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O P I N I O N
B y 2020, 50 percent of the U.S. workforce will be millennials. In our industry, that number may actually be higher due to the retirement of baby boomers and the hit our industry incurred during the recession, when a large segment of mid-management employees were decimated. A new leadership paradigm The transition from boomers to millennials is going to happen anyway, so put in a good- faith effort and make it a positive experience.
Stephen Lucy
1)Find common ground or at least middle ground. Millennial relationships may seem exasperatingly difficult at times because our professional and personal goals may vary. Traditionally, firms have managed from the top down. We were told what to do. But that approach utterly fails with a mil- lennial workforce. Boomer owners must alter and compromise their management approach based on an understanding of what really drives millennials – knowledge, opportunity, and inclusion. 2)Show millennials the overall firm view. Money isn’t the only enticement for millennials. A top priority with this generation is honest and fair com- munication about all aspects of the firm. Millennials will accept bad news if they understand the rationale regarding that news. While older owners may want
The bottom-line? No matter how we feel as firm owners, our financial well-being is predicated upon millennials being engaged, productive, and loyal to the firm. Operationally, we need them, and we especially need them to relate to our current and future client base if we expect to transition leadership and responsibility to them. “No matter how we feel as firm owners, our financial well-being is predicated upon millennials being engaged, productive, and loyal to the firm.”
See STEPHEN LUCY, page 10
So what should boomer business owners do?
THE ZWEIG LETTER May 15, 2017, ISSUE 1200
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