What Makes Millennial Employees Tick?

• Mar 11, 2023
• By Ivan Seselj

BY IVAN SESELJ Is your branch so focused on Millennials? proverbial negative qualities that you are incapable of speaking this generation of employees? language? To attract and retain Millennials within your branch's workforce ? and the energy and enthusiasm that comes with them ? you must cater to their mindset. These approaches can help. Millennials are more than just a trending buzzword. Their influence on modern-day economics is becoming more and more evident, and FI branches are no exception. In a recent article on the topic, Kevin Flanagan, director of content at�TimeTrade, says Millennials are ?fast becoming the power players of 21^st�Century consumers.? Many related articles focus on Millennials becoming credit union members or bank customers at the branch ? the incredible buying power they represent, why they favor small FIs over the big banks and how to effectively market to them to attract their interest. There is another aspect of the Millennial market that you need to consider: their importance as a labor force. A recent report by PwC shows that Millennials ? the 54 million adult Americans between 18 and 34 who make up a third of the U.S. workforce ? see the financial service industry� as little more than a stepping stone to other career options. Only one in 10 Millennials who currently works in the financial service sector says that they plan to stay in their jobs long-term. The average for all other industries is nearly double that. The report also indicates that Millennials are not at all shy about changing jobs. In fact, it?s more or less a given that they will. Nearly half (42 percent) said that they are always open to job offers from other companies, while three in 10 are actively looking for their next job. Millennials? reluctance to remain in one job long term (or even on one career path), coupled with their seeming disinterest in a career in the financial service space, may explain why almost half of bank and credit union CEOs report that they are unable to find talent with the right skills. The PwC report indicates that one in four financial service executives has cancelled or delayed key strategic initiatives simply because they didn't have the right talent on hand to do the job. As the current workforce ages and Millennials play an increasingly important role in the workplace, it is going to become critical for financial executives to better understand what makes Millennials tick. Doing so will enable them to attract Millennials not simply as customers but also as prospective employees. To do that effectively, I believe banks and credit unions need to focus on better understanding ? and then leveraging ? Millennials? so-called ?negative? qualities, about which more senior workers often complain: their constant focus on salary and career advancement; their refusal to do more menial jobs or comply with authority; their constant questioning with regard to how specific jobs are done. Let?s start with that last point. Senior executives often find themselves frustrated with Millennials because these younger employees ask too many questions, challenge accepted processes and refuse to simply accept ?that?s the way things are done around here.? All of these complaints are a reflection of the fact that Millennials want to work with you, not for you. They want to have a say in what?s happening on the job. The challenge for financial executives is to figure out how to capture the energy and enthusiasm that Millennials exhibit and channel it effectively in order to transform processes. If they succeed, branches could turn to Millennials not just as a readily available workforce but as a great source of constant innovation and improvement as well. Another example is found in the contrast between Millennial communication preferences and the way in which financial institutions typically communicate with their employees. Millennials want their voice to be heard and expect the opportunity to give feedback and suggest improvements. While some credit unions are beginning to change their communication tactics, many continue to rely on very old-school mechanisms ? procedure manuals, signage posted around the branch or mass emails ? to convey important information to their employees. None of these approaches will work with Millennials. Millennial employees want to click through six options, not read six chapters of a procedure manual. They want to check out an app, watch a 30-second video, text and then react with emojis, not with a lengthy memo or, increasingly, even emails. Branch managers that recognize ? and embrace ? these approaches will undoubtedly have a significantly better chance of attracting, engaging and ultimately retaining Millennial employees. FI's must also recognize that Millennials want to grow constantly. They won?t stand for a job that doesn?t provide them with new challenges and new opportunities. They?re also not interested in a position that doesn?t play to their individual strengths and interests. As a result, leadership teams must be open to giving employees increasing responsibilities that they will consider meaningful and that will contribute not only to the institution?s success but to their own personal growth. Finally, managers must recognize the importance technology plays in the lives of Millennials. For the most part, these individuals grew up using technology. As a result, they expect to use it on the job. For the bank or credit union, that means investing in technology that will enable Millennial employees to work more efficiently ? reducing the time it takes to do basic tasks, such as filling out reimbursement forms or attending in-person training sessions. At the same time, investing in technology sends a message to tech-savvy Millennials that you understand their needs and expectations and are empowering them to work in the way that they prefer. By enabling Millennials to participate in driving business improvements and innovation, financial institutions will not only make Millennial employees more productive. They will also establish a relationship that builds a level of loyalty that significantly improves employee growth, retention and overall business performance. Ivan Seselj is CEO of Promapp Solutions, an industry-leading provider of cloud-based process management (BPM) software for creating and storing business processes online. You can contact him at�ivan.seselj@promapp.com�or follow him at�@Ivanseselj. You can visit Promapp at�www.promapp.com.

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