A workforce change is coming that any entrepreneur should pay attention to
The “Gray Tsunami” will hit your workplace within the next 5 to 10 years. And it will be a hard hit. Baby-boomers and GenXers will be retiring in record numbers. It is already challenging attaining and retaining talent and that is likely going to get even worse. The youngest workforce called Millennials should be rolling in. Problem is that they may not be interested in joining you.
There are two key issues to overcome. First of all, you the entrepreneur is shunning this part of the workforce. You do not like that they are the most entrepreneurial, they maybe too aggressive with their career goals, and that they may need a lot more attention than your current folks. The other issue is that your company has no idea how to keep this terrific talent at your workplace.
Both issues are so easy to resolve and you would be a fool not to embrace them with open arms. They are awesome multitaskers for starters. They grew up with technology from the day they were born. They were challenged and put under so much more pressure education and expectation wise like no other generation before. They thrive in a good company cultures that embraces them and they can be loyal like no other generation before them. That leads me to three key items that your organization must be able to provide to them in order for them to be attracted enough to join you and then to stay around:
- Purpose: Like no other generation before them they like for their time to count for something. Is it worth their time to spent time with you and your company? How will this make other people better off? Is the organization willing to do something for community and environment?
- Structure: They embrace structure. This means everything from training plan, to career building. While Babyboomer and GenX folks may be excited by hearing their leaders giving them the freedom to “go figure it out yourself”, Millennials thrive in an evironment where there are hard and soft rules how you want them to handle tasks and finding solutions for everyday problems. They excel at sharing information and solutions – how cool is this?
- Career pathway: Millennials are very keen on finding out early what their career advancement may look like and how to get there. They may be to overzealous, but they are very excited to put the effort into their careers and they can be very loyal to an organization that is willing to help them get there. The only effort the business leader must make is creating the career pathway plan how their employees can get there.
According to a study published in SmartCEO recently manufacturing has the 4th oldest workforce. This will mean these folks with be aging out at impressive numbers within the next 5 to 10 years. Companies had better figure out a better way embracing the up and coming new team members, or they will lose out to business leaders who make the effort preparing their organizations accordingly. Please welcome all age and education groups into your organization, or you will face significant issues in attaining and then retaining talent.