01 18 2016

Managing A Millennial Workforce

01 18 2016

Managing A Millennial Workforce

From acquiring commercial financing to ensuring the enterprise continues to grow, small business owners have a lot on their plates. While these daily operations require constant attention, one aspect of running a company, such as guaranteeing workers are performing at optimum quality levels, should be automatic and routine, but unfortunately it’s not always this way. One such way this is changing is the increasing role millennials play at a company.

For the longest time, Gen Xers were the largest portion of the workforce, but a new generation has surpassed these individuals. However, with approximately 53.5 million people in the workforce, millennials, typically defined as those individuals who were born between 1982 and 2000, now comprise 34 percent of U.S. workers, according to Pew Research. This is a greater percentage than Gen Xers and baby boomers, and analysts only expect it to get bigger. As millennials continue to carve out a greater sphere in the labor pool, owners and managers must be more prepared to not only hire these individuals, but also effectively motivate, manage and mentor them.

Forget about the carrot and stick

Throughout history, many leaders have attempted to motivate workers, armies and entire societies by promising a little bit in an effort to get these people to do a lot. However, according to author and Harvard psychologist Harry Levinson, this is more like “the great jackass fallacy,” which revolves around unspoken presumptions about how people expect and prefer to be motivated. As Harvard Business Review noted, this leads to outdated and ineffective organizational hierarchies that ultimately crush workers’ sense of worth and accomplishments. When Levinson asked executives at seminars to visualize this reward-and-punishment method, the mental image almost invariably involved a jackass with a carrot-and-stick contraption rigged to its harness. If the jackass is the most frequently visualized image, it means there’s this subconscious construction of bosses viewing workers as subordinate donkeys who need to be manipulated and controlled.

However, millennials don’t view themselves this way, nor do they expect their managers and bosses to picture them as jackasses that only need a bit of carrot to motivate them. Indeed, as HBR noted, this technique has lead to a crisis of motivation that organizations both large and small suffer from. Instead of assuming that employees will be satisfied and productive employees simply because they were offered something, owners and managers need to evaluate their assumptions about their organizations. This involves reviewing the enterprise’s hierarchy to ensure it’s structured to benefit the tasks necessary to accomplish the tasks at hand. Owners should ensure their organizations have an organizational structure designed to solve the problems and accomplish the tasks at hand, instead of having the company’s hierarchy merely there to achieve the structure.

Mentoring is important

Since the carrot-and-stick method relies on the assumption that people need proper motivation, how else do small business owners push employees to perform better? Millennials care about developing their skills and bettering their abilities. Simply dangling an incentive isn’t enough. Managers and bosses must mentor these individuals by explaining projects in detail, providing qualitative feedback and letting the workers actually learn about the job, instead of merely being a cog in the machine.

Allow mobility and flexibility

Millennials are the first generation to come of age with technology. Since this cohort is so tech-savvy, they prefer to work anywhere they can get Internet connection, whether that’s the office, their home or a coffee shop. In the same way, allowing workers to bring their own devices to the workplace can reduce overhead expenses and demonstrate that owners and managers trust their employees to get the job accomplished. Both flexibility and mobility lets these workers feel independent and in control of their responsibilities, while at the same time pushing them to be more productive.


Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.