The Millennial generation is in the midst of experiencing their first recession. This experience has caused them to witness a new side of corporate America…and they don’t like it one bit. This could spell trouble for corporations down the road. To paraphrase an old English idiom, “hell hath no fury like a generation scorned.”
SBR Consulting, a Charlotte firm specializing in helping companies attract, retain and reward different generations in the workplace, has just published their first of three studies on how the Great Recession is affecting the Millennial generation. The results suggest that due to poor management and poor handling of layoffs, 70% of respondents who were laid off would not go back to work for their company and 55% are either unsure or do not want to work for corporate America again.
It also reveals another significant clash of styles between generations. Veterans, born before 1946, and older Baby Boomers (born between 1946 and 1954) pledged loyalty to the company in good times and bad. Layoffs were taken in stride because what was good for the company in the short term was good for the employee and community in the long run.
When older generations were laid off or even fired, they did not talk about it at home. They certainly did not broadcast it to the world. The Millennial generation, however, was raised on 24/7 breaking news and instant messaging. They share personal information readily. They are not afraid to talk about being laid off. They are even moral vocal about how their layoff was handled. These conversations and perceptions are then shared with hundreds of friends and thousands of strangers via social media sites like Facebook, Twitter and LinkedIn.
That’s bad news for any business that handled a layoff poorly. Not only is this news spread virally, but now that Google and other search engines are indexing tweets, updates, and blog posts, this bad news creates a permanent digital imprint for anyone to see. A battered reputation poses a significant risk for any business that handled it badly.
The study found that early warnings of layoffs and respect throughout the process meant a great deal for Millennials that were subsequently laid off from their jobs. “It’s not personal, it’s business” does not work for this generation. They take layoffs personally.
Only 34% felt the company cared about them during the layoff process and left with a positive perception of the company. Compare that to the 64% who received no warning of a looming layoff. Only 12% of this group felt the company cared about them during the layoff process and left with a positive perception of the company.