I caught up with Pete Cashmore, the Founder and CEO of Mashable, as well as Olivier Fleurot, the CEO of MSLGROUP, to talk about their new study called "The Millennial Compass". The study was released at this years SXSW and found that Millennials are focused on achieving through personal networks and technology. They value a good work-life balance, perceive their managers as friends, and don’t want to be tied to an organization, a timetable or a hierarchy.
Pete founded Mashable in 2005 as a blog focused on up-to-the-minute news on social networks and digital trends. Since then, Mashable quickly grew to be one of the top 10 and most profitable blogs in the world. Pete was named one of Ad Age’s 2011 influencers, a Time Magazine 100 in 2010, and a Forbes magazine web celeb 25. He was also named a Briton of the year by the Telegraph in 2010. Pete is a World Economic Forum 2011 Young Global Leader. Prior to joining MSLGROUP, Olivier was executive chairman of Publicis Worldwide, a global advertising network, where he created, among other things, Publicis Modem, the digital advertising practice.
In the following interview, I ask both Pete and Olivier about their respective generations, what managers need to know about managing millennials, the trust about millennial entitlement and how companies can best support them moving forward.
Dan Schawbel: Olivier and Pete, you both represent two very distinct generations. Based on your new research, which generation do you feel is more entrepreneurial and which do you feel is made for corporate America? Why?
Olivier Fleurot: Both the Baby Boom generation and the Millennials will be remembered as generations that changed the world . Both generations are “makers” and creators. The Boomers helped shape some of the great global companies that exist today and the Millennials are turning innovations into new businesses with speed we have never seen before. The boundaries of business today are expanding in America and around the world. Successful leaders must drive constant innovation, manage with ease in a world of change, and must be able to navigate global markets. In that respect Millenials seem to be well prepared for the future. Whether they do that in large companies or in start-ups really doesn’t matter. Entrepreneurial skills should be valued in both.
Pete Cashmore: It comes down to the individual person. The best organizations figure out how to combine the experience of their more senior employees with the zeal and ability to adapt quickly of the millennials.
Schawbel: What do managers need to know about how to manage millennials and how can they create the right culture that supports them?
Fleurot: Millennials are indeed a very special generation. According to Pew research, they are more diverse. Compared to those before them, they are unattached to organized politics and religion. They are connected by social media and optimistic about the future.
Most important in the workplace is that Millennials see their jobs as a continuation of their education experience, and expect managers to share their knowledge and to be a coach rather than a boss giving instructions. Many managers have also discovered that Millennials don’t do well in hierarchical organizational structures where position is based on years of experience and keeping knowledge for oneself. These organizations tend to underestimate Millennials for what they can bring to the business – their technology skills, ability to innovate and a high level of comfort with change. Instead, managers need to respect Millennials for what they offer and give them opportunities to earn trust. Managers should be aware that what’s considered a strong work ethic is evolving. Millennials are more than willing to work hard and long, but they also want work with a meaning, and a better work-life balance. Businesses can respond by offering flexible hours and work –at-home programs. Finally, business leaders need to make sure their employer brand is strong. That’s because Millennials respect organizations with clearly articulated visions, a strong purpose, shared values and clear career path options.
Cashmore: Decisions still need to be made by managers, but companies need to listen to the whole organization. Companies must provide millennials an opportunity for input, to share ideas and encourage them to explore opportunities. At Mashable, we take the emotion out of decisions and focus on data-driven experiments to find optimal solutions.
Schawbel: You found that millennials expect management roles within two years of graduation. Do millennials need to get a reality check or do companies need to focus on leadership development immediately with new hires?
Fleurot: Business leaders need to respect Millennials for the technology know-how and skills they offer the business while creating opportunities to build their leadership experience right at the start. MSLGROUP, for example, has created a Generation Activation program in several markets where the Millennial employees are put in charge of our social responsibility programs. Each year, a team of Millennials manages a reverse RFP process to select worthy non-profit organizations to which we can donate strategic communications and consulting services. Programs like these will help build skills on the job and keep the Millennial workforce engaged. Businesses need to help Millennial employees plan their career paths while clearly communicating the steps and requirements for advancement.
Cashmore: It used to be you would meet once a year to discuss career goals. Now you meet much more frequently. If you set qualifying metrics for promotions that are understood by everyone, it works well with millennials. The challenge is when there is ambiguity in how promotions and raise decisions are made. We should not use time in position as a metric for promotion, but focus on achievement.
Schawbel: How can companies better support millennials interest in travel and cultures?
Fleurot: One of the most interesting findings in the MSLGROUP research is that Millennials, especially those in the U.S. and the U.K., ranked international experience and working in multi-cultural settings very low. That’s an area of great concern to me. We need to encourage our employees to seek out these kinds of opportunities that put them on successful paths to becoming business leaders who can navigate a global marketplace. At MSLGROUP, we encourage and reward our employees who embrace our global values. Through strong mobility programs like “Together Work’s Better,” we send deserving teams of employees around the world to engage with their colleagues in other offices.
Cashmore: We really didn’t discuss this, but it ties back to giving them opportunities that excite them and meet their needs that also help the organization meet its goals.
Schawbel: Millennials are job hoppers. How do companies retain them when they are jumping around so much?
Fleurot: Organizations must ramp up on their human resources teams in order to retain their key people, develop bench strength and recruit new talent, especially in business critical areas. Managers in all areas need to proactively minimize vulnerabilities that could be created by turnover. Today, HR needs to maintain an active pipeline of new talent that is ready to step in when a key employee leaves. Turnover is a fact of business life today. We can minimize it. But, we also better be prepared to face it. A key marker of a modern business’s success is the speed with which it can act to replace key people. That’s why the HR function is growing in importance today.
Cashmore: Millennials don’t choose a career for life and don’t have the expectation of being in the same career forever. Millennials are very connected online. To keep them engaged and with your company managers need to give them autonomy and assignments they feel are compelling. If you ask them is it fun or is it work, you want to strive for them to answer “both.”
Dan Schawbel is a workplace speaker and the New York Times best-selling author of Promote Yourself. Subscribe to his free monthly newsletter for more career tips.
