By Tarina Vlok, Elite Risk Acceptances MD
Tarina is the Managing Director and Co-Founder of Elite Risk Acceptances, an innovative high-net-worth short-term insurance underwriter which provides bespoke short-term insurance and personal risk management solutions to high net-worth individuals. Elite is a wholly owned subsidiary of Old Mutual Insure. She is also a member of the Institute of Directors South Africa
As a baby boomer boss, leaders of my generation must learn from Millennials. Boomers are entering the corporate retirement age and must leave the business in the capable hands of the next generations.
With Millennials representing over 70% of our workforce, it is important to attract, retain and manage top talent, and ensure that they remain engaged and happy.
I conducted an informal internal and external survey to better understand the Millennial worker. My research suggests that there is not much difference between the generations when it comes to work ethic or what they need from employers. The difference lies in the approach.
Here are the 10 things I believe a Boomer boss can learn from Millennials about work ethic:
Connected 24/7, Millennials grew up with technology. They enjoy meeting in person when it makes sense, although they can very effectively engage over numerous tech platforms.
With the workforce returning to a semblance of pre-Covid “normal”, millennials indicated in an internal survey that they far prefer working from home. As we have learnt, this can be achieved with appropriate and sufficient technological support.
The overwhelming majority of Millennials surveyed regarded respect as the most important thing they expect from leaders. This is no different to any of the other generations, but they want authenticity.
Millennials expect feedback and challenges. They don’t want to be bored. Cooperative and casual management styles appeal to them. They want structure, leadership and guidance, feedback, communication, authenticity, and being part of the team.
This is the generation that have been told all their lives that they can do anything they put their minds to. The thing is, they can.
Work-life-balance is often offered by Boomers (including myself) as a development area. Millennials value work-life-balance immensely. Despite this, they are willing to work any hour of the day or day of the week, if we allow them flexibility.
Who cares if they are late for work, if the work gets done?
Millennials realise they need to work as hard as anyone else in the organisation. Whereas older generations value hard work as a virtue, millennials typically value work for the results it delivers.
To Millennials the training, mentoring and formal education delivered by their employer are important to determine their tenure at an organisation. They will move to another company if the organisation cannot deliver on these promises.
As a generation that was rewarded just for participation, it is no surprise that recognition is important to Millennials. They need to be regularly and authentically recognised for the results they deliver.
Studies suggest that younger generations need to see that the companies they work for honestly embrace diversity and support change and innovation, else they will find employment at a competitor that does.
Millennials want to see companies and their employees live their values and not just talk about them. They are willing to walk away from a company where they perceive the values are not being lived.
In a Forbes study, 85% of Millennials indicated that they only want to work for a socially responsible company. This generation cares about the community and the environment and are willing to put money behind these causes.
Well, who doesn’t want to?
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