Managing a Young Workforce

We’re hoping to maximize our opportunity with a young workforce. We’ve hired several young, entry-level workers. When managing a young workforce, how do we tap into their potential without burning them out?

Thoughts of the Day: There are many reasons to figure out how to hire, retain, and manage a young workforce. When it comes to retention, consider the needs of every employee regardless of age or experience. Add doses of supervision, mentoring, and coaching.

Baby Boomers, age 54 to 72, are retiring at an average of 11,000 / day over the next 10 years. That’s a lot of experienced workers who need to be replaced. Today’s low unemployment economy is forcing small businesses to compete for scarce and increasingly more costly employees. The lowest cost workers are often entry and near-entry levels employees like Millennials and Gen Z who are looking for a place to belong.

The Millennial Generation is over 10% larger generation than Baby Boomers. As of 2015, they’re the largest generational workforce in the US economy. Gen Z, born between 1999 and 2015, is just entering the workforce now. They are almost as large as the Baby Boom generation they’ll be replacing, at 73 million. Young generations have seen the downfall of employment through the 2008 recession. As a result, they tend to be more discriminating about employment offers and careers they pursue.

A young workforce is motivated by factors that employers can tap into.

Younger workers are looking to be part of a community. That is to say, they want to be recognized for who they are and what they do. They desire to learn things, improve the world they occupy, and secure basic needs for food and shelter. However, not necessarily in that order.

Figure out how to supply those needs. You’ll be well on your way to making your business an attractive employment option for a young workforce and any generation. So how do you do that?

Check on how your wages stack up.

As low unemployment becomes the norm, it’s usually for wages to go up. Find out what’s happening. Explore job openings in your industry, qualified candidates, and overall compensation. Address any shortcomings.

As, clarify your company’s culture, and advertise for people who are looking for that kind of culture. Ask your employees what they value about your company. Ask customers what they observe about your employees. Boost the good traits and fix the weaknesses.

Offer the opportunity for advancement. Encourage employees to get more training. Give them time to study things that are within the scope of their work. If you can afford it, provide financial assistance for certifications if employees are willing to guarantee their longevity.

That is to say, put people on a mission to improve the world. Tie together the work of your company and volunteerism. Pick a not-for-profit that could benefit from your company’s help. Encourage participation. Match financial and time contributions. Share experiences. Publish stories and pictures. Utilize the company’s bulletin board, newsletter, and social media.

Meanwhile, make sure employees have good examples to follow. Assign managers to roles as mentors and coaches. Encourage meetings. Discuss career development, job differences, and how employees can increase qualifications over time.

Above all, build good work habits right from the start. Be clear about expectations. Carefully supervise entry-level workers. Provide guidance on how to work productively. Certainly look for opportunities to meet needs that many employees often struggle with. Consider time off, exposure to opportunity, living on a tight budget. Be flexible about days off in slow periods. Use gift cards and small bonuses to help close financial gaps.

Looking for a good book?

Try: “Not Everyone Gets a Trophy: How to Manage the Millennials” by Bruce Tulgan.

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With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.

With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet.With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.

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