Your accountant may be a millennial, and your ABSS accounting software isn’t. Managing people, anywhere, is complex and in a small business managing your staff may require different strategies than in a large organisation. ABSS accounting software is simple and easy to manage; all you need to do is upgrade it as your needs change. In a recent survey by Deloitte of more than 10,000 employees from 36 countries, born between 1983 and 1994 from 36 countries, found that 43% of millennials plan to leave their current jobs within two years and only 28% have plans to stay beyond five years. High staff turnover is a chronic problem in Asia. In SMEs, this has a more significant impact. So here are some tips for managing millennials in your workplace.
Management, and leadership, of people in multicultural workplaces and economies with high growth, like Asia, involves managing, and leading, across diversity. Millennials add a new dimension to diversity through generational differences in your workplace. They now make up to 50% of the workforce in some countries. SME businesses can thrive on diversity if it’s managed effectively. Critical thinking, different perspectives and different cultures create a vibrancy that can be leveraged for better business results. Millennials are and will become, an increasingly important part of your business, especially if your accountants are millennials. Understanding millennials better will help you leverage their contribution to your business.
Millennials age range from 23 to 38 and are also known as “Generation Y.” Identifying millennials’ characteristics needs a little bit of research. Commonly considered the most educated and diverse generation, millennials are usually youthful, energetic, curious and savvy about technology, and socially conscious. They usually challenge the traditional notion of work. They may create waves in your small business as they are prone to disrupt the ‘status quo’. If you are struggling to understand their needs, respond positively. Find ways to engage with them.
Managing millennials should be an essential aspect of your human resource management strategy. Here are some traits that will help you to manage millennials better.
Strict dress code? Meetings for the sake of meetings? Millennials often fail to comply with what they perceive to be ‘out-dated’ rules. They like to take short cuts. They want to get tasks done in the most efficient, least time-consuming way possible and squeeze out the maximum results. So get them to learn how to use your ABSS accounting software.
Millennials know how and where to find the information they need and often take advantage of free online learning tools out there to gain relevant skills. So set them the task of finding the best accounting software for your SME business by surveying all the free trials there are out there on the market. Start by looking at the array of options ABSS accounting software provides.
Millennial work to live not live to work. So if they’re going to be more productive for your business by allowing them flexi-time or working from home, then let them. Millennials are usually driven by meaningfulness. According to a recent survey by Deloitte, six out of 10 respondents said a sense of purpose was the main reason why they chose to work for a certain company. Make that certain company your company. If you are running a ‘lifestyle business’ then millennials could be a perfect hire for you.
Millennials are more attracted by intangible benefits; a friendly work culture, no micromanagement or bureaucracy along with some of the more palpable perks like shared office space, permission to bring pets to work, or wellness benefits. There are numerous low-cost perks your company can offer millennials to keep them content, loyal, and motivated, other than a lucrative salary. This can save your company money on costs.
Combining managing millennials effectively with ABSS accounting software creates synergies that will add value to your business.