More Reasons Why Hiring Millennials Will Help You Grow Your Business

by

Andy Bagner
Implementation Manager
May 6, 2019
/
2
minutes to read

Get to the Point:

  1. Millennials Offer Unique Advantages to Employers — As the number of these workers rises, so too does the age group’s impact.
  2. Younger Employees Know How to Talk to Young Homeowners —  A recent study found that 36% of homeowners nationwide are under age 35.
  3. Millennials Are More Open to Coaching and Mentoring — In fact, they are more likely to stay at jobs that offer these opportunities.

As the number of millennials in the workforce continues to rise, so too does the age group’s impact on business growth. As we explained in our last blog post, younger employees offer unique advantages to employers, including an ability to use and teach new technology, and a desire to advance their careers.

In the second of our two-part series, we’ll explore two more reasons millennials can make a difference. As with the first blog in this series, this is information to keep in mind as you hire new team members.

Millennial employees know how to talk to younger homeowners.

The U.S. Census Bureau recently found that 36% of homeowners nationwide are under the age of 35. While that rate is lower than any other age group, it’s still a sizable number of individuals — more than one-third of your customer base. And as with any generation, knowing how to relate to their specific needs and interests is essential.

Knowing how to talk to younger homeowners gives your company a distinct advantage.

Pointman Vice President of Customer Success Greg Dooley discussed this topic in a presentation titled “Servicing the New Homeowner — How to Delight Millennials” — watch it here for some tips. Ideas include making sure to answer your phone, offering online appointment booking and rethinking traditional service windows.

As Greg explains, knowing how to talk to younger homeowners gives your company a distinct advantage, and can help your business develop with all of its customers. Earn the trust of these younger homeowners now and they’ll be steady customers for years to come.

Millennial are more open to coaching and mentoring. In fact, they demand it.

One of the greatest needs for business owners is having employees who are open to change — specifically coaching. After all, business practices, attitudes, technology and methods are always changing. And part of your job as a leader is to show your employees how to adapt and why.

A recent study found that millennials want more coaching and mentoring than they currently receive.

A recent study found that millennials want more coaching and mentoring than they currently receive. This is great news for you. Why? It means less worrying about resistance when it comes to coaching your team on new and evolving concepts and practices.

Plus, that same study found that millennial employees are more likely to stay at jobs that offer coaching and mentoring. Greater satisfaction from them means better work for you. So consider discussing coaching and mentorship opportunities during the hiring process.

Looking for more insight on millennials? Check out a past blog post exploring how technology can help you attract and retain younger technicians to your home services business. And remember to read part one of this series, as well.

As you look at ways to grow your business and maximize your team’s potential, don’t forget to explore Pointman PACT, the only field service management software that is supported by unlimited business coaching, a team of analysts and a community of peers. PACT is all about making you and your team stronger and more successful, and that results in world-class experiences for your clients.

Look at Pricing

The start of the year is a great time to look at pricing. Usually, you have an idea of how your company fared the year prior, and you want to ensure you will continue to grow in the months to come. Many of us make New Year’s resolutions with respect to spending or saving in our personal lives, and it’s no different for business owners. Making sure your pricing is in line with where it should be is one of the strongest ways to start the year the right way.

Part of looking at your price book is finding where the issues are, and that can take time. An HVAC company in January is going to be very busy, so it’s a difficult time for a close look. However, a plumbing company might not be as busy. Whenever you tackle this job, your best bet is to look at what your labor rates are. Start there, and let it trickle down across the board. Ask yourself, “Are my labor rates helping my business stay profitable?”

Remember, there are many different services out there and many different groups or communities that you can engage. Never hesitate to say, “Hey, I’m a business owner in Florida. What should my labor rates be?” You can build your price from there. There are also some great billable hour calculators available.

Set Goals

There is no better time of year for looking inward than January. Set your personal goals and company goals for the following 12 months. If you can break those down into departmental goals, even better! Perhaps that means a CSR booking closing rates a little better, or a truck doing 250,000 a year rather than 200,000.

Many companies have found that using an Objectives and Key Results (OKRs) goal-setting system pays off. Looking for a guidebook when it comes to OKRs? Check out Measure What Matters: How Google, Bono, and the Gates Foundation Rock the World with OKRs by John Doerr. 

One key question is the best way to handle setting goals: Is it smarter for business owners to handle this solo, together with staff, or to delegate completely? 

The best approach is to set goals at the department level. As an owner, you need to take the time to understand what the goals are in each department, and make sure they are in line with your goals for the company. No one likes to set unattainable goals for themselves, so make sure you push your departments to set goals that are lofty, rather than simple ones to feel good about hitting. Entrust your staff to aim higher, and watch how they respond.

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