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4 Tips for Managing Millennials

There’s a lot of talk about how millennials are very different from other generations when it comes to their views on careers, success and professional growth. How to manage and motivate what some call the “trophy generation” is a hot topic of conversation and a concern for many businesses and managers.

The good news is that millennials are just people — people born between 1980 and the early 2000s. Like most people, they aim to have a job where they are valued, make an impact and develop their skills, all while being interested in what they do and being fairly paid for their effort.

However, there’s one significant trend specific to millennials, as identified in the “Workforce 2020: A Millennial Misunderstanding” report, released by SuccessFactors and Oxford Economics. Younger generations feel better and do better at work with more feedback. You could probably say that about most people, but more experienced workers don’t typically crave the same amount feedback or at the same frequency.

Below are four tips on how to create a management plan that will give your millennial professionals the direction they need to succeed.

1. Admit you have a problem. As in most recovery programs, the first step in millennial management success is actually admitting you have a problem. Very few of today’s busy managers have a plan to give feedback to their employees on a regular basis. People have big jobs with multiple priorities, so it’s easy for managers to fall into the “no news is good news” style of management. Recognizing that your environment is such a place is the start to creating corrective action.

2. Create a lesson plan. We expect every teacher to come to class daily with her plan of what information she would like to pass on to her students, but how many managers have a similar strategy with their employees? Think about the business problem each of your team members is solving with their role, and then write down several key business skills, traits or activities necessary to address said problem. These things are the lessons you need to impart to that employee.

For example, say you are the manager of a customer support team at a technology company. The key business problem your team addresses daily is how to resolve customer issues completely with the least amount of time and minimal amount of escalation. The key skills and activities required are product knowledge, knowledge of available solutions, communication skills, problem resolution tactics, knowledge of when and how to escalate, documentation, research and the expected results per employee. Now that you have outlined the requirements, think about each employee and in what areas she excels and struggles. An ideal plan will praise and expand the employee’s strengths while addressing his or her weaknesses.

3. Be specific. Talking in theory can make for an interesting conversation, but coaching specific items and tying expectations to measurable (and attainable) results yields the best outcome. This is especially true when working with millennials, since they have less working experience. Often, your newer employees don’t know what they don’t know, so they aren’t even aware if there are better options available or if their performance is subpar. Quantifiable goals or objectives give a well-needed measurement tool and allow for detailed, productive coaching conversations on how to achieve success.

Not sure if you’re specific enough? Ask your newest employees to write out the key business problem (or problems) they were hired to solve, how success in their role is measured and how they think you would grade their performance so far. Their responses will show the clarity of your message.

4. Be positive but realistic. Most people appreciate being recognized for doing well. Make sure you stop to point out successes as you see them. This does not need to be formal; just plan to give “‘atta boys” as they arise. Also, don’t save the praise to be bundled with the negatives when you discuss what they need to improve.

This does not mean you just walk around telling everyone how great they are. You still need to coach through the areas that need to be developed, and we all have those. However, effective coaching, just like good teaching, should not be negative most of the time.

Discussing desired results is a forward-thinking way to draw emphasis to what is needed and expected before it’s too late. The opposite is trying to manage after poor performance. It is much harder to motivate and improve performance when you are addressing failure versus coaching along the way to reach intended objectives.

In summary, millennials are people too. They’re just new(er) people to the workforce, and as such, they want and require more direction on a regular basis. Most managers probably have that direction (good or bad) in their heads, but the key is to share this information with your employees in a productive manner along the way. Your team morale and performance will greatly improve as a result of your planning and attention.

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4 Tips for Managing Millennials originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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