Retail Observer

RETAILOBSERVER.COM FEBRUARY 2024 50 T here's a lot of information out there in Internet Land about how Millennials (age 25-42) are different from previous generations (particularly Boomers, age 59-77) and how they need to be treated differently in the workplace. Let's take that statement as true (but not absolute) and explore six- and-a-half actions managers can take to better supervise and retain their millennial employees. Why? Because by 2025, they will comprise 75% of the total U.S. workforce. Here we go: 1. Be a role model. Millennials are loyal to people, not companies. Given the disruptions they've seen in employment markets, they would rather rely on the promises of a good and trustworthy leader than those of a huge company. If you want to inspire and retain your millennials, become that good leader and mentor. 2. Work-life balance. Millennials value time differently than prior generations and view it as something to spend rather than invest. "Work-life balance" is not just a mantra, it's something millennials actively seek, whether in pursuit of leisure activities or the care of children or elderly parents. The manager who honors the reasonable time-off plans of his or her employees will experience lower turnover. That said, be prepared for the day when one of your best employees takes four months off to visit 12 different countries or bike the mountain trails of British Columbia! 3. Encourage individual differences. Many millennials prefer to toil amid a diverse workforce. Allow your millennials to express and celebrate their differences, setting minimal, non-judgmental, yet respectful standards for workplace attire. 4. Help a fella out. As generational guru Jason Dorsey has noted at BrandSource events, many millennials are experiencing postponed adulthood and are living at home until well into their thirties. The trend is most often driven by economic pressure, whether from the dearth of affordable housing, the crushing debt load from college loans, or both. And high mortgage rates certainly aren't helping. Some companies are addressing the debt issue by offering college loan reimbursements as an incentive to sign on and meet certain benchmarks. Independent retailers could institute a modified version of this concept as well. For example, a dealer might help pay monthly loan payments as a reward for exceeding quota or other key performance indicators (KPIs). 5. Keep it in the now. Millennials don't trust long-range strategic plans. Keep your group's time horizon close, focusing on tomorrow, next week, and maybe next month. Forget the five- year plan for now, but don't forget to provide millennials with the technology they need to leverage efficiencies. Millennials thrive in a high-tech environment. 6. Foster collaboration. More than any other generational group, millennials have been raised to collaborate rather than compete. Have as much of your company's work as possible performed in cooperative groups, and provide modest group and individual rewards for appropriate accomplishments, whether it's a group picnic or a few hours off with pay. And don't forget the selfie walls and participation mementos. 6.5. Why this odd number? To make an important point: If you can't give millennials everything they want, meet them in the middle. Millennials understand setting goals, lowering costs, and increas- ing revenue; they are open to working for a longer-term payoff if it comes with shorter-term rewards for targets they hit along the way. Set some ground rules you can enforce and make some promises you can keep. Update them frequently, reward benchmarks regularly, and then get out of their way! SIX-AND-A-HALF WAYS TO MANAGE MILLENNIALS New rules are needed to retain them Daniel Abramson HR Trends Daniel Abramson is managing lead of HRSource, a comprehensive collection of customized employment tools, turnkey solutions, and expert advice exclusive to AVB BrandSource's independent appliance, home furnishings, and consumer tech dealers. RO

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