Here’s why those Millennials you’re overlooking are critical to long-term business growth.
If given the choice, many companies shy away from hiring Millennials because they are believed to be “lazy” and don’t understand the value of hard work.
This stigma is especially troubling for experienced business leaders of today who apparently all got their start sweeping floors before they moved up to the corner office through blood, sweat and tears.
To make their case against hiring Millennials stronger, according to Bloomberg, the “selfie” generation is set to inherit $30 trillion from their parents. Did someone say spoiled?
However, avoiding hiring Millennials is actually misguided and will lead to stale business ideas and ultimately failure. With 83 million members, Generation Y now makes up the largest sector of the U.S. population and by 2025 will make up 75% of the workforce. Translation: these tech-savvy, narcissistic, social media brats are here to stay and will soon be running the global economy.
That is precisely why the business leaders of today that learn to hire and properly manage Millennials will be poised for big things in the future. Those that don’t will lose out to their more forward thinking competitors.
CEO of Peak Sales Recruiting Eliot Burdett has seen world-class companies increasingly hire Millennials and offers six reasons to hire that “lazy” Millennial by EOD.
1. Their Friends Have $1.3 Trillion per Year to Spend
According to the New York Times, Millennials have $1.3 trillion in annual buying power. What better way to infiltrate this market than by hiring one of their own who “gets them.” Reap the benefits of hiring candidates that can speak their language.
2. Don’t Believe the Negative Hype
The belief is these guys are lazy. However, they helped develop Apps that allow people to deposit a bank check from their mobile device in seconds without driving to the bank, waiting in lines or laboriously filling out forms. If laziness caused this innovation, may they never develop ambition.
3. They Are Inherently Global, Mobile and Social
The reason Tiger Woods at one point was devouring his competition was because he had innate abilities. His father taught him to hit balls as soon as he could walk, and before that he was even photographed sitting inside a big bucket of balls. Similarly, Millennials have only ever known how to think global, mobile and social. Hire them and they will infuse your business with energy and mind boggling ideas that would never have occurred to you.
4. Get Past the Generational Differences
Our grandparents could not understand rock and roll. Our parents could not understand rap music. We don’t understand why kids today don’t play outside. But these young candidates can code, develop apps and algorithms that will change the world. It is time to get over their shortcomings, and get down to 21st century business.
5. Their Traits Can Absolutely Be Managed
Are they perfect? Far from it. However, the key is to identify their flaws and learn to mitigate them. For example, they are known as the trophy generation because they received positive recognition even when they didn’t win. If they need to improve they will respond better to mentoring than disciplinarian tactics. They are also used to constant stimulation including 24-hour news cycle, food delivery on-demand and the endless possibilities that the Internet and social media afford, so keep them busy with different types of projects. By understanding Millennials weaknesses and tweaking your approach you can maximize their productivity.
6. The World Is Following Their Lead
We all remember the strange feeling in the pit of our stomach when mom popped up on Facebook. As little as five years ago older generations scoffed at social media. The rapidly changing way we do business and communicate is led by Millennials and the entire world is following their lead. Get them onboard and they can introduce your business to people from all walks of life.
Eliot Burdett is the Co-Founder and CEO of Peak Sales Recruiting, a leading B2B sales recruiting company launched in 2006.
Under his direction, the company leads the industry with a success rate 50% higher than the industry average, working with a wide-range of clients including boutique, mid-size and world-class companies including P&G, Gartner, Deloitte, Merck, Western Union and others.
Prior to Peak, Eliot spent more than 20 years building and leading companies by recruiting and managing high performance sales teams. He co-founded Ventrada Systems (mobile applications) and GlobalX (e-commerce software) and served as Vice President of Sales for PointShot Wireless.
Eliot received his Bachelor’s Degree in Commerce from Carleton University and has been honored as a Top 40 Under 40 Award winner. He co-authored Sales Recruiting 2.0, How to Find Top Performing Sales People, Fast.