WorldWide Drilling Resource

43 WorldWide Drilling Resource ® oCToBER 2015 by Bonnie Love, Editor WorldWide Drilling Resource ® In the first two articles of this series, we talked about the unique differences with Generation Y, or Millennials (born 1985-2004) as they’re also called, and what they expect from their employers. This month, we are going to cover what your company can do to connect with this generation, and improve your company’s image with this very large pool of perspective employees and customers. Remember, Millennials have a different mind-set than other generations. Not only do they dream of a better future, they feel they deserve one, and look for companies with a social conscience. While attending The Water Expo in Miami, I sat in on a seminar by Porschia Parker from the Millennial Performance Institute about Unlocking the Potential of Millennials and it was very interesting. As a Generation X member who has raised two Millennials, I was very surprised at how different this generation is from my own. As we discussed last month, most Millennials only stay at a job for two years. Why do they quit? Half of Millennials surveyed, said they would rather have no job than work at a job they hate, and nearly 40% said disliking their boss would be a bigger factor in their decision to quit than actually disliking the job. Okay, I’ll be the first to say I have worked at plenty of jobs I hated, with plenty of bosses I didn’t like, to make sure I had a consistent paycheck, plus I wanted job security. Millennials have a different focus, they are more impressed with flexibility, professional development, and corporate responsibility. They want to work for companies that give to charities, and volunteer with humanitarian efforts. The majority of Millennials believe poor management is dragging most companies down, so it’s important supervisors and managers learn how to inspire Millennials positively. They crave role models who will show them the ropes and give specific advice rather than bosses who are demanding. They want a boss who is more like a coach or mentor, who cares about them as a person, as well as an employee. In fact, trustworthiness and kindness are traits which are more important to them than knowledge. After all, this generation literally has a wealth of knowledge at its fingertips with the Internet. They thrive in a collaborative environment where their opinion has the possibility of impacting decisions, and they long for a sense of purpose with their job. As for the companies Millennials prefer to work for, it all boils down to this: If they don’t feel they have a purpose, receive recognition for their contributions, or feel the company has a social consciousness, they aren’t likely to stick around. Most of them believe businesses are too obsessed with money and not focused enough on helping to improve society. This also applies to your Millennial customers, who are more likely to do business with a company that shares their desire to make a difference in the world. At the seminar, we were asked to take the quiz included with this article. Ask some of your employees to take this test anonymously and see how your company ranks. I answered these questions about working at WWDR , and we scored 24 points. How did your company fare? Here is what the scores mean for your company: 5-9 points - Dominated by the past. Your company is still operating based on the ideals of previous generations and most Millennials probably wouldn’t be compelled to work for your company. However, if you make some changes, your company has potential. 10-18 points - Changing with the times. Your organization is starting to catch on to what the Millennial workforce is looking for and they will see potential in your company. With a few im- provements, your company will soon be in high demand and you will be able to increase your employee engagement, as well as your revenue. 19-25 points - Sought-after workplace. Your company is progressive and Millennials can tell. There is probably a lot of interest in your company. You can still incorporate a few programs or incentives to reach your specific goals, but overall, your company is aware of what’s important to the marketplace. Despite their reputation, Millennials can be hardworking, dedicated employees, and they are willing to learn, but companies must be willing to learn what it takes to motivate this unique generation. Replacing Millennial employees can cost up to $25,000 for each employee, in addition to increasing the workload and stress of current employees. Use this opportunity to reach out to the next generation of employees AnD customers, improve your company’s image, and make an impact on the world. Rate How You Feel the Following Statements Apply to this Company: 1 = Never True 2 = Rarely True 3 = Sometimes True 4= Often True 5 = Always True 1. This company has a sense of corporate social re- sponsibility and shows it by donating, volunteering, or partnering with other organizations on social or environmental issues. 2. Senior executives and management teams value their staff’s well-being, just as much as their staff’s productivity and profitability to the company. 3. We have a collaborative culture which encour- ages communication at all levels. 4. We offer compensation packages which are com- petitive within our industry and have some flexibility in our work schedules. 5. Our company has a strong sense of purpose and employees feel valued regardless of their role. What is the score for all five questions? WWDR photo of Porschia Parker from the Millennial Performance Institute. “Coming together is a beginning; keeping together is progress; working together is success.” ~ Henry Ford Connecting with Y