Often millennials get a bad reputation. They’re notorious for sending selfies and documenting all of their meals via Instagram. However, whether or not you like millennials does not change the fact that they will be taking over the work force very quickly. According to Forbes, by 2020 there will be 86 million millennials in the work force. That equates to about 40% of the working population. With millennials in full force, businesses must adapt to suit what it is millennials actually want in a workplace. What is that, you ask? Let’s dive in.
The size of the company matters
First of all, millennials are not necessarily interested in working for a large corporation. According to CNN Money, only 15% of the class of 2015 said they prefer large corporations. While large corporations often have better pay, 60% of the class of 2015 said having good pay is not as important as a positive work environment. According to Jennifer Lee Magas, Vice President of Magas Media Consultants, LLC one criteria that millennials look for in a company is flexibility. This can come to life in work hours or the desire to be his or her own boss. Forbes reported that a full 72% would prefer to be their own boss over work for somebody else. With numbers like this, businesses will have to adapt to give employees more freedom.
It’s not all about the pay anymore
Sure, millennials love seeing their account go up, but it’s more than just bringing in the bank. According to Jo Clarkson, TAB’s UK Operations Director, millennials goals reflect those of their grandparents. “There’s a big gap between the way the ‘20 something’ generation thinks about work and life, compared to the ‘baby boomer’ generation. The younger generation is motivated more by work life balance than the earlier generation. In fact, their attitude is not dissimilar to those born in the ‘30s and ‘40s – who worked shorter hours and spent more time at home with their often extended family.”
Millennials for sale!
With over 80 million on the market soon, how do you recruit millennials? Tinypulse has released a guide on what exactly you need to know to recruit millennials. Perhaps one of the most important things to recognize with millennials are their values. Millennials tend to value social responsibility and optimism, contrasting greatly from their Gen X counterparts, who value self-reliance and pragmatism. Once you know your ideal recruits values, it will be much easier to draw them in.
Now that you understand millennials’ values, it is important to contact them in the most effective way possible: social media. As a company run by many millennials, a majority of our recruits’ were found through social media.
Now that you’ve found yourself some millennials…
How do you keep them? Recruitment means nothing if you have poor retention. Cheya Thousand Founder & CCO The DreamCatcher Firm Inc. says “Millennials, thrive in company cultures where they are able to have an impact on the bottom line and will see fast career growth”. Glen Loveland, an HR Manager with China Central Television in Beijing, China has emphasized the importance of transparency. “It’s vital that HR and managers set clear expectations about your organization works during both the recruitment and onboarding stages. You want all your employees to understand what success looks like. “ The consensus is that to keep your millennials happy (and employed with you), you must give them the power to make change in the company as well as room for growth.
Carly Gerson is on the content team at SquareFoot, the technology-fueled commercial real estate brokerage. Get your office the space it deserves.