If you are a financial advisor employing for your office, you may be recruiting from the Millennial generation—a generation unlike any other. To effectively recruit and retain Millennials, you might need to modify the language and approach of your recruiting and management style.

We Know They’re Different

While every generation seeks to distance itself from the previous one (remember “Hope I die before I get old,” Baby Boomers?), Millennials are set apart primarily by their experience with social media, how they consume information and what they want from work. While they share many of the same values held by previous generations, they do hold some distinct principles that need to be considered when a financial advisor employing Millennials.

How to Recruit Millennials

When recruiting Millennials, speak to their aspirations and values. For instance, one in three Millennials said “social media freedom” is a higher priority than salary,1 while almost 70 percent said that giving back and being civically engaged are their highest priorities.2

Therefore it’s important to communicate:

• the impact the job and your practice can have on helping individuals achieve important financial goals
• the community involvement of the business and your employees
• the input they will have on your social media and networking initiatives

Be clear about their potential for career advancement. In a recent survey, 65 percent of Millennials said personal development was the most influential factor in their current job.2

How to Retain Millennials

To retain talented Millennial employees, look to manage them in a way that fosters their own definition of achievement and reward.

Offer Continuous Feedback—Eight percent of Millennials prefer feedback in real time rather than through traditional performance reviews.3

Listen to What They Have to Say—Millennials were raised by parents who listened to them and they don’t see why their boss shouldn’t. Ignoring their input may lead to job dissatisfaction and employee turnover.

Provide Work/Life Balance—Millennials work hard, but are less defined by their job than previous generations, e.g., Baby Boomers. For Millennials, having a balanced life is of paramount importance. Promote a work environment that allows such balance.

Leave Room for Fun—Millennials want to enjoy their job and place of work. They value friendships in the workplace. Promote opportunities for laughter and after-work socializing among co-workers.

The worst thing any manager of a different generation can do is dismiss these differences with the attitude that Millennials will need “to get real” about workplace expectations. Inflexibility may be the quickest route to losing great employees. Stay flexible and retain this generation!

Sources:

1. https://onlinemba.unc.edu/blog/geny-in-the-workplace/
2. http://iveybusinessjournal.com/publication/the-millennials-a-new-generation-of-employees-a-new-set-of-engagement-policies/
3. https://onlinemba.unc.edu/blog/geny-in-the-workplace/

See referenced disclosure (2) at https://blog-dev.americanportfolios.com/disclosures/