Tips for Managing Millennials in Your Finance Team

Millennials have now taken over the workforce. The kids have grown up and they are now ready to face the challenges of the finance and accounting world within the trenches of your department. However, like other generations, Millennials have their own ways in doing things that may not suit your usual management ways. As we work in the midst of the COVID-19 pandemic, it is important to update your management plan to suit how millenials are adjusting to this new environment.

To help you in this regard, here are some tips for managing millennials:

Tip #1: Provide guidance and opportunities for development

Millennials don’t just want to get things done, they also want to be better at doing their job. A survey by Gallup on millennials revealed that 87% of Millennials surveyed consider that professional growth and career development opportunities are important for them. As their manager, they expect this from you first. After all, providing guidance and room for development for your staff will surely improve the performance of your team.

Tip #2: Give them honest feedback

One good thing about millennials is that they want feedback from their superiors. They see feedback as cues on whether or not they are doing things in line with your expectations. While regularly scheduled evaluations may be enough, some small side talks on what can be improved or if they’re doing a good job wouldn’t hurt anyone’s schedule.

Tip #3: Have them collaborate with others

Millennials don’t just share their ideas in social media, but data suggest that they are also more inclined in idea sharing within the office space. A study by IBM on millennials revealed that 56% of millennials believe that they make better decisions when other people provide input and 55% place importance in having consensus. Collaboration can be a bit challenging now a days due to the pandemic, but their ability to leverage the latest technologies can help millenials overcome.

Tip #4: Work-life balance is a must

Among these tips for managing millennials, this might be the least surprising. Millennials are different from the previous generations when it comes to their working habits. Unlike baby boomers and some Gen X’ers, millennials don’t share the same admiration that these generations have for marathon work sessions. Millennials are multi-taskers and they are very results-driven workers. For them, getting the job done efficiently and enjoying their own time are considered more important than being seen in the office for long hours.

Tip #5: Take advantage of their technology-savvy

There’s no debating the fact that millennials are the most technologically able generation in your workforce. They came in a time where the biggest technological leaps are made months between one another. Software ranging from basic Microsoft applications to complicated business intelligence tools pose no challenges for them. In fact, millennials normally leverage the latest available technologies to achieve maximum efficiency and finish the job faster.

Yes, they might be different, but millennials also have something new to bring to the table. While these are general tips for managing millennials, the key to being the best mentor to each of your employees is to spend time with them and help them shine in their own unique ways.

This article was first posted 06 October 2017 and was updated 25 July 2020.