How millennial friendly is your company?
Millennials make up a large percentage of the workforce, and by 2020 nearly half of the working population (46%) will be composed of individuals born between 1976 and 2001. These young adults require a different working environment than previous generations, but not all businesses are prepared to offer it. Is your company millennial-friendly? In order to help prepare your organization, here are some of the defining factors for millennials when choosing a new workplace.
Having grown up with the Internet and the smartphone, it’s no secret that millennials are not only well-versed in technology, but it’s a part of their everyday life. Millennials have changed the way businesses promote themselves due to the rise of social media marketing. This generation values work spaces that allow them to utilize new technologies and apply their skills across multiple platforms.
Work-Life Balance and Flexibility
Millennials are challenging the traditional 8:30-to-5:30 model; it’s no longer necessary for an employee to work exclusively in the office, and in many cases working from home may prove to be more productive. They thrive in workplaces that allow flexible hours, are open to employees working from home, and are willing to accommodate their employees' specific needs. Millennials want to excel in their careers but not at the expense of their personal lives. So, for many, a healthy work-life balance is the key to making millennial employees happy.
Millennials value a corporate culture that reflects their own beliefs; so much so, that on average they are willing to cut their salaries by over $7,000 per year in order to work for a company that is supportive of causes they care about. Volunteer opportunities and partnerships with non-profit organizations are heavily-weighted points of consideration for millennials when considering employers. They value corporations that are actively making a difference in the community.
Feedback and Growth
The current generation seeks ways to better themselves, and their career is no exception. Millennials value open communication and honest feedback. What are they doing right? What can they improve upon? They want to grow with their companies and within their companies. Be sure to provide performance reports and evaluations that feature measurable success indicators for millennial employees.
With millennials poised to make up nearly half of the workforce in the near future, it’s incumbent upon organizations to provide environments that are desirable to this generation. Without such a workplace, millennials will be less likely to want to join your team or remain a part of it once they do.