Try bringing up the topic of millennials with your managing partner, watch the frustration and stereotypes begin–entitiled, lazy, short attention spans, the list goes on.
As an employer, the very name is enough to send you hightailing in the opposite direction. You have no patience for this softer generation. They flit between jobs like overeager hummingbirds. They speak an alien language. You probably want to shake the next one who whines, “What am I doing with my life?”. Yet their numbers are overpowering. Even rabbits seem to multiply more slowly than millennials.
Maybe there is more to this story though. Is writing off the next generation a hasty mistake? By 2030, millennials will comprise 75% of the workforce.Your millennial problem is only growing and a generational civil war is not a long term solution. Perhaps the time has come for you to embrace them instead. After all, this is the era of the participation trophy, and if you cannot beat the millennials–why not join them? Or at the very least, you must be willing to meet them halfway. The future success of your firm is on the line.
The fact is, if you want your firm to stay competitive in the coming decades, you need to embrace millennials. You need to be able to attract them, and you need to be able to hold onto them. However, it is not a simple as it sounds. Millennials do not have the same motivations that have enticed previous generations. The right amount of money might attract a millennial, but it will not keep him or her at your firm long term. According to Michelle Nash, 70% of millennials depart from a firm within five years, regardless of salary. The price of losing millennials is steep and more money cannot solve your problems this time. The million-dollar question: how do you attract and retain millennials?
Millennials are hummingbirds, remember? And if you want to attract millennials, you will need one pretty enticing flower. You need to create a work environment in which this generation can thrive. Millennials do not care about seniority or titles. They would rather learn and grow (sometimes laterally), than always chase the next promotion upward. A millennial is far less likely to sacrifice job satisfaction for higher salaries and better titles. Workplaces that focus too intently on hierarchy will quickly become stifling to this generation. Unlike their predecessors, millennials are not content feeling like cogs in a wheel. They want humanized work environments where individuality matters and autonomy is valued. Allowing millennials the flexibility to choose work locations, hours, roles, etc. gives them a greater sense of importance. You can greatly increase the skill and loyalty of millennials by implementing in-depth, quality training programs, rather than excessive micromanagement practices and mandatory office “face-time”. A millennial who feels independent and individually significant, will likely remain at your firm.
Secondly, millennials have a high appetite for risk. The older generations were content coloring in the lines, but this will not satisfy the new generation. The concept of “brainstorming” is a valuable skill in any employer’s toolbox. Millennials want to constantly push the realms of possibility and maximizing creativity. Whether this involves new technology or the latest research, giving them free reign (within reason) to evolve, is a sure-fire way to retain millennials at your firm. Remember that millennials were raised in the technological revolution and accept continual change more readily. They inhale innovation and advancement. A desirable work environment tolerates change and the invariable mistakes that accompany progress.
Additionally, millennials value talent over hard work. Some may call this practice lazy, but millennials see it as efficient. The easiest, fastest way is always the most advantageous with this generation. If you want to retain millennials, you need to develop a reward system places quality of ideas over dedication and effort. Your most talented lawyers should be promoted ahead of those who have been with your firm longer. Millennials do not want to feel as if they have to put in a certain amount of “grind” time at your firm before they can advance. If they feel stagnant or “stuck” in their position, they will not hesitate to leave.
Lastly, millennials need a work-life blend. Every other preceding generation has adamantly demanded a thick wall of separation between their work-life and home-life. However, millennials want to know their co-workers. They want to collaborate and develop a sense of community that extends beyond the office. If your work environment stifles collaborative efforts and discourages community, millennials will feel isolated. More than any other generation, millennials need to know that their work has significance beyond simply earning a paycheck every month. They want hands-on experience and community outreach. Millennials are far less likely to stay at a firm that works purely for profit. The firms that have public motivations will experience significantly higher millennial retention rates.
Millennials may be the most complicated generation yet. Or they could be the most simple. Either way, the point is moot. You cannot continue without them nor should you want to. In the right environment and with the proper training, millennials will lead your firm into a new era. Millennials are your golden key to the future and now is the time to welcome them with open arms.