Want to Transform Your Business? Get Ready for the Millennial
By Kayleigh Smith, Manager, Marketing and Media, Printing Industries of America
We all want our business to stay strong and grow as the industry changes. As business owners, we try our best to keep up with current trends and technologies to stay ahead of the times and become profit leaders in our sectors. However, a problem we can't ignore is starting to become more prevalent in our plants and threatens to tear our hard work to the ground—an aging workforce.
According to Bureau of Labor Statistics, the median age in the print industry rests around 47 years old. With this in mind, many of our seasoned workers will start to retire in the coming years. Unfortunately, many of the companies in our industry don't have the ability to cover the impending deficit of talent. The good news is there's hope on the horizon. By embracing the incoming millennial generation and learning to attract and retain these workers, we see a concrete way to transform our industry and stay current in the marketplace.
Most of the millennial generation (born between 1982 and 2000) are well into their 20s, and they're looking for work. According to Rob Asghar of Forbes magazine, by 2020, 86 million millennials will make up a full 40 percent of the working population—a fact you can't ignore. Let's face it, a good business requires a good team, and (especially within the next couple of years) you will need the skills and talents that this generation brings to the job.
In the past, millennial workers received a bad rap. You might have heard they were stubborn, self-absorbed, and hard to work with. However, that certainly isn't the whole story. After growing up in the tech world and living through numerous international conflicts, they bring a skill set to your plant unlike something you've ever seen before.
Millennials want to learn. They want to collaborate. They want to be included in the loop and have their voices heard. For this population, furthering themselves and growing their skills is a big part of the job. Rather than seeing the college degree as an end to education, millennials see it as a start to a new educational journey. As they enter a career, they acknowledge their supervisors and upper management as teachers. According to Asghar, when a millennial realizes they can't be their own boss, 79 percent of them would want their supervisor to mentor to them. They prefer to discuss issues at hand rather than fighting to get ahead. By doing so, they learn more about the industry, their company, and themselves.
To appeal to the millennial's need for continued learning, investing in a career development program could grab their attention and revolutionize your current business structure. For example, an e-learning program developed by industry leaders teaches the younger generation the ins and outs of the industry while engaging their need for technology. Other options include purchasing memberships to industry associations or allowing the millennial to take time off of work to attend conferences in their areas of expertise. Implementing company round table discussions would captivate their interest for collaboration. In the process, encourage your existing employees and managers to be more open for discussion. Overall, by giving the incoming workforce a chance to grow themselves in the industry, you might even start to notice a positive change in your existing team.
Additionally, millennials want to feel like their work makes a difference on a global scale. When deciding where they want to start their career, they find interest in a business that creates positive community change. Although a high salary and valuable benefits play a role in their final selection process, Roberta Matuson of Forbes magazine notes that six out of 10 millennials reported "a sense of purpose" as the final reason they choose to work for their current employer. They want to know how their business—and in turn, their input to the organization—benefits people in the world. Whether it comes down to advancing the industry, cleaning the earth, or helping the underprivileged, millennials want to know they're working toward more than just a paycheck.
After careful consideration, you may realize your business contributes to society a lot more than you originally thought. As a business owner, sit down with your management team and discuss how the world changed for the better because of your business. Maybe you print flyers for charity events, or maybe your company develops the next big thing in offset machinery. Whatever niche you claim, promote that to the incoming workforce. Highlight those areas on your website or in your social media channels to make sure millennials know about the great work you do.
Staying ahead of the curve is what will keep our industry thriving for many years to come. At Printing Industries of America's President's Conference, held March 6-9, in Palm Desert, California, attendees will learn from profit-leading printers that have gained their leadership status by finding and owning their niche. The skills learned from the President's Conference will help attendees empower their business strategy and elevate them to profit leader status.
