The talk about the arrival of millennials in the workforce is not new and has sparked numerous conversations aimed at understanding the motivations and aspirations of this generation. Born between 1981 and 1996, millennials have often been characterized as inconsistent, tech-savvy, and freedom-seeking. The truth is that by now, millennials represent the vast majority of active workforce and as a result, managers and leaders in various industries, including accounting and finance, have found themselves seeking new strategies for effectively managing their millennial employees.
Millennial Stereotypes: Fact or Fiction?
For some reason there is this stereotype about millennials that they lack commitment to a company, frequently job-hopping. However, this assumption doesn't paint the complete picture. Millennials, like any other generation, value stability and career growth. The main difference with other generations is that these values have to share grown with others also important goals millennials seek. That is why this generation is so interesting and tricky to understand, there is a lot going on.
So, yes, they might switch companies in pursuit of better positions or career goals, but that doesn't indicate a lack of loyalty.
Millennials are drawn towards organizations that:
- Show genuine interest in their career growth
- Provide opportunities for personal development
- Offer flexible work arrangements
- Prioritize work-life balance
They are motivated by opportunities to grow, learn, and make an impact, rather than just a higher salary. In fact, millennials can be fiercely loyal to organizations that align with their values and aspirations, even when offered more money elsewhere.
Leveraging the Tech-Savviness of Millennials
Millennials are the first generation to grow up with the internet, displaying a natural proficiency with technology. In a finance landscape that's increasingly driven by digital tools, their tech-savviness can pave the way for innovative solutions enhancing productivity and efficiency. Encourage their ideas and leverage their technological aptitude to bring about digital transformation in your finance team.
The Shift to Remote Work
A significant lifestyle habit of millennials is their preference for remote work. With their emphasis on work-life balance and the effective use of technology, remote work fits seamlessly into their lifestyle. Adapting to this trend can benefit your finance team by:
- Aligning with Millennial work preferences
- Expanding your talent pool as geographic limitations are minimized
- Improving employee satisfaction and retention
They Care About Feedback
Millennials crave frequent and constructive feedback. They prefer to know how they're doing and where they stand. Unlike traditional annual reviews, millennials appreciate real-time feedback that helps them improve their performance promptly. By implementing a robust feedback mechanism, you can foster a growth mindset among millennial accountants, enabling them to learn, adapt, and excel in their roles.
Corporate Social Responsibility: A Key Attraction
Another trait of millennials that sets them apart is their concern for social issues. Millennials tend to gravitate toward companies that demonstrate a commitment to corporate social responsibility (CSR). They are more likely to stay loyal to an organization whose values align with their own. In the context of your finance team, showcasing your firm's involvement in ethical practices, environmental initiatives, and community outreach programs can significantly increase your attractiveness and retain your millennial talent.
Effective Communication
Understanding and effectively utilizing communication channels preferred by millennials can strengthen your team's collaboration and productivity. While they're comfortable with emails, millennials also appreciate faster, more collaborative channels such as instant messaging platforms or project management tools. Their communication style is often open, direct, and inclusive, and embracing this approach can foster a transparent and supportive work environment.
A Millennial-friendly Work Environment
The millennials' unique perspective and approach to work are redefining workplace norms. Successfully managing millennials in your finance team involves:
- Challenging stereotypes and recognizing their value-driven mindset
- Providing ample growth and learning opportunities
- Offering flexible work options, including remote work
- Encouraging tech-driven solutions
- Implementing frequent feedback mechanisms
- Aligning your firm's values with CSR initiatives
- Adopting millennial-preferred communication channels
By addressing these aspects, you can cultivate an environment that not only attracts but also retains millennial talent, securing your firm's success in the present and future. After all, the goal is to unite the best of all generations, promoting harmony, collaboration, and ultimately, the growth of your accounting and finance firm.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
