I’ve heard millennials called many things. Lazy. Entitled. Spoiled.
Then I came across an article on Today.com that reminded me millennials aren’t the first generation to be labeled negatively. Writer Tom Wolfe dubbed the Baby Boomers as the “Me Decade” in his article The “Me” Decade and the Third Great Awakening. Paul Begala referred to Boomers in Esquire magazine as “the most self-centered, self-seeking, self-interested, self-absorbed, self-indulgent, self-aggrandizing generation in American history.”
Gen Xers were also the targets of such negative monikers. I still have a letter to the editor that graced my local paper my senior year of high school from a “concerned citizen” that dubbed my generation as “functional illiterates”. And yet many of us Gen Xers are successful. We are well respected leaders. We are innovators in our fields.
So, I asked myself if what is said about millennials is really true and I did a little research.
A 2014 study by Forbes Magazine showed that of the 80% of millennials who owned a smartphone, 87% checked their work email after hours on a regular basis and 37% always did. That same study showed that while only 13% aspire to climb the corporate ladder, 67% hope to start their own company.
That doesn’t sound lazy to me. It sounds like dedication, and it sounds like they have goals. Those goals are just different than those of the generations before them.
Unlike the generations before them, they are not content to work the nine to five, put in a day’s work, and leave it at the door when the whistle blows. They don’t believe in a work-life balance, they believe in a work-life integration. And achieving that work-life integration means having to think outside of the box. Sometimes, way outside of the box!
The Forbes article called millennials the True Entrepreneur generation. But while 67% aspire to start their own business, a 2014 report by the Small Business Administration’s Office of Advocacy shows that only two percent of millennials, compared to 7.6 percent of Gen Xers, and 8.3 percent of Boomers have actually started their own companies. Why? In part due to their lack of experience in the workforce and lack of business acumen. But also in part due to those pesky student loans that followed them out of college, and those loans often keep them from being able to gain the startup capital needed to get a business off the ground.
The plight of the millennial generation is something companies should take advantage of and view as a potential asset. There is an entire group of young, eager to learn individuals out there just waiting to find the right opportunity. They are an often-untapped recruiting market for organizations. Yes, their ultimate goal now might be to own their own company down the road. But goals change. I know mine did. If you can get them in the door, give them a great opportunity, you might just show them the benefits your organization can offer them long-term.
They want to be a part of an organization where they can truly make a difference, be a part of the bigger picture, and soak up as much knowledge as quickly as they can.
If organizations can harness the energy that millennials have it can be a win-win. Remember that millennials are driven by purpose and want social connection. I found it interesting that according to an article on Time.com, 51% of millennials still want face-to-face interaction over other forms of communication. But they want that interaction to be meaningful, not just wasted time.
Find a way for your organization to benefit from the entrepreneurial spirit of millennials and you may find them to be some of the greatest contributors to your organization.
What is your organization doing to tap into the millennial market and harness their entrepreneurial spirit?
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