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LEADERSHIP Successful leaders will be those who evaluate task completion rather than the individual. Employee surveys by both Harvard Business Review and PricewaterhouseCoopers have found that Millennial employees want a constant stream of review and recognition. “I was brought up in an environment of ‘no news is good news,’” Erickson points out about the generational difference. “Feedback meant I was going to be judged in some way, usually negatively.” But for Millennials, “feedback is getting a tip. It’s coaching, and they want it multiple times a day.” That’s right—annual reviews, long a staple of corporate culture, don’t cut it anymore. Gen Yers want to know how they’re doing much more often—and the best leaders are finding ways to give it to them, through social media updates, peer evaluations or extensive mentorship programs. “The biggest complaint from Millennials about managers that I hear is, ‘My boss cancels my one-on-ones all the time,’” Orrell says. “They conclude, ‘Oh well, he doesn’t value my time.’ And the No. 1 reason Millennials leave companies is that they don’t feel valued or respected.” Retention of Millennial employees has indeed proved problematic for companies whose older managers have failed to evolve beyond traditional corporate leadership strategies. Orrell and her firm spend most of their time counseling executives on how to help such managers work with their Millennial charges. “They tell me, ‘There tends to be dissension and frustration on the part of our managers. How can we reduce the amount of friction in the workplace? How can we get everyone on the same page?’” Orrell is blunt. “People don’t leave companies; they leave managers,” she says. “They’re not mad at the building. They’re mad at who they work with on a dayto-day basis. We may have tolerated it for five to 10 years. [Millennials] will tolerate it for five to 10 months. “Most people think the problem would be a 52-yearold who can’t relate to a 24-year-old employee, but that’s not typical,” she adds. “The biggest friction is with the 35-year-old Gen X middle manager who resents the whiney Millennial who needs hand-holding.” This is leading to significant changes at many companies, where savvy leaders are shaking up the long-stagnant management level. “Smart companies are getting really serious about this, stepping up their game with management, finally willing to go through the hassle of firing mediocre managers,” Orrell says. “Because if someone doesn’t like their boss, they’re gonna leave. The other stuff doesn’t matter.” ROB REUTEMAN IS A DENVER-BASED JOURNALIST WHO TEACHES BUSINESS REPORTING AT COLORADO STATE UNIVERSITY. @ROBREUTEMAN PHOTO © GETTY IMAGES/THOMAS BARWICK 48 ENTREPRENEUR MARCH 2015
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