It is evident that the marketplace has become more fast-paced since the entrance of Millennials. The age group is comprised of those born roughly between 1980 and 2000, who identify themselves through their knowledge of the digital space – its potential and sociability.
By 2025, it is expected that 75 percent of the United States workforce will be comprised of Millennials – a statistic that makes clear the need for businesses, such as ourselves, to begin recognizing the new needs of this next generation of employees and taking action as Millenials continue to rapidly enter the workforce.
Millennials are redefining what it means to “go to work.” At the workplace, they want to be judged on their impact, have a flexible schedule and be rewarded for their achievements. They don’t necessarily care about the size of their desks or offices. Instead, they are more concerned about company culture and fit. Face-to-face connections have increasingly become a focus for this age group. Although they are a wired generation, connection with co-workers is one of their most important considerations — they want to be part of a team that is focused on a goal. They seek change often and are rarely satisfied with the status quo, which can make for energetic, highly adaptive multi-tasking employees.
They are the most ethnically diverse and highest educated generation in American history, with goals that differ greatly from previous generations like the Baby Boomers. Unlike previous generations, Millennials focus on the balance of work and fun. A Millennial will typically jump ship and move to a different company if he or she views the work and personal life balance as jeopardized. Additionally, 87 percent of Millenials consider a company’s commitment to environmental and social causes when deciding where to work.
Baby Boomers were raised to accept responsibility and then be left alone to do the job. They have the view that hard work now leads to future rewards. Millennials, however, have a somewhat opposing view. They want transparency in what the goals are, more frequent direction and feedback, and rewards now, not vague promises of future promotions. They are most comfortable in a team environment and expect their opinions to be respected, even if they are the youngest members in the group.
Millennials are no doubt transforming the workplace landscape. The challenge, then, is to harness their talent and drive in such a way as to benefit both the employee and the company. Adjusting to the “demands” of the Millennials can either be an irritant, or the absolute best weapon for innovation and growth within a company. Employers who resist adapting to the changing expectations of the workplace risk losing the most talented new team members.
At Far West Capital, we’re excited to have created an environment in which relationships are the main focus and the culture is dynamic. We saw the need to react to the change Millenials were bringing to the workforce and did so – we offer flexible vacation time, we explore social media and technology together and stay connected, we offer rewards in the moment, and we involve our entire staff in decisions that affect the culture and environment. Because of these changes, we’ve found that young people today are vying for a job with us for the culture alone. And what we get from them? To start — innovative, more progressive thinking, a stronger link into the world of technology, increased brand advocacy through social media, and a group of employees who are truly passionate about their work and the company at large. It is working for Far West Capital, and it can work for you too!
What are you doing to keep your company Millenial-friendly?