Beanbags and business ethics: why millennials are essential to modern compliance programs

By Joshua Saxon

While there may be some truth to that, millennials are without a doubt the most tech-savvy, ethical and connected generation in history. Regardless of your opinion, almost half of the US workforce will be made up of Generation Y employees by 2020 (expected to rise to 75% by 2025), a statistic that can soon be expected all over the world. So rather than focus on the risks the younger generation presents for compliance, let’s consider the value they add and how to adapt company policies to fit their unique way of working.

Digital natives think differently

At times, it seems like millennials came into the world tweeting and taking selfies with the midwife. An overdependence on technology is a dangerous thing; employees who get all their information online may miss vital data or important opinions that only those attending face-to-face meetings or picking up the good old fashioned telephone would be aware of. And today, a single Facebook post from a naive social media manager can bring a company to its knees.

But where some would view the fact that millennials can’t get through a whole work day without checking their social media profiles, one survey claims 36% have used these channels to better connect with clients and 37% have researched competitors on their networks. Millennials are also early adopters and can learn new skills fast. They will constantly question outdated methods of doing things in favor of more efficient processes (“this is how we’ve always done it,” will fall on deaf ears, no matter how stretched out the lobes).

It’s important to teach millennials the difference between what is private and what can be shared on social media in accordance with compliance programs, while not restricting them in using their strengths to better grow the business.

Young and flexible

Young people today are likely to take a sideways glance at the notion of being tied to an office desk from 9 to 5, when all they really feel they’re doing is swapping out their home Wi-Fi router for the company’s.

It’s true that many millennials enjoy the social aspect of the office—in many cases considering it interchangeable with their social lives—as many as 70% feel there is not enough flexibility in the workplace. With tools like Slack and G Suite enabling employees to work from home at little expense to the company, consideration should be taken to make sure it’s an accessible option if it makes for more productive employees that don’t resent being in the office.

Millennials feel like asking for more flexibility will brand them as workshy by their Generation X colleagues, so compliance professionals must consider this when designing programs.

Generation Y or Generation Go?

Millennials are renowned for being “always on”. While it may seem like they’re constantly distracted by the incessant flow of information glowing in blue on their Instagram-ready faces, their fear of missing out (FOMO) can translate to strong ambition in the workplace.

A study into the working habits of millennials by EY (formerly Ernst & Young) found that millennials all over the world are prepared to put in extra hours and are more than happy to travel for work, giving them the more flattering rebranding: “Generation Go.”

Because they make less of a distinction between their social and work lives, millennials don’t have the same issues with dealing with business problems in the evenings and weekends; a message from their boss during unsociable hours doesn’t set their teeth on edge. This attitude is more in line with an entrepreneurial spirit and if nurtured through the right compliance program, can help grow a business from within.

Company loyalty vs. individualism

There is a very real reason why the world’s top tech companies—largely made up of digital native millennials—take such good care of their employees: they want to keep them.

Generation Y doesn’t have the same sense of company loyalty as their Generation  X predecessors. They’re in it for themselves. Today, a 30-year-old employee is likely to have had four different jobs by now and can expect to have added as many as six to that number by the time they’re 40.

Millennials have far more loyalty to themselves and their peers than to their employers, so nurturing a corporate culture of openness to identify dissent in the ranks is more important than ever.

Business ethics, according to millennials

In general, millennials see corporations as untrustworthy unless they are demonstrably serving the greater good. They’ll actively criticise any unscrupulous behaviour that benefits higher ups and will consider it a good enough reason to move on, where older employees may turn a blind eye.

A survey by Deloitte found that millennials believe putting employees first and acting with trust and integrity is the only way for a business to succeed. Being so aware of how hard it is to keep dark secrets and play down a scandal in the digital age of smartphone cameras and WikiLeaks has made them uniquely aware of the importance of offering credibility and value.

A telling 70% of millennials surveyed said their personal values were always at the core of their actions and 49% outright refused to perform a work-related task they considered unethical (rising to 61% among managers), although the number varies across different cultures.

Encouragingly, an overwhelming 96% of Generation Y wants the workplace to be environmentally aware. Considering this is one of the policies governments lean most heavily on, this certainly makes a compliance officer’s life a lot easier.

Building a millennial-friendly compliance program

Now is the time to use the millennial perspective to forge a compliance program that keeps companies secure and employees happy. When reviewing corporate compliance policies, consider:

• Keeping it up to date. Millennials grow and adapt faster than any generation before and your compliance program had better keep up.
• Choosing apps and instant messaging over outdated web tools to engage and create an open dialogue with younger employees.
• Offering flexible working hours and compensation packages to prevent burnout and high turnover.
• Creating a corporate culture that lets millennials express what they think makes sense. You might be missing some obvious improvements to working practices.
• Working to integrate Generation Y and Generation X perspectives for a more holistic compliance program.

Educating oneself on the constantly evolving trends in compliance is vital to a safe and healthy corporate culture. Invest in the millennial perspective and you’ll reap rewards as the tides turn to favor a more flexible, ethical and connected attitude toward compliance.

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