The following is the premiere article in a new monthly series provided in collaboration with the team at the Loss Prevention Research Council (LPRC). Here we will be exploring the new and exciting research projects that are taking place across the loss prevention industry and insights from the LPRC research team on various topics and discussions relevant to the present and future of loss prevention.
Across industries, millennials are shown as the largest influx of new generational workers. The post-boomer turned millennial era is well on its way and organizations are quickly adapting to these new rising experts.
Within the loss prevention industry, executives strive to answer one simple question: how can we optimize our millennials and maximize their potential within the organization? Understanding the pragmatic mindset and goals of millennials in workforce will aid in the organizations’ success.
As shared by one such millennial, “I value a company who is willing to invest in not only myself but my future endeavors,” says Stephanie Lin, LPRC.
Millennials were raised in the digital age where various forms of communication were readily accessible: texting, instant messaging, and tweeting are typical methods of interaction amongst this new generation of workers. Understanding the technological mindset of millennials aids in business communication and success. A millennial might be able to track down extensive data via research analysis and web-sources that veteran employees might not know even existed in the digital realm.
Feedback and Leadership
Millennials are looking for reinforcement that their efforts are valued, and that leadership will support those efforts and help groom their career development. “I value a company who is willing to invest in not only myself but my future endeavors,” adds Lin.
Recognizing hard work and providing honest feedback is paramount with the millennial workforce. This communicates their dedication is not going unnoticed and further instills that they are a part of an integral team. Leaders at every level throughout the loss prevention industry should strive to build on these basic principles, providing the communication and feedback that helps to maximize learning experiences.
“Millennials have goals that barely differ from those of other generations. Personal growth, a sense of purpose, the thrill of feeling good at what they do, and feeling like an integral part of a winning team. Keeping them engaged means giving them opportunities to achieve those goals. Growth can’t come without honest feedback and dialogue,” adds Mike Giblin, LPRC.
With any feedback an effective leader knows that how they convey information to workers will have an impact on their level of productivity. Millennials seek guidance from leaders whom exhume integrity. Trusting that the organization they work for is led and want to value their acting leader of their organization. Being a part of this community and knowing their guidance is backed
Organizations are utilizing “career laddering” methods as a visual guide to educate millennials on the upward mobility of their respective companies. Career laddering goes in-depth at each working level, from entry to executive, providing information on expectations of workers for upward growth.
Organizations communicate to millennials what is necessary for growth and improvement and in turn organizations learn how to better retain their most potential workers (Keeping the Millennials…pg.11).
Sujansky, J., & Ferri-Reed, J. (2009). Keeping the Millennials: Why companies are losing billions in turnover to this generation-and what to do about it. John Wiley & Sons.
To learn more about the Loss Prevention Research Council, the different ways that LPRC research contributes to the loss prevention community, and how you can get more involved, go to http://lpresearch.org/.