millennial employees, they will be loyal to your company and work harder.