Personality assessment and recruitment company PeopleKeys have announced a new tool to help manage and motivate millennial employees.
“We found that many baby boomer managers (between 53-71) were struggling to keep, relate to, and motivate millennials,” PeopleKeys international director Brad Smith says.
“There are sometimes differences between generations, but that it is not that perplexing if you understand certain key principles,” Smith says.
As the baby boomers retire, millennials (aged 22-40) are rapidly moving through the corporate ranks, but they don't always stay in one position.
PeopleKeys' Behavioural Attitude Index (BAI) assessment tool can give some insight on why these individuals are not having certain key values met within their position.
They found that many millennials will not stay long term if work-life balance is not maintained.
"Studies show when personal passions fit with the job role and corporate culture, millennials enthusiastically perform their duties if their I-SPEAK matches with the career needs (Inner Awareness, Social, Political, Economic, Artistic, Knowledge) they thrive and are motivated,” Smith says.
The I-SPEAK acronym represents six distinct styles that speak to a person. Each illustrates a different way of prioritising which people find most fulfilling.
“If it doesn't, then productivity goes down," Smith says.
The millennial generation has one of the highest turnover rates, and are the generation most likely to switch jobs.
Studies have also shown that millennials are widely misunderstood by their employers.
Findings in a recent study by Fit Small Business showed that 34% of millennials selected healthcare as a top priority, whereas only 7% said Facebook-HQ style perks mattered to them, contrary to employers' expectations.
Millennials are also willing to travel for the right job – almost half the respondents said they didn’t care how long they would have to travel.
To understand, motivate, and manage this generation, employers and managers needed to understand the millennial individual's underlying motivators, passions, and values.