While many people are now turning their attention to the challenge of Millennials emerging as managers in the workforce, we’ve been keeping an eye on it for years. And, we’re not alone. The White House, under President Barack Obama, released a highly-informative study on the Millennial Generation which reveals a number of trends that have proved themselves of late: 15 Economic Facts about Millennials.
The study which was prepared by the President Obama’s Council of Economic Advisers in 2014. Their goal was to provide valuable information to improve the future of business in America, and there’s no shortage here. There’s a ton of insights in the study, and you can find a link to the full study at the bottom of this article.
We’ll be referring back to this study over the coming weeks as we discuss managing millennials and also release our own Millennial Leadership Development survey. In this article, our focus is on the #1 lesson for managing millennials that is hidden within the White House’s study:
Investment Pays Off
When it comes to investing in professional development, many organizations are not investing enough in their employees. With human capital as the primary differentiator for growth, performance management and professional development for the most promising employees can have a huge impact on the bottom line of an organization. This is especially the case for the millennial generation. According to the White House Study:
Fact 10: Investments in human capital are likely to have a substantial payoff for Millennials.
What this means at the ground level is that millennials have a ton of resources from education and experience to put towards corporate goals. When organizations invest in the professional development of their millennials it’s a sure bet because you are mining a vein of solid ore. Young professionals are highly-educated, extremely talented, and they need specific guidance to put these talents to work for their organization.
While previous generations may have apparently subsisted through a career tract (though most indicators show a “career” is more myth than reality) it certainly won’t work for the current generation of millennial leaders who seek greater fulfillment at work. Beyond the fact that typical training programs are no longer apt for emerging leaders, there’s money that’s being left on the table. Organizations can take advantage of this fact by investing in professional development programs that connect the why of Millennials to the what and how of their organization.Invest in professional development programs that connect the why of Millennials to the what and how of their organization. Click To Tweet
How can you put this into practice today? Offer feedback to your emerging leaders. While you work to develop a more formal program for professional development, simply providing routine, personal and productive opportunities for conversations can go a long way. Start by investing your time, continue to invest your resources in your millennial leaders, and you will be surely rewarded.
Here’s a link to download the full study from the White House on Millennials.