The workforce revolution started by millennials

Michael Parrish DuDell

Business owners and managers watching their millennial employees leave after 18 months may wonder what it takes to get them to stay. The answer usually isn’t increasing their salaries; instead, millennials seem to be searching for something else.

It’s a revolution, said Michael Parrish DuDell, an entrepreneur and bestselling author of the official business books from the hit U.S. reality show “Shark Tank.” IBM called DuDell “one of the USA’s leading millennial voices.”

The evolution of the work revolution

“The thing about revolutions is most people can’t recognize it when they’re in it,” said DuDell, who recently spoke at the MDRT Experience and Global Conference in Bangkok, Thailand.

For those running small businesses, such as a financial services practice, retaining staff can be difficult, and it may feel like it’s not getting any easier. Gone are the day of static jobs where you do one thing your entire life. Millennials don’t want that; they want progression and advancement instead. They believe in a fluid workforce, DuDell said.

It’s really nothing new. Office workers have long craved for more freedom in their life and work. “We outgrew the cubicle culture long ago,” DuDell said.

In the past, working away from the rows of neutral-colored office cubicles often wasn’t possible in many careers, despite employees’ wishes for it. And then, the capacity for it existed. Because of the internet, information on the cloud and linking to virtual offices, telecommuting has become easier than ever.

This technical capacity is now intersecting with generations of employees who may no longer believe in the possibility of “secure” jobs. Instead, they define success differently. Now, millennials and beyond are looking for fulfilling jobs, which can be part of leading a life of purpose, according to DuDell.

What do millennials want at work?

Financial advisors, and other small-business owners are often left wondering what they can do to adjust to these changing work attitudes. No matter what size office you run, there are some things you can do to help retain millennial, and younger, employees.

Research has shown that while employees don’t always feel it necessary to be connected to their physical desks, they do want more connection. For example, “72 percent of millennials who consistently receive feedback from their managers find satisfaction in the workplace,” according to a 2016 Clutch study.

Millennial employees are searching for

• More specific and open feedback
• Communication that’s active and constant to create meaningful dialogue

The most important part of business is humanity, DuDell said. Who we are and what we do is linked, he said.

Written by Antoinette Tuscano, MDRT content specialist

Watch DuDell’s MDRT presentation, Future trends.

Read more

• Why it makes sense to start working with millennials now
• Training and compensating junior advisors
• 3 steps for getting the most from millennials
• Why millennials matter