Hiring and Retaining the New Generation: Millennials

Jinni Touchstone
Manager of Client Relations

If men are from Mars and women are from Venus, people from the Millennial generation are from an entirely different solar system. That is not a bad thing at all, but hiring and retaining this group may require a few subtle adaptations.

In fact, Millennials are so unique that industries on recruiting, training and interacting with them have popped up all over the place. Companies have hired consultants and attended seminars designed to teach them how to handle Millennials.

The New Gen in Town
Millennials are the 80 some-odd million people born between 1980 and 1995. They are categorized by many as confident, smart, energetic and on the go.

Here are a few observations about Millennials that I took from a 2008 CBS article and a 2010 Pew Research report:
• Millennials tend to only take “yes” for an answer.
• They are technologically savvy.
• Many have been given more material possessions by their parents (than their preceding Gen X and Baby Boomer generations).
• Their parents (and Mr. Rogers) have had tendencies to strongly emphasize that they are special.
• They tend to change employers/ careers more often than others because they are among the last hired and first fired.

Great Expectations
What do they expect? Quality of life is important to this generation – sometimes even more important than a career. Many of them would sacrifice standard benefits for everyday comforts and perks. Millennials typically want a certain amount of flexibility and customization in their careers.

In doing my research, I wanted to go straight to the source. By definition, Vanessa G (Client Relations Consultant) is a Millennial. She said, “I was raised by two hard working parents that wanted better for my brother and me than they had, and reminded us daily that we can do whatever we set our minds to. I have to admit after graduation from a top rated business school, I thought nothing could hold me down. I would say I definitely had a mindset at that time that was more “Millennial” than today. I think those Millennials that have worked through this economic downturn have had a few reality checks which has helped to keep them more grounded. I expect to get out of my career exactly what I put into it and I realize there are no easy paths to the top. In any position, I do expect to work in a positive environment, with regular encouragement and challenges for constant improvement.”

Vanessa’s comments speak to a trend that I have also seen in my research. Millenials understand more and more, that their parents worked hard to provide for them. They will continue to have high expectations, but many of them realize the sacrifices and drive it takes to achieve success. Companies could benefit from examining their methods as they relate to Millennials, who, incidentally, would make great agents in the payment processing industry.

Why Millenials Should Sell Payment Processing
If you’re looking to hire agents, keep this generation in mind. While their life philosophies might be different than that which you are used to, there are some specific Millennial benefits to consider:
• No need for instant cash, so they have time to ramp up residuals
• Fewer expectations of insurance
• They can build their schedules around school and other jobs
• Because jobs don’t open up as often currently, Millennials are looking to carve their own spaces, and this is easily done in merchant services.

To wrap it up, here’s a fun quiz from Pew Research called “How Millennial Are You?” http://pewresearch.org/millennials/quiz/ (I got an 88! Looks like I’m a bit of a Millenial myself…)