Small Business Series: How to Manage Millennials in the Workplace

Posted by Seacoast Bank on May 27, 2016 8:54:33 AM

National Small Business Week is being held May 1-7, but we're continuing the celebration throughout the month of May, discussing small businesses and the crucial role they all play in the success of our thriving local communities. 

Join us as we cover best practices, next steps toward success and the challenges small businesses face (as well as how to overcome them). If you're a small business owners or dream of one day following your entrepreneurial dreams, you don't want to miss this month-long series of useful content and tools for success. How to Manage Millennials in the Workplace

Brian Moran sat down with Small Business Edge to discuss millenials in the workplace. He had the following to say:

In my line of work, I consult with companies large and small on how they can build their businesses. At the beginning of 2016, I met with one of my entrepreneurial clients to review their strategic plan. This year, one of their goals is to add a dozen employees in the areas of sales, marketing, and customer service. As we discussed their options, and reviewed their infrastructure, we noticed a significant crack in their foundation; the company had almost no millennial employees. The Founder/CEO was concerned about not having the next generation of leaders in his 80-employee company. He made an executive decision at our meeting; at least 75% of the new hires would be millennials.

I told the CEO that I agreed with his decision, but provided a caveat with my response. If his interest was in grooming millennial leaders, it would be critical for his HR team not to hire millennial workers. He asked “what’s the difference?” I replied “Not knowing the difference could jeopardize the future of your company.” I then gave him my definitions for the two groups.

AdobeStock_105597262.jpg

Millennial Leaders – In this group, you will find people who have expressed an interest in taking on greater responsibility in your company. They want to manage projects and teams. Your goal is to give them the opportunity to grow into leadership positions. Developing millennial leaders also allows you to delegate work from your “to do” list as well as from other senior people in your company (think “trickle down” theory). However, it is imperative to review the work being done on a regular basis; you don’t want a project going too far off-course. In that case, you’ve let the millennial leader fail and it’s caused more work for your company. Assign mentors within your organization to work with millennial leaders and make sure they meet on a regular basis to stay on track. If you keep this group motivated and well-fed with responsibilities, they will be the future leaders and mentors in your business.

Millennial Workers – There are many people in the workforce who simply aren’t interested advancing their careers. They are perfectly happy in their current job, and don’t want to manage people or projects. These workers are also a vital part of your organization as they will play an integral role in helping you achieve your goals. The key to managing this type of millennial worker is to not push leadership opportunities on them. Accept them for who they are and the role they play. A mistake often made in developing leaders in a company is ignoring the groups of people who choose not to participate in the leadership programs. A smart leader will acknowledge the work being done by this group, millennials or otherwise, and remind them that they matter.

As you review your strategic plan and the makeup of your employees, where are the holes in your plan? Do you need to hire leaders or workers? More importantly, are you doing everything you can to keep both groups motivated and happy? Your success rests in their hands.

 

If you're interested in learning more about any aspects of small business ownership and success, there's no better place to find expertise and guidance than from a seasoned small business owner, banker and professional -Don't miss your opportunity to ask Seacoast's Executive Vice President, Small Business Banking Leader, Julie Kleffel any question you'd like about small business in the form below. 

AND mark your calendars for May 31st at 12pm EST, as Julie hosts a #SeacoastSmallBiz Twitter Chat with Seacoast Bank(@SeacoastBankCom) to provide insight on her own experiences as a successful small business owner, mentor and lender, and dive deeper into how to launch, nurture and grow successful small businesses in the state of Florida.

 

ASK A SMALL BUSINESS EXPERT A QUESTION:

 

About Julie Kleffel

Julie Kleffel is Seacoast Bank's EVP, Small Business Banking Leader. She joined the Seacoast leadership team as a result of a merger between her former institution BankFIRST and Seacoast Bank. She is responsible for developing, implementing and overseeing the bank's small business banking strategies and initatives statewide. Prior to the merger, Julie was BankFIRST’s Executive Vice President and Commercial Sales Leader. She has over 19 years of overall banking experience, plus was a successful entrepreneur, having owned and sold four small businesses.

As a fourth generation Central Florida native Ms. Kleffel has strong ties in the community. Ms. Kleffel currently serves as the Treasurer for the Garden Theatre, Executive Board Member for the Dr. Phillips YMCA, Finance Committee for the Central Florida YMCA, and Executive Director for the National Entrepreneur Center. She is a Lifetime Director for the West Orange County Chamber of Commerce. Previously she served as the Past President for the West Orange Committee 101, Past Chairman of the Roper YMCA, Past for Oakland Park Foundation Board, and Past Advisory Board Member for Westside VoTech. She is a graduate of Leadership West Orange.

A graduate of the ABA National and Graduate Commercial Lending Schools, Ms. Kleffel has also received the prestigious “Certified Lender Business Banker” designation from the Institute of Certified Bankers. She completed her professional education by graduating with distinction from the American Bankers Association Stonier Graduate School of Banking at the Wharton School of Business at the University of Pennsylvania in 2009. Her graduate Capstone Strategic Project was published by the ABA immediately following her graduation. She has served as an Advisor and Advocate for the school since 2009.
Connect with Julie Kleffel on LinkedIn

 

Read the original article on Small Business Edge. Copyright 2016.

Topics: Seacoast Bank, Small Business Month

BankNote Tip Line