January 2019 – Newsletter

To Retain Millennial Employees, Stay on Top of Your Tech

Three years ago, millennials became the dominant demographic in the workplace— and nothing has been quite the same since. And if there’s one thing to know about millennials, it’s that they love technology. If businesses don’t adapt to this shifting landscape, they risk not being able to retain this valuable generation of employees. That’s why doing things the way they’ve always been done won’t cut it in 2019.

Millennials don’t just expect up-to-date technology in their workspaces, they require it to do their jobs better and more efficiently. Updating your tech to attract and retain millennials reaches far beyond faster Internet connections and the latest laptops. Millennials also use technology to advance their growth as employees, so consider providing learning management systems and certification programs to increase employees’ skills. Studies have shown that while millennials tend to jump from one job to the next, these types of programs can help increase retention. In fact, according to a Gallup poll, 87% of millennials say this kind of employee development is important to them.

Artificial intelligence (AI) also plays a growing role in the workplace. In the 2016 Dell & Intel Future Workforce Study Global Report, 56% of millennials said that they would prefer AI do more menial and automated tasks, leaving them more time to do nuanced and creative work— jobs that can (and should) be done by humans. This delegation of tasks to AI, known as “Industry 4.0,” is the next stage of business and millennials want their employers to take a lead role in preparing them for this shift. 46% of millennials who plan to stay with their current employer for at least the next five years are getting this preparation in the workplace, while a reported 28% who aren’t getting that preparation have made plans to leave their job after two years.

There is no single solution to keep the millennials on your payroll engaged at work, but it has become clear that sticking with the status quo will lead to them quickly walking out your door. It’s never too early to make needed changes to your workplace. After all, the future isn’t coming. It’s already here.

If you’re interested in learning more about the technology described above or would like to consult on best practices for technology in the workplace, please contact your RS&F advisor or email info@rsandf.com.

The latest news from our team: 

Richard Friedlander Joins Jeff Salkin on Maryland Public Television’s Your Money & Business to discuss tax updates. Click below to watch!

BBJ’s Water Cooler Talk: Jeffrey S. Rosen, a partner at RS&F recommends “Getting Naked” by Patrick Lencioni

I recently read Patrick Lencioni’s “Getting Naked: A Business Fable About Shedding the Three Fears That Sabotage Client Loyalty.” The story centers around a successful, small consulting firm that is bought out by a larger competitor who quickly learns that it’s not size that makes a company great, but rather a deep level of understanding and humility that adds value for its clients.

The book’s simple, but absolutely on-target concept, has stuck with me. Written as a fable, which makes the book a more fun and quicker read than a lot of business books, this story by Lencioni does a remarkable job of cutting to one of the essential ideas of business: the secret to building client loyalty. It’s no longer about being the one with all the answers and sharing infinite wisdom with clients. On the contrary, it’s about being completely open, honest and vulnerable with clients and admitting you don’t have all the answers while helping to lead them in the right direction.

“Getting Naked” really drove this point home for me. We’ve all heard that transparency is key and essential to any deep relationship. If, as Lencioni suggests, you can be “naked” with your clients, as honest and vulnerable as possible, you’ll build a real bond that makes clients want to stick with you for the long haul. If you’re a business owner, “Getting Naked” should be on your bookshelf.

To view this story on the BBJ website click here.

Here are a few articles we thought might interest you:

Tax assessments rise in every Maryland county in 2019, an average of 9.1 percent
Hogan proposes $56.5 million to spur development and business creation in Maryland ‘Opportunity Zones’
Federal shutdown means tax refunds may be delayed
Some Americans already pay their taxes in bitcoin
The 4 biggest changes you’ll see on your tax return this year
Minimum wage, health care and education expected to dominate the Maryland General Assembly

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