Discover what changes to make to retain new generations of workers in this excerpt from It's the Manager, Chapter 1: "What Exactly Should CEOs and CHROs Change?"
Gallup recommends that organizations immediately change their cultures from old will to new will. These are the six biggest changes that Gallup discovered:
1. Millennials and Generation Z don't just work for a paycheck -- they want a purpose.
For people in these generations, their work must have meaning. They want to work for organizations with a mission and purpose. In the past, baby boomers and other generations didn't necessarily need meaning in their jobs. They just wanted a paycheck. Their mission and purpose were their families and communities. For millennials and Generation Z, compensation is important and must be fair, but it's no longer their primary motivation. The emphasis for these generations has switched from paycheck to purpose -- and so should your culture.
2. Millennials and Generation Z are no longer pursuing job satisfaction -- they are pursuing development.
Most members of these generations don't care about the bells and whistles in many workplaces today -- the pingpong tables, fancy latte machines and free food that companies offer to try to create job satisfaction. Giving out toys and entitlements is a leadership mistake. And worse, it's condescending.
3. Millennials and Generation Z don't want bosses -- they want coaches.
The role of an old-style boss is command and control. But millennials and Generation Z care about having team leaders who can coach them, who value them as individuals and employees, and who help them understand and build their strengths.
4. Millennials and Generation Z don't want annual reviews -- they want ongoing conversations.
How these generations communicate -- texting, tweeting, Skype, etc. -- is immediate and continuous. Millennials and Generation Z are accustomed to constant communication and feedback, and this dramatically affects the workplace. Annual reviews on their own have never worked.
5. Millennials and Generation Z don't want a manager who fixates on their weaknesses.
Gallup research shows that weaknesses never develop into strengths, while strengths develop infinitely. Your organization should not ignore weaknesses. Rather, you should understand weaknesses but maximize strengths. A strengths-based culture also helps you attract and keep star team members.
6. It's not my job -- it's my life.
As we noted earlier, one of Gallup's discoveries is that what everyone in the world wants is a good job. This is especially true for millennials and Generation Z. More so than ever in the history of corporate culture, employees are asking, 'Does this organization value my strengths and my contribution? Does this organization give me the chance to do what I do best every day?' Because for millennials and Generation Z, a job is no longer just a job -- it's their life.
