Millennials are set to be the most dominant force in the workplace.
Not only that, but they’re going to reshape the work world, according to this PwC report on the matter.
It’s no wonder, with the advancement of technology and industry pathways now available to young adults entering the workforce.
But does that mean that all offices will have ping pong tables and beanbags (even though they are really fun and we regularly enjoy using them here at Nimble)?
For starters, Millennials approach work and life in a completely different way to the generations that came before. Where Baby Boomers and Gen Xers look at their career path with a ‘in it for life’ set of eyes, Gen Y and Millennials are open to exploring new industries, jobs and countries at a rapid rate.
This CNN article reports that if you’re under the age of 32, chances are you’ve had at least four job changes up to that point (which equates to about one change every three years).
Heck that’s a lot of CV updating!
So what do businesses have to become to retain good Millennial employees (and employees in general)?
Look, we reckon Millennials are given a hard time by older generations (and the media). Despite the growing list of demands a Millennial employee might have before starting a new job, there’s some pretty good pay-offs
- Millennials need to do meaningful work. Yes, we know that sounds like a cop-out, but for a lot of new businesses (startups as we affectionately call them) they’re focused on bringing about change. This is probably why startups are a such a prominent hub for millennial workers.
- The culture of a business will be the defining factor if they want to attract good employees whose values align with the business. And the good employees will want to do work with purpose.
- Another important aspect is learning on the job. Engaged and enlightened employees are constantly looking for new ways to do things, to pick up different skills and to be soaking up new and relevant information that will not only develop them professionally, but also personally.
- Millennials reject strict corporate silos. They want regular and transparent communication and feedback. They want diversity in their work. They want to be able to ask questions. This kind of analytical and inquisitive work behaviour is vital to changing policies and entering new markets.
Here’s the crux of it: they value an employer brand just as much as a consumer brand.
Embracing the digital
Yep, one of the reasons Millennials are proving to be so powerful is their affinity with tech. They don’t know what it was like waiting for dial up internet in 2004. They don’t know what it was like living with a Nokia 3310 (or they might, seeing as those phones never die. Also they’re making a comeback – see here). They have always had Google to fall back on when they couldn’t answer a question. That’s pretty incredible – and powerful – stuff.
It means that they have a better grasp on business tools than their predecessors and as such, their behaviour does differ slightly, too.
With digital comes the fast-paced and constantly evolving environment, which also means that millennials will most likely be equipped with the agile nature of a generation who is used to this landscape of change.
And that’s good news for business.
Quick heads up: The above links belong to a variety of websites and not Nimble, so clicking on, and using them, will take you away from Nimble’s website meaning we’ve got no control or responsibility over the content. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post.
The information in this blog post is general information only and does not take into account your objectives, financial situation or needs.
The information contained in this blog is correct at the date of publication.