Houghtailing to NFDA: Millennials Want ‘A Mission’
FEATURE
The generation gap between legacy employees and millennials may be costing fastener distributors time, talent and even revenue, consultant Ann marie Houghtailing told the National Fastener Distributors Association.
Speaking at the NFDA’s winter meeting in Charleston, SC, Houghtailing said technology has exacerbated the tension between generations.
“Legacy employees and newcomers communicate differently,” she noted.
Technology influences this difference, of course, but so do parenting styles and the collapse of the divide between personal and professional life. Such rapid changes are making generation gaps smaller, she said. Generations used to be about 25 years apart; now their about six years apart.
“If you have a one-year-old and a ten-year-old, their life experiences are going to be very different.”
All this generational “stuff” matters, Houghtailing stressed. Failure to make millennials welcome in your business could affect your sales, retention (loss = salary + benefits + lost revenue), and ability to attract new talent.
“Younger people will stay away based on word of mouth.”
Making your business attractive to younger generations involves understanding what motivates millennials, according to Houghtailing.
Legacy employees tend to be more concerned with how much they’re paid, whereas millennials care about what they do for a living.
“Younger people are motivated by mission, not money.”
In addition, the next generation of workers demand autonomy and complexity in their job, so for this group, micromanagement will not work.
“Find as much room for autonomy as humanly possible,” Houghtailing urged.
So how do you integrate new workers into your fastener distributorship?
Begin by facilitating the transference of knowledge, Houghtailing advised.
“Don’t merely tell your legacy employees to teach newcomers. That won’t work.”
Instead, hold meetings or informal training sessions where everyone is required to share best practices.
Also, be more flexible and invite new ideas.
“Things are changing fastener than ever before. If you aren’t nimble, you’re going to atrophy.”
But Houghtailing warned that while change is good, too much change at once can lead to failure.
“Change is hard for everyone but it’s possible if you make the changes small” and consistent.
She also encouraged letting uncooperative people go.
“It’s very expensive to hold on to an employee that values his own opinion more than your leadership.”
Finally, when recruiting millennials, it’s important to “think beyond dollars.”
“Mentorship, training and professional development are huge factors when it comes to employee consideration.”
Ultimately, it’s the business owner’s job to get the two sides talking.
“Your legacy employees have lots of knowledge and skills to contribute,” Houghtailing explained. “So do your millennials. It’s your job to create a bridge that connects them.” Web: nfda-fastener.org
Ann marie Houghtailing is head of the San Diego-based Houghtailing Group.
Related Stories:
• FDI Shows Sales and Workforce Gains in March
• NFDA Sees Würth’s Logistics in Action
There are no comments at the moment, do you want to add one?
Write a comment