{"id":10629,"date":"2016-11-01T19:24:25","date_gmt":"2016-11-01T19:24:25","guid":{"rendered":"https:\/\/insulation.org\/io\/?post_type=articles&p=10629"},"modified":"2017-03-23T17:07:22","modified_gmt":"2017-03-23T17:07:22","slug":"debunking-millennial-myths","status":"publish","type":"articles","link":"https:\/\/insulation.org\/io\/articles\/debunking-millennial-myths\/","title":{"rendered":"Debunking Millennial Myths"},"content":{"rendered":"

Millennials (<\/span><\/em>1)<\/span><\/em> are an 80-million strong generation today. In 2015, they surpassed the Baby Boom generation as the nation\u2019s largest living cohort and now make up 34% of the nation\u2019s workforce, according to the Pew Research Center. This number is expected to grow to 50% by 2020.<\/p>\n

Many American Millennials graduated from college with staggering amounts of student loan debt and started their careers in one of the greatest recessions of all time. Seen as trendsetters, Millennials are well known for their outspoken qualities and knowledge of everything from technology to fashion to food. As a result, they have puzzled companies and marketers for years. Furthermore, Millennials are often saddled with a reputation for being entitled, disloyal, lazy, or optimistic go-getters, but it turns out that they\u2019re actually not that different from their older work colleagues.<\/p>\n

In 2015, FMI surveyed almost 400 construction industry professionals, more than 200 of which were Millennials, in order to measure this young generation\u2019s level of engagement and explore what a Millennial worker is truly looking for in an employer. The following article presents 5 key misconceptions of this young generation and explains what they are looking for in a construction industry employer.<\/p>\n

Myths and Truths<\/h1>\n

The information and opinions swirling around the Millennial generation can be broken down into 2 categories: myths and truths. Based on our industry survey (<\/span><\/em>2)<\/span><\/em> and dozens of conversations with Millennial employees in construction, we have uncovered the following myths surrounding this largely misunderstood workforce:<\/p>\n

Myth 1. Millennials are Lazy<\/h2>\n

Fact: Millennials are eager to be challenged and ready to go beyond what is required to make their companies succeed.<\/strong>
\nFor years, pundits and contemporary publications have criticized Millennials for being lazy. It turns out, however, that this might be one of the greatest misunderstandings about this generation. According to a recent survey published by the HR Policy Foundation, (3)<\/span><\/em>\u00a0 two-thirds of the companies surveyed said that their Millennial employees were making significant contributions in the workplace due to their inquisitive nature, tech-savviness, and drive for innovation.<\/p>\n

Responses from Millennials in the construction industry confirm this position. Almost 70% of participants expressed their willingness to work beyond what is required of them to help the business succeed (Figure 1). Like other generations before them, Millennials want to be challenged with interesting and meaningful work.<\/p>\n

As one survey participant put it: \u201cWhen trying to engage Millennials, it is important to emphasize the appealing aspects of the industry. In construction, projects are always different. Showing Millennials the challenges each project offers gives them a sense of purpose and greater determination. The constantly changing work environment offers a more exciting route compared with the monotony of replicated day-to-day activities.\u201d
\nNot unlike other generations that enter the workplace, Millennials have new perspectives to share, innovative ideas about getting things done, and interesting ways of tackling problems. They are less willing to accept the \u201cold school\u201d methods of completing work, and they are always searching for new ways to streamline processes and increase efficiencies. This mindset is critical for pushing the industry forward. Failing to nurture the innovative and inquisitive nature of younger workers will create disengagement among employees and result in a less productive workforce over time.<\/p>\n

Myth 2. Millennials are Job Hoppers<\/h2>\n

Fact: Millennials want job security and stability.<\/strong><\/p>\n

Much like their predecessors, Millennials are interested in job security and stability. And despite popular belief, they aren\u2019t poised to switch jobs as soon as another opportunity presents itself. That said, these younger workers come from a \u201cconnected\u201d generation that truly values collaboration, teamwork, and social opportunities. Our study also indicates that Millennials value the use of new and innovative technologies to solve client and corporate challenges. Letting young people contribute and participate in such meaningful ways\u2014and showing genuine interest in their careers and personal lives\u2014is key to engaging them long term.<\/p>\n

Company cultures focused on employee engagement require a defined and well-communicated company vision. This point is especially important for young people who are kicking off their careers. By explaining the whole picture, company leaders can connect the meaning to their employees. This, in turn, gives workers a clear sense of purpose and an understanding of how their efforts fit within the larger plan. According to our research, when the company\u2019s vision is inspiring and clearly communicated, Millennials are 25% more likely to stay longer with the company compared to those who don\u2019t understand the company\u2019s vision and direction.<\/p>\n

Myth 3. Millennials are Altruistic and Don\u2019t Care about Money<\/h2>\n

Fact: For Millennials, money is very important.<\/strong><\/p>\n

For years, thought leaders have been talking about how Millennials are just out for a \u201cpurpose crusade\u201d and how they are more interested in meaning than money. Our research paints a much different picture. When asked what\u2019s most important to them, Millennials rank competitive pay as their highest concern.
\nHaydn Shaw, a renowned generational expert, confirmed this finding and says, \u201cThe vast majority of surveys show that Millennials rank base pay as the most important factor in selecting and staying in a job, just as the other 3 generations do. They want meaningful work and a supportive culture to work in, but they want a well-paying job and career advancement more.\u201d (<\/span><\/em>4)<\/em><\/span><\/p>\n

Using well-defined incentives that motivate their employees to go beyond the call of duty, progressive construction firms are taking charge and improving company performance. Beginning with a well-defined incentive compensation system, companies can effectively develop employees who excel at maximum levels and beyond. With the right combination of clear direction, quality feedback, and tangible rewards, employees become engaged and satisfied with their jobs. This, in turn, helps to create a win-win situation, where employees are inspired by the fact that management truly values their efforts.<\/p>\n

Myth 4. Millennials Want Constant Acclaim<\/h2>\n

Fact: Millennials want regular feedback\u2014not because they are looking for a trophy, but because they are still learning the ropes.<\/strong><\/p>\n

Feedback is a big topic for Millennials in construction. Young construction employees are looking for mentors and coaches to help them learn the business and understand the ins and outs of their daily tasks and routines. (<\/span>5<\/span><\/em>)<\/p>\n

Progressive construction firms have started to create formal coaching and mentoring systems that support younger employees while also providing an important platform for knowledge transfer. By weaving these programs into their company fabric\u2014and making them a part of employee performance reviews\u2014firms can effectively reach the 75% of Millennials who see mentoring as being crucial to their success. Unfortunately, most construction employers are still missing the mark in this area.<\/p>\n

According to our latest Talent Development Survey,\u00a0(<\/span>6)<\/span><\/em> more than three-quarters of all participants (77%) are counting on annual reviews to increase employee performance and development. Conversely, almost 50% of our Millennial survey participants stated that they wanted feedback on a monthly basis\u2014a key indicator of how this young generation is driving change in performance management and overall communication (Figure 2). This generation is used to speedier reactions and responses; annual reviews are no longer a viable solution. Employers must shift their mindsets and start developing mechanisms for frequent, in-person communication and information exchange across all company levels and age groups.<\/p>\n

Myth 5. Millennials are Entitled<\/h2>\n

Fact: Millennials are ambitious and eager to make an impact in their careers, which sometimes can be misread as entitlement or even arrogance.<\/strong><\/p>\n

This young generation of workers wants to participate and contribute in meaningful ways. They enjoy collaborative employment opportunities that allow them to stretch their creative wings, share new ideas and actively participate in their companies\u2019 successes. Too often, old job descriptions and company policies keep younger workers from contributing at levels that would create real value for their employers. In such cases, executives should think about how to change their work environments, team configurations, and incentives.
\nOur Millennial research also confirms that if employees feel like they are making progress and advancing in their careers, they will be more likely to remain with their companies for the long term. Of survey respondents indicating that they understood their career paths and opportunities within their firms, 81% of Millennials expected to stay more than 5 years at their company. Conversely, of those respondents not expecting to stay more than 5 years, one-third were unsure of their current roles, responsibilities, and expectations.
\nThe topic of career development is particularly relevant for companies in the construction industry, where many firms lack well-defined job tracks or comprehensive talent development and leadership programs. With young, ambitious Millennials wanting to learn, improve, and advance through an organization, employers must develop better solutions and challenge the old ways of \u201chow things used to be done\u201d\u2014starting with the ways people interact and collaborate with one another.<\/p>\n

What Does this Mean for You?<\/h1>\n

As Millennials become the dominant generation in today\u2019s workforce, companies must be cognizant of the actions they take to engage these employees. Aligning each individual\u2019s development plan with the company\u2019s vision and goals is essential in ensuring improved engagement. Millennials are especially eager to contribute and want to know that they are adding value to the company. Never before have the company\u2019s mission and vision been so important to a workforce.<\/p>\n

The business implications, which are structured around 3 organizational levels (strategic, operational, and tactical), can help organizations make sure they have the basis for engaging and aligning their Millennial workforce with the bigger picture
\n(Figure 3a-c).<\/p>\n

1 \u00a0\u00a0 \u00a0Individuals born between 1980 and 2000.<\/span><\/em>
\n2 \u00a0\u00a0 \u00a0Millennials in Construction: Learning to Engage a New <\/span><\/em>
\nWorkforce. 2015 FMI Industry Survey.<\/span><\/em>
\n3 \u00a0\u00a0 \u00a0Talent Sustainability Report. The CHRO View From the Front Lines of the War on Talent. HR Policy Foundation. April 24, 2015.<\/span><\/em>
\n4 \u00a0\u00a0 \u00a0Haydn Shaw. Sticking Points: How to Get 4 Generations Working Together in the 12 Places They Come Apart. July 22, 2013.<\/span><\/em>
\n5 \u00a0\u00a0 \u00a0The Big Crew Change: How to Empower Your Next Generation of Field Leaders. Part One. Ethan Cowles. FMI Quarterly, Issue 1. 2016. and The Big Crew Change: Breaking into the Succession Plan. Part Two. Kim Jones and Ed Rowell. FMI Quarterly, Issue 1. 2016.<\/span><\/em>
\n6 \u00a0\u00a0 \u00a0Talent Development in the Construction Industry. 2015 FMI Industry Survey.<\/span><\/em><\/p>\n

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Rather than focusing on outdated stereotypes, construction employers should develop workplaces where top talent
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