Nonprofit financial management includes managing not just the money but the people. As part of the leadership team at your nonprofit organization, you’ll be in charge of hiring new employees (especially ones intended for the accounting and finance departments) as well as meeting other potential employees. You’ll also work with broad, diverse teams across the organization—some of which may include millennial employees.
According to AICPA, millennials now make up the largest portion of the United States workforce. Millennials are the generation born between 1977-1995. There are 83 million of this generation in the workforce, making it likely you’ll be working with someone from the millennial group soon.
This is a group that thinks differently from Baby Boomers and Generation X employees. If you are in a senior management position, you are likely from among those generations of people born after 1945 (Boomers) and after 1965 – 1977 (roughly the dates for Generation X). Each generation is shaped by their life experiences, cultural experiences, and family experiences, with specific traits shared among many members that tag them by their group.
AICPA has put together a list of points to help you manage millennials in the workplace. This group, more so than other groups that came before it, values autonomy and mission-driven organizations. This makes them perfect fits for the nonprofit world. Let’s take a look at some of the characteristics of millennials in the workforce.
Long-Term Employment? Think a Year
Our parents and grandparents valued long-term employment and the stability this brought to their paycheck, lifestyle, and families. This generation believes that 13 months or more is long-term employment. Their parents lived through many of the employment upheavals of the 1990s and early 2000s which, unfortunately, made long-term career stability a thing of the past.
If you desire to have these employees around for longer than 13 months, make it a point to engage them in the work early on. Help them feel motivated and inspired by the organization’s mission. This may help develop the loyalty you prize and the career goals they prize.
Control Is Big
Control is big with this generation. They like to run the show and think like entrepreneurs. They prefer to control their workflow, schedule, and environment as much as possible.
As you work with millennials, consider how much autonomy you can give them. It’s probably not a big deal to be more flexible with their work schedule. Allowing some work from home or flex time may benefit all. But, control over the work process may be a point in which you do not wish to compromise. Pick your battles and provide as much autonomy to the workers in this generation as you can.
They’re Used to Grown-Ups Doing Things for Them
A contradiction with control is their need for others to do things for them. On the one hand, they dislike being told what to do, but on the other, they are used to their parents doing quite a lot for them.
Avoid falling into the trap of acting like the parent around them and picking up the slack when they do not perform job duties. Instead, mentor, coach, and advise them on how they can do it for themselves. By empowering them, you’ll help them achieve their potential.
The Good News: This Is a Generation that Values Lifestyle Over Career
The good news among this generation is they value lifestyle over a career. They’re accepting of diversity and will bring new, fresh thoughts to your organization. This includes the area of nonprofit financial management.
Perhaps more importantly, they are passionate about a cause that matches their lifestyle. This makes them seek positions at nonprofits whose mission aligns with their goals and values. You’ll find that once this generation commits to your organization, you have a passionate, motivated employee.
Beck & Company
Beck & Company is an independent certified accounting firm specializing in nonprofit organizations. Since 1987, we have helped many nonprofits in the Washington D.C. area and along the Eastern seaboard with their accounting and financial management needs. We provide audit, tax, accounting, and consulting service that addresses all aspects of a small to mid-sized nonprofit organization’s business. Contact us or call 703-834-0776 x8001.