4 Tips for Motivating Millennials in Finance Positions
September 5, 2018
While we’re a decade away from the financial chaos of 2008, many finance industry businesses have struggled to attract and retain millennials. With a recent report indicating that only 10% of millennials currently working in finance plan to stay in the field over the long term and almost half were actively looking for a new opportunity, that is especially concerning. If you are fortunate enough to have talented millennials working for you, it’s important to keep them motivated and engaged. Here are our best tips for motivating millennials in finance positions.
Provide Opportunities for Learning
What is the number one factor that millennials indicate matters when choosing a job? Whether or not the job will afford them with chances to grow and learn. Motivating millennials in finance positions rests on being able to provide them with a positive learning environment filled with training opportunities and the ability to shadow co-workers on tasks.
Making an effort to provide learning opportunities is mutually-beneficial, as older employees can refine their craft and gain leadership and training experience while millennial employees get to learn.
Don’t Be Afraid of Technology
It’s easy to lose motivation when using tools that are uncomfortable or foreign. While some offices embody the “we’ve always done it this way” attitude, when working with millennials in finance positions it’s important to remember that these individuals grew up using technology.
Millennials work best when they are provided with quality computers or laptops, a variety of tech tools, collaborative chat services like Slack and high-speed Internet infrastructure. Equipping employees with the tools that they need to succeed will prevent frustration and discontent from growing, and motivate them to do their best all the time.
Communication Is Key
Did you know that over 40% of millennials want weekly feedback from their boss? Before you worry about how much time weekly sit-downs with every millennial employee will take, remember that a simple email or comment in the elevator counts as feedback. Millennials in finance positions want to know that their work matters and that they are making an impact. Regular feedback and open communication are vital to meeting that need and keeping these young employees motivated.
A Way Forward
One of the reasons why many millennials in finance positions are job shopping is because they don’t see a clear path forward in their career field. Millennial workers want to work hard to earn a raise and promotion, just like any other employees. However, due to the shortening attention span and tech-driven want for instant gratification, they need growth options. If they do not see a path ahead of them and the steps along the way, it can be easy to get disenchanted and bored.
Challenge your millennial employees with new projects, or put them in collaborative situations with employees above them to encourage them. Use performance reviews as a way to ask your employees what their goals are and talk about what the future could hold.
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