Pub. 11 2016-2017 Issue 6

www.nebankers.org 16 Extraordinary Service for Extraordinary Members. COACH’S CORNER Lauren Weivoda, MA, ABD, Human Capital Strategist, SOLVE Attracting & Retaining Millennials in the Banking Industry M ANY PEOP L E PERS I S T EN T LY BE L I E V E T HAT generational differences exist and that, con- sequently, you must manage each generation differently. You often hear Millennials (also known as “GenMe”) referred to as lazy, entitled, and narcissistic. Yet the tradition of complaining about the up-and-coming generation is age-old, as early as the 5th century BC in fact. In addition, the research on generational differences is mixed at best, with many studies failing to find meaningful, systematic differences in outcomes such as job satisfaction, organizational commitment, and intention to turnover (Costanza, Badger, Fraser, Severt, & Gade, 2012). Instead, the perceived differences are often due to age rather than generation. Confirmation bias also plays a role, as people seek out evidence that is consistent with the stereotypes of Millennials, and ignore or discount inconsistent evidence. While there may not be fundamental differences be- tween Millennials and other generations, they did grow up a little differently. While Baby Boomers trudged to the library to check out books and do research, Millennials use Google, Wikipedia, and a variety of smartphone apps to get work done quickly and efficiently. Because information is at their fingertips, they are accustomed to doing work from anywhere, anytime. Yet if you look around, you’ll see members of other generations doing the same things—us- ing their smartphones and tablets, working from home, and attending virtual meetings. You’ll also see differences within a single generation. Contrary to popular belief, not all Millennials are adept at technology. That’s why it’s more important to consider individual differences than generational ones. Get to know your employees, ask them questions, make an effort to understand them and their needs, then match your management style accordingly.