As the largest share of the labor market, Millennials are continuing to influence today’s workplace – and the workplace of the future. This shift in the labor market has companies wondering: How can I ensure that this new generation of workers finds my workplace attractive?
Figuring out how to adapt your workplace to satisfy the expectations of the Millennial generation is not a task that can be pushed aside to tomorrow – it is a task for today. Failure to recognize the importance of this shift in the labor market can have significant consequences for your business. Compared to previous generations, Millennials, in general, express little loyalty to their employers. If given the choice, one in four Millennials would quit his or her current job to explore new opportunities. When the timeframe is expanded to two years, 44% expect to have left their current organization to do something different.
This lack of loyalty represents a serious challenge for business managers, requiring clear actions be put in place in order to attract, retain and motivate the Millennial workforce.
But what factors must be present in the workplace in order to do so?
Creating a flexible workplace and schedule
Flexibility has emerged as being one of the most important perks for employees of any generation – and Millennials are no exception. A recent study released by the National Society of High School Scholars ranked work-life balance and flexible hours among the most desired perks for Millennial workers.
Therefore, employers should offer Millennials the freedom to have a flexible work schedule. This involves companies trusting employees to work from a place where their employees will be productive, whether that is in the office or the neighborhood coffee shop. As long as deadlines are set and met, then a company should not worry so much about where an employee completes the task.
Facility management can support a more flexible work environment by creating an office environment that caters to a variety of ways of working. This could entail creating an open space for networking or a quiet area that allows deep concentration. Also, since Millennials have been raised alongside technology, the workplace should provide a way of virtually connecting to colleagues and clients.
Making professional progression a top priority
Constant learning and development is a must among Millennials. They expect to keep on learning as they enter the workplace and want to spend a high proportion of their time gaining new experiences and absorbing new information.
35% of Millennials also see excellent training and development programs as the key attraction criterion when selecting a new employer.
If your organization is focused more on developing those already in senior positions, then your company’s policies could risk alienating Millennials keen on learning.
Designing a value proposition aligned to their goals, values and desires
Millennials want their work to have a purpose. They want to be proud of their employer. Hence, the companies that are the most appealing to this generation of workers are the companies capable of providing an answer to the following question: Why should I want to work here?
A recent PwC research showed that 59% of Millennials had or would seek out an employer whose corporate values matched their own, and 56% said they would consider leaving an employer who no longer met their expectations.
Companies looking to attract, motivate and retain the Millennials workforce should make the effort to communicate the aspects of their brand, whilst Real Estate and Facility Managers need to think about the workplace as a product designed to provide employees with a value proposition aligned to their goals, values and desires.
Want to learn more about the Millennial Generation of workers? Read our blog post: Meet your new colleague: The Millennial or download our White Book: New Ways of Working – the workplace of the future by clicking the button below!