Accessibility to both contacts and information has skyrocketed in the past twenty years, and the generation that’s now the bulk of our workforce has very different expectations about what is shared and when than any group of people before them. I’m speaking, of course, of millennials.
However, there’s a problem: millennials also have a very different set of priorities when deciding where they want to work than any other generation prior. As finance professionals, we must tailor our organizations in the following ways to cater to this talented, yet misunderstood generation.
Build a Culture of Transparency
There is a rising demand for businesses to be transparent about their financial reporting. This change can be attributed to the fact that this information can now be accessed – and therefore, it is now noticeable when it is not accessible – more easily than ever before imagined. As financial professionals, this is good news, as it means that our expertise is in demand and likely to stay that way for the foreseeable future.
A growing number of voices in the workforce emphasizing standing up for what they feel is the right thing for the company to do, which is to be transparent to their customers and clients. The best way to do this is to take steps to ensure your financial data is always up to date and clean, and can be accessed easily to update outward-facing portals.
New Models for Agility
Two repercussions of the internet are that trends travel faster, and that technology enables new models for workers to collaborate and share ideas. This perfect storm results in rapidly changing expectations, especially when it comes to how quickly workplace decisions are made. Between developer trends such as Agile (and thus, Scrum cycles) gaining notoriety in non-technology circles, and applications such as Uber, mobile banking, file transfer and Twitter shrinking the amount of time most of us expect to wait for information or services, it’s no longer acceptable to take weeks to deliver anything.
This shift is also affecting financial services, as it’s now seen (in millennial’s eyes) as a warning sign if information takes more than a day or two to be delivered – taking a week is a huge red flag and can make it appear as if the data wasn’t collected at all before it was requested. The best way to make sure your new hires are productive, happy and invested in the company is to have the infrastructure available that ensures data can be collected, interpreted and delivered as quickly as possible. The age of endless spreadsheets is at an end.
Work-Life Balance
Perhaps the starkest contrast with previous generations is millenials’ need for better work-life balance than their parents had. According to a PwC survey conducted earlier this year, 64% of millenials would greatly value the ability to work from home, and 66% would appreciate the ability to shift their hours. What’s more, 15% of males and 21% of females globally said they would prefer to give up some of their pay and slow the pace of promotion in exchange for working fewer hours.
One explanation of why the work/life balance is so much more important to these younger worker comes from an Ernst & Young Global Generations Research study – 80% of millennials surveyed are part of a dual-income couple, of which both work full time. Of generation X (in their 30s-40s currently), 73% are. However, of baby boomers (likely in the highest position of power through seniority), only 47% have a full time working spouse. To add to that, more than a quarter of baby boomers have a non-working spouse.
What does this mean for you as a leader at a firm? Make sure that you’re cognizant of the load that you place on your workers. While they’re happy to pour themselves into a project, demanding too much overtime will wear on your millennial worker quickly, and cause them to question whether the work is worth it. One major move you can make to accommodate this trend is to develop an infrastructure and culture of flexibility, enabling your workers to be effective from anywhere they choose – which enables you, as their manager, to allow them to work from wherever they choose.
Work Smarter, Not Harder
Yes, it must be said, this generation is adept at using technology, and expect it to be used to the fullest in their workplace. The core logic here is that if something can be automated, why should a human worker have to waste their time with it? Millennials’ mantra is “work smarter, not harder,” which is showcased by their tendency to gauge the worth of their output through quality, not hours spent.
Changing processes can be challenging at first - but many changes can ultimately be used to the company’s advantage. Listen to your team members’ input as to how workflows can be streamlined, and you’ll find that you have more time for the difficult, important tasks, without having to worry about filling out form after form, or filing paperwork.
Being Part of Something Bigger
When putting together job descriptions and company literature, it’s important to also know that millennials are much more concerned with the ethics and social responsibility of the company that they join than their older counterparts. Deloitte found that 77% of those surveyed reported that their company’s purpose was part of the reason they accepted their offer, and 60% said that a “sense of purpose” is a major reason they decided to work at their current business.
Remember that, as the “internet generation,” millennials were also the first to grow up in an age of citizen journalism. There’s a general feeling of the world being a “smaller” place than it once was as communication lines open up more and more every day. By showcasing the charitable works and social outreach your company does, you’ll attract those who are focused on the big picture, and willing to put effort into a greater cause.
I’ve covered some, but not all of the changes that these young, talented workers are bringing into an office near you. Above all, listen to what you’re hearing in interviews, and work with them, not against them.
Henner Schliebs is vice president and head of Finance Audience Marketing at SAP.