Ready for 75% of Your New Workforce Derrick Feldmann Academic Desk
M ore than 46 million American employees are aged 20-34. Just as Baby Boomers altered life as their parents knew it, Millennials – a larger cohort than Boomers – are influencing our lives today as much or more, and at an incredibly accelerated pace. Their influence is being felt is the workplace. Millennial (born 1980- 2000) employees are looking for much more than nice compensation. They’re taking their desire to improve the world into the office – meaning nonprofits have an intrinsic edge. Nonprofits will be engaging with Millennials as donors, volunteers, advocates – and employees. The Millennial Impact Project, produced by Achieve and the Case Foundation, annually conducts research on Millennials’ engagement with causes and publishes the Millennial Impact Report . Our 2014 report focused on Millennials as employees. As a group, Millennials feel called to address issues, and they seek peers and small groups that think alike. They feel a call to be risk- takers when others are playing it safe due to economic uncertainties, a call to lead a team in a new, sometimes unrecognizable environment.They blur the line between living and working until it’s almost nonexistent. For Millennials, work-life balance is something that just is . The downside: too many nonprofit boards and management teams, see them as employees who want to challenge their organization’s structure and norms. The Bureau of Labor Statistics reported that as of April 2014, approximately 14 million aged 20-24 and almost 32 million aged 25- 34 were employed in the United States. The undeniable truth is that Millennials employees are coming to you (or are already there). Is your organization ready?
Historically, we’ve studied Millennials as individuals who participate in social causes. Now we understand how their desire to do good is reflected even in their employment at for-profit companies – from their initial job search considerations to the effect an employer’s cause work has on overall job satisfaction. Even in corporate careers, Millennials want to be able to do good and make a tangible difference through the workplace. This opens a door for nonprofits to approach for-profit companies with workplace giving opportunities. Millennials are interested in a triple platform of involvement: company- wide, department-based, and individual. Be prepared to suggest opportunities at each level. Your organization may be able to help a company improve their overall work culture as they help you raise funds and volunteers! Why Millennials matter. By 2020, Millen- nials will make up an estimated 75% of the workforce, so your organization should devote resources to the happiness of Millennial work- ers. Also, engagement and happiness lead to greater productivity. You need to engage with your workforce and, increasingly, this means connecting with Millennials. To recruit and retain the best and the brightest in the very near future, begin making your organizational structure attractive to Millennials now. You may be surprised at how the other generations of your employees embrace those changes, too. Derrick Feldmann has a passion for helping organizations better understand and reach donors and volunteers. With continued research efforts through the Millennial Impact Project and leading the implementation of MCON, Derrick has become a thought leader in the ever changing world of fundraising. AchieveGuidance.com — TheMillennialImpct.com — MCONideas.tumblr.com
Start now. They’re assets. Companies in- creasingly recognize employee culture as an important asset inspiring retention, productiv- ity and a myriad of other benefits. Millennials don’t necessarily want to tear down and get rid of the existing system, but to build it, reimag- ine it and, yes, even run it.That’s a good thing. Nonprofits need to welcome and build relationships with their Millennial employees from the beginning by creating opportunities to engage both their professional and personal interests. Start with your office culture. Our research identified that organizational culture was high on the list of reasons Millennials applied to their current employers. Culture is also vital in employee retention, especially when coupled with a belief in their employer’s mission and purpose. Beyond compensation and benefits, the top reasons Millennials would stay with their employer were... • Having passions and talents used and fulfilled (53%) • Bonds with co-workers (20%) • Belief in company’s mission and purpose (20%) Making your internal structure Millennial- friendly can take time.Design a newworkplace environment you can implement in phases, and help all generations in the workplace participate.