Learning Finance: The Next Generation

My last two blog posts have focused on the Millennial generation, and as a result, I have received a number of emails from readers.  Some readers have accused me of making a big deal out of nothing, and others have claimed that I give the appearance of not liking the Millennials very much.  Over the past few weeks, I’ve considered the comments I’ve received, and thought it best to come clean on how I really feel about the Millennials, particularly as it relates to helping them learn finance.

First, am I making a big deal out of nothing?  I don’t think so, and this is why:

• Millennials are significant to the workforce because of their sheer size.  Estimated at 80 million in number, the Millennials have already surpassed the Baby Boomers, and they are expected to be not only the largest generation in our country, but also the first 100 million member generation in U.S. history.
• The first Millennials graduated college in 2002 and are now entering the workforce at the same time Baby Boomers are retiring.  Projections indicate that 76 million Boomers will retire over the next 25 years, and there are only approximately 46 million Gen X-ers coming up behind them.  Millennials will impact and influence the workforce for the next 70 years. 

Second, do I not like the Millennials?  I pose the question a little differently:  How can I not like Millennials?  As many of you know, I am part of the generation whose parenting style created the Millennials, and as the mother of a Millennial who recently graduated from college and entered the work force, I agree with Jack and Suzie Welch’s assessment of this generation.  In their Business Week article, “Generation Y’s Bad Rap,” they state, “We think the crop of twenty-somethings breaking into the business world right now is about as energized and exciting a group of ‘kids’ as we’ve ever seen... Overwhelmingly, we’ve found [Millennials] to be hardworking, entrepreneurial, startlingly authentic, refreshingly candid, and wonderfully upbeat. Basically, not to get all mushy or anything, we love them.”

As much as I love them, though, I recognize how different this generation is from any of those that came before them.  Millennials have higher expectations from work and life in general.  They are more connected through the technological advances they grew up on, and are managing a multi-tasking lifestyle that includes work and family at a whole new level.  Bruce Tulgan, founder of generational research firm, RainmakerThinking, states that “The good news is they’re also going to be the most high-performing workforce in the history of the world. They walk in with more information in their heads, more information at their fingertips - and, sure, they have high expectations, but they have the highest expectations first and foremost for themselves.”

1. Be a mentor.  Millennials have grown up with structure, supervision and an abundance of role models—starting with their parents who worked full-time and still attended every soccer match and dance recital.  Cathie Looney, a national speaker, generational expert and certified reality therapist says, “If you want to get the best out of the Millennials, you have to invest in them. You have to give them a mentor to teach them how to navigate the adult world.”
2. Increase responsibility.  Millennials want learning opportunities and thrive when given real responsibility.  It gives them a sense of ownership, while making them feel connected and valued by the organization.  Help them see the big picture, then let them run with it.  (This is difficult to do in Finance and Accounting, where we typically start the “kids” out with simple, low-risk responsibilities, like reconciliations… if we are to increase their assigned responsibilities, a mentorship program becomes even more important.)
3. Make use of technology.  Millennials have grown up with laptops, mobile phones, Xbox and iPods. They created an entire language for texting.  They are incredibly tech-savvy and consider communication through those enablers the norm.  “They’ve never lived without the Internet and are quick to adapt to new technology,” says Stacey Woelfel, author of “The Millennials.”
4. Acknowledge accomplishment.  Millennials have been encouraged by parents, teachers and coaches from an early age.  They grew up on a reward-based system and are used to being recognized for hard work and achievement.  So, a little overt recognition will go a long way.  Justyna Czubak, author of “Millennial Learning: On Demand Strategies for Generation X and Beyond,” states, “This is truly the on-demand workforce. They value speed, efficiency, gratification and results… They need a variety of activities and interactions and they need to move at a brisk clip.  They want instant feedback and rewards, so be sure to let them apply new knowledge immediately, and let them know how well they've performed.”
5. Work together.  Millennials love working in teams.  Teamwork was an important element to the Millennials’ upbringing.  From preschool to MBA courses, Millennials were encouraged to work in groups and as a result, they have developed strong team building skills and peer bonds.  They prefer groups to individual endeavors.  As they enter the workforce, one of their greatest strengths is the ability to collaborate and generate a host of new, creative ideas.  So, mix them in with your more seasoned staff—you will likely experience a whole new energy.
6. Make learning fun.  A little humor, a bit of silliness, even a little irreverence will make your environment more attractive.  Millennials want to enjoy their work and their workplace.  They want to make friends in their workplace.  You should worry if your Millennial employees aren’t laughing, going out with workplace friends for lunch, and helping plan the next company event or committee.
   

Let me know your thoughts.  As always, you can post your comments to this blog or send an email to me at my personal email address:  pae@tmiwebmail.com.