We discussed the importance of building the right team in part one of our “What makes for a successful dentist CEO?” series. Any solid team begins with hiring the right candidates and retaining these “A” players. But understanding where to look for them can be a challenge in itself.
One demographic group that gets a bad rap in some hiring circles: millennials. Regardless of what you may think about managing millennials, they can’t be overlooked. A recent Washington Post article gives a few reasons why.
First, millennials will surpass baby boomers this year as the nation’s largest living generation. Second, their turnover rate has dropped significantly. In fact, the U.S. Census Bureau indicates that millennials’ median length of job tenure has increased from 2.7 years to 3.2 years. So they are more likely to stay in the job for which you hire them. Any organization hiring for the future must consider millennials.
The Post has some interesting ideas on what motivates these younger candidates who don’t always respond to the same incentives as their parents. Millennials want to be proud of what they do while building skills to make a meaningful career. They want to work for a practice that goes beyond dental care—a practice that impacts the community in a positive manner. Whether it’s through outreach programs or continuous innovation in the way dental care is administered, millennials strive to be a part of something bigger than themselves.
This younger generation also values work-life balance. Maintaining flexible working hours and offering days where employees can work remotely builds a mutual trust. Working from home doesn’t always make sense for every role, especially in dental, where so many tasks are patient-facing, but it can for some positions. With any group of employees, it’s important to understand what motivates them and how create conditions in which they can thrive. Millennials are no different. And as the demographic tide continues to shift, they should be on every practice’s radar.