Managing Millennials, from a Millennial

I started my banking career almost 16 years ago. In 2008 the banking industry was getting their first glimpse of what hiring millennials was like. It appeared as if the industry was terrified of the millennial generation’s demands, such as flexibility in their work schedule. Management teams across the nation were asking, “How will we manage these people born between 1981 and 1996?” (Sources could vary by a year or two.)

My first IBA conferences always included conversations about managing millennials. As a member of the “early millennial” crowd, I didn’t know why people were so scared of us. We were asking ourselves, “why are we so unique and problematic?”

Allegedly, if a company wasn’t located within five miles of a Starbucks and didn’t offer free Wi-Fi, millennials wouldn’t work for you. HR managers were terrified to hire us, and management teams were constantly updating their succession plans that, for the first time, included millennials.

Now that everyone has had 10+ years of experience of with millennials within their institution, I would like to think we’re not that bad. Are we?

As with every generation, managing the millennial crowd has its challenges and its benefits.

The Benefits

According to teambuilding.com’s “Tips for Managing Millennials in the Workplace,” millennials are the most educated generation in the labor market right now as far as post-secondary education. This group is more open to learning new skills, and employers should take advantage of that in their training programs. Company culture is critical to millennial employees, and community banking typically has a positive reputation for offering great company culture. Millennials are also tech-savvy and have an easier time learning and understanding new software.

The Problems

A Deloitte survey says that more than 40% of millennials said they planned to quit their current employer within the next two years, and below 30% said they hoped to remain in their current role.

Millennials are branded as being overly demanding, overconfident, self-absorbed and addicted to technology. Well, the business community asked them to be quick adopters of technology, and confidence is not necessarily a bad thing. I think the real question is, how do we manage these personality traits?

The news is filled with stories about “quiet quitting,” which is only doing the absolute minimum requirements of one’s job. The newest fad appears to be “act your wage,” which is to only do the work that matches your salary and no more.

I think it’s safe to say that there’s no place for “quiet quitting” or “act your wage” in the banking arena. Our customers, shareholders and communities depend on us to be the best at what we do. Prior generations were focused on “dressing for the job you want, not the job you have.”

Ideas to Manage This Group

If you take anything away from this article, let it be this: MILLENNIALS WANT FEEDBACK.

Most articles put feedback somewhere in the middle of the list of millennial demands in the workplace. Despite this, I encourage you to go back and look at your strategic plans and comments from your younger managers. They will likely list communication as a weakness every single year. I can promise you that they are fully aware of the goals, meetings, policy changes and required training – they really are asking for better feedback on their performance. This generation is always striving to better themselves and understand their imperfections. Most importantly, they want A LOT of feedback – the more often the better. It’s likely that the more feedback and information you can provide, the more productivity you will see in return. Feedback is millennials’ tool of choice to show their worth to their employer.

Although feedback, in my opinion, is the most important, there are a few other millennial “wants” that require attention. Millennials want a clear professional work path; they will constantly ask about the next steps and what that looks like for them. If you do not let them know where they fit in in the future, they will likely seek other employment that will provide them with the path for professional advancement.

Money is not always the most important incentive for millennials. This generation wants to enjoy their work but maintain a work life balance; try to be creative with incentivizing this group. Millennials do not want to have a career like those of their parents. They grew up watching their parents work on vacation. During their time off, millennials want to unplug from the organization and focus on personal experiences.

Conclusion

If you have researched on your own about millennials you may find multiple articles about remote working, making your institution the most fun, and ways to create a successful cohesive team.

I’ve worked and served with some of the best that the Indiana banking industry has to offer, and a large percentage of them fall within the millennial generation. I am always impressed by how quickly they move up the ranks within their institutions. In discussions about their respective careers, it seems the underlying theme of their accomplishments is that they have management teams with a vested interest in their professional success. These individuals were also provided with a clear path for advancement and were given constant feedback on performance; because millennials are always looking for a way to smooth out their imperfections. In short: millennials are not a hopeless generation as some like to claim. If given the right tools, millennials can be great employees and even better leaders.

This Month's Guest Writer

Michael J. Clampitt
2024 FLD Advisory Board President
Senior Vice President, Commercial Lending
North Salem State Bank