Avoid Hefty Contracts | Building Trust with Gen Y Series
Stay away from hefty long-term contracts. (9 of 9 in series)
Millennials are just as committed as boomers, but it looks a whole lot different. Whereas boomers and prior generations were committed to companies, Gen Y is committed to meaningful missions. They get passionate about social issues and think of organizations as platforms to carry out their purpose/mission. According to Marcus and Jane Buckingham, millennials are expected to have at least seven positions during their careers.
To them, change is a constant, and they’ve grown used to it. Companies’ must do the same or provide internal opportunities for lateral shifts. When it comes to compensation, millennials want to have a conversation. With many boomer parents who disliked the “seen, but not heard” parenting and leadership styles of traditionalists, millennials grew up with parents who made everything a conversation. This means that millennials are used to negotiating everything, and they’re often thought of for their unrealistic expectations. Be honest and direct while wading through some of their known characteristics for entitlement, but still allow for conversation that leads to mutual agreement. All in all, bring clarity to realistic expectations, give much, and ask for much, but don’t drop a 40-page 20-year contract on the table.
Avoid these 9 tips, and you’ll scare your top young talent away, build a reputation that keeps them away, and risk your organizations survival past 2025. Use these tips and you’ll develop the trust of top talent, attract others, and begin to gain faster results, deeper relationships, and a stronger bottom-line.