Did you know that by 2020 Millennials will make up the largest demographic in the American workforce? As the adage goes, there is strength in numbers! Whether you know it or not, Millennials are transforming the workforce for good as we speak. Whilst every generation comes with its unique challenges; employers and business owners are often stumped by the needs and wants of their growing Millennial workforce.
Gone are the days of simply clocking in and clocking out of a day job. Millennials want something entirely different from their working lives. They are not driven by the American dream or the mighty dollar and struggle to work for faceless or unaccountable corporations. Millennials aspire to be part of something bigger and make employment and purchasing decisions based on their core values.
In reality, there is a lot we can all learn from the way of the Millennial, and this new holistic approach to work should not be feared- rather embraced. Because at their core the Millennial workforce desire to make the world a better place. But how can your business adapt and grow in line with the needs of the largest portion of your workforce? This remains one of the biggest HR department quandaries for big companies the world over. Your journey should start by understanding what drives Millennials.
Millennials Want to Work for an Accountable Business
Deloitte’s 2019 survey highlighted that Millennials are extremely skeptical when it comes to the core motives that drive significant business. Those that took part in this survey agreed that companies were not committed enough to improve the communities that surround them or driving broader social change.
Due to many factors (economic instability being a key example) Millennials have a deep mistrust of business practices, traditional societal institutions, and mass media. The extent of distrust, in turn, has led to disillusionment about both their careers and life outside of work. This scope of malcontent, for a motivated workforce, does not make. However, you will have a dedicated workforce of mighty Millennials if your business takes corporate social responsibility seriously.
As a business owner, this attitude does not just extend to your workforce. It also extends to your customer base. Millennials will not hesitate to remove their patronage from companies that do not align with their values. More than any generation before them, Millennials are educated regarding shady business practices or unfavorable political leanings. Millennials feel they have a responsibility to create change. In spite of their wider malcontent, Millennials remain positive about their ability to achieve this change.
Millennials Encourage Philanthropy
There is a reason Millennials are now being coined “the impact generation.” They are holding businesses to account for their internal practices, and this extends to philanthropy. But like most of their seemingly high expectations, they walk the walk. Millennials part with their hard-earned dollars to give to charitable causes often and expect corporations with bigger budgets to follow suit.
This is even more impressive with the Deloitte’s 2019 survey in mind. The study highlights the second biggest concern (after climate change) for Millennials is income inequality, and the third is unemployment. Despite experiencing financial instability and massive student debt, charitable giving is still a high priority for Millennials.
This obsession with philanthropy is in part due to the digital era. Advancements in technology make it easier than ever to support a cause at the click of a button. Whether this is the transfer of money, social sharing or both. Young people are creating communities centered upon important causes and the sense of comradery it brings. They expect the same passion for philanthropy from businesses.
Millennials will judge a business based on their commitment to remaining socially responsible and giving back to the communities that surround them. They are a generation that believes life should be better for everyone and want to work for and support businesses that have a positive impact on the world. This should be commended!
Millennials Are Passionate About Work-Life Balance
Seriously, it is not all about air hockey in the break room, or bring your pet to work day and perks in general for Millennials. This is an unfortunate stereotype! It’s not that they lack any sort of work ethic. Millennials are simply in tune with the bigger picture including how work can negatively impact mental health. The great thing is this new attitude benefits everyone. Millennials are pushing companies to evolve. Plus there is plenty of research to back up their misgivings about unhealthy workplace habits.
Chronic stress from burnout is one of the most common health issues in the workplace and it is extremely costly for employers. Harvard Business School reported that workplace stress equates to 5 to 8 percent of US National Health Care spending per year. In terms of dollars, it can be anywhere from $125 to $190 billion. Ouch!
Whilst mental health is a massive influencer in the lure of flexible working, it is also about “lifestyle” as a whole. This, of course, encompasses traditional elements, such as fitting work around family life. But aside from this, it’s about the value placed on personal experiences, time freedom and the flexibility to travel.
With the increasing prevalence of the internet, the flexible working dream has never been more attainable. You don’t need to be office-bound all day every day to be effective in your role. Heck, some run businesses entirely from their smartphones. In 2019 if your company doesn’t offer flexible working, Millennial employees can access a world outside of your business that does.
How Can Your Business Adapt to Include Millennials?
It is worth repeating that Millennials are set to make up almost 75% of the American workforce by 2025. They will make up the market share of employees in your business. Are you prepared to meet this change head-on? There are a few simple things your business can do to adapt and prosper in the dawning of the age of the Millennial!
A great place to start is to make your business accountable. What are your core company values and policies? Are these in line with the expectations of your employees? Encourage your workforce to be involved in the decision-making process. Organize a brainstorming session with each department to find out what about their values, or ask for suggestions via email. This small gesture will go along way in cultivating an environment in which employees feel valued. Need more ideas or assistance getting started? Reach out to Useful Views.
Millennials strive when they feel like they are part of the action. Get involved in community efforts and make it visible and accessible to employees. You could even ask your workforce what their preferred community program would be. If it does not exist, work with a specialist to make it happen. If your strategy benefits the wider community, your Millennial workforce will offer assistance and appreciate the effort greatly. Consider a program in which employees can give part of their monthly wage to a chosen cause that supports both your business and employee values. This does not have to be a grand gesture lacking real substance, it can be something local, accessible, and relevant for your business.
Be receptive to the importance of work-life-community balance. Given the research, there remains a solid business case for flexible working. The well-being of your workforce should be visibly high on your priority list. Remember, it’s not all about bean bags and air hockey. Employers should prioritize opportunities for personal development, social connections, and flexible working conditions. The simple act of allowing your employees a day to work at home when needed will do wonders for workforce morale, productivity and staff retention.