The first step to understanding this question is, in my opinion, understanding how they view success. Behavioural studies have made the deduction that whereas other generations were motivated by money, promotions, and titles. The millennial generation is actually more motivated by their ability to make a difference in the company, what the company's mission is, and if they are constantly being stimulated and challenged. Shockingly enough, the only reason the younger generation seems as if they aren't performing as well as they should be is that leaders aren't speaking their language and they aren't being motivated in a way that actually acts as motivation to them.
A better approach to hiring this generation would be by asking them about their hobbies, their passions, and what they're good at. Then, of course, placing them accordingly is the 2nd key factor in hiring a Millennial. They aren't content to simply be a cog in the company machine. They aren't satisfied by shutting up and simply doing their job. They crave being a part of the bigger picture and knowing a company's goals are a necessity. Recognition is another huge factor, and if they feel unappreciated they will simply leave, or so studies have shown.
The current performance management system is so distasteful to Millennials because it is more of an "If you judge a fish by its ability to climb a tree" system. Millennials view growth quite a bit different than older generations, as well. Title and position are almost irrelevant and they are more content to try different positions within the company and figure out where they fit in best. In a nutshell, they want to know how to grow and improve right this moment, not in a year, not annually.
Millennials want to feel as if they belong somewhere, and aren't content to simply work, grow old, and die. They require a sense of purpose, and their career is more than a career to them. They need a positive environment where their ideas are heard and they are free to discuss things with their peers and their leaders. It seems as if they want more out of life, instead of going to work to earn a paycheck. Honestly, this has made me re-evaluate my outlook on Millennials, as it makes sense.
Continuous performance reviewing seems to be more useful in keeping Millennials active and stimulated in any company. Consistency must be applied though. With that being said, if frequent performance reviews are put in place and Millennials are gaining recognition and validation, then more than likely, they will become long-term assets to a business. They will also make more productive employees with a positive feedback system and the ability to discuss matters transparently and openly amongst peers, seniors, and leaders in the work environment.
This information is extremely relevant, as Millennials are making up the major part of every workforce and will for long while. They are, in essence, the future of every industry. Maybe it's time to release our hold on the old ways and embrace the new.
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