Millennials. There are several words thrown
around when talking about this generation born between 1981 and 1996. Millennials
have been called lazy and entitled, but also passionate, change-makers, and open-minded.
Whatever your thoughts on millennials, there’s no denying their impact on the
corporate world. This generation now makes up a large percentage of the global
labour force. (www.voiceoverherald.com)

Millennials, along with Generation Z (the
generation after) are likely to suffer most from the economic fallout of
COVID-19.

Why is that?

The many of the younger millennials (those
born in the 90s) got started working world during the global financial crisis that
came to a head in 2008. This financial crisis dubbed the Great Recession was
the worst economic downturn since the Great Depression.

Since then, little to no wage growth, high student
debt costs, and sluggish job markets mean that many millennials haven’t
attained any financial security. Most younger millennials live paycheque to paycheque
and are unable to save much, leaving them with less of a financial cushion.  

Now is when these young people should be
approaching their peak earning years. However, COVID-19 and the resulting
economic crisis has hit their livelihoods and salaries like a speeding train.

Chances are, if you’re not a millennial
yourself, many of your employees are. How can you help them withstand this crisis?
Here are a few simple tips that might go a long way.

Forget about empty statements

Millennials often advocate for changes in
the established corporate system. Flexible working hours, better work-life
balance, and they value meaningful motivation, clear communication, and
connection. Avoid using empty leadership statements such as “we put our
employees first” with your millennials. They will spot, and resent, meaningless
statements, straight away. Try to be empathetic and human in your
communications, ask how they’re feeling, coping and what you can do to help.
Choose words that will motivate your millennial and generation Z employees. Show
that you care through your actions.

Don’t hover

Millennials are very good at adapting and
pivoting. Their tech-savvy ways are invaluable now when digital is more
important than ever. Empower your young employees and then leave them to execute
effectively. Showing confidence in their abilities to get the job done will go
much farther in motivating them to do their best than micro-managing them. Also,
remember to listen to them; their knowledge of the digital space is valuable.

Be transparent with your playbook

Millennials value open communication, and
when leaders aren’t transparent, it adds uncertainty to the stress they’re
already under. Let your employees know what actions you’re planning to take and
what resources if any you have to help them weather this economic storm.

Temper logic with emotion

Hard decisions need to be made during
challenging times, but logic needs to be balanced with empathy. Open and
rational discussion about problems and potential solutions will help to
reassure and empower your millennial and generation Z employees. Ignoring your
employees’ emotions is a mistake while showing empathy, and caring can motivate
and improve performance.  

Offer support to parents

Millennials are the most likely to have
young children at home. With many schools shut due to COVID-19, these parents
are also playing caregiver and teacher, while trying work. This can be
overwhelming.  Companies can support
these employees by expanding paid parental leave policies if possible.

Help with stress and anxiety

Millennials (and Gen Z) are stressed.
Studies have declared them to be the most anxious generation. With financial
insecurity and worries about the future being significant problems, it’s no
surprise that they’re stressed, and COVID-19 has certainly not helped.

Consider providing financial assistance for
employees to do virtual visits with mental health professionals or online meditation/stress
relief sessions. According to the World Health Organization, every dollar US
companies spend on treating common mental health issues, earns them $4 back in through
improved employee productivity. While this statistic references the American
situation, it’s safe to say that employees who feel valued and cared for and
are in good mental health, will perform their jobs better. Even if your company
can’t financially provide this kind of assistance, you can still share free
sessions, apps, and virtual events that might help your stressed-out staff.

Virtual events

The millennial generation values social
connection in the workplace. Consider organising fun virtual events such as
lunchtime hangouts or happy hours before the end of the workday to help them
feel connected.

Help them plan

Share resources and ideas to help your
millennial workers to plan and save for the future and be better able to
withstand another crisis. Consider collaborating with guest speakers from
financial institutions to provide webinars sharing information on how to save,
even without much disposable income.

Give them a forum

Give your employees an anonymous forum
where they can share their challenges and suggestions. Help them to feel like
they have a say in the company’s processes and responses to the situation.

Your millennial and generation Z workers
are incredibly valuable. They also have a different approach to life and work
and have different financial stressors. Treat them with empathy, openness,
honesty, and they will help your business to thrive during and after the
COVID-19 pandemic.  

These are just a few ideas, but we hope they help!

Liked this article? Be sure to check out our articles on launching a successful digital marketing campaign, digital marketing tools, and social media strategy.

Sources: Forbes, Fast Company, CEO World, Business Insider, Forbes, The Balance Careers, Indeed, Vogue, Pew Social Trends