Is your company culture millennial friendly?
While millennials might get something of a bad rep in the press, pegged as slackers with an inability to self-manage, make no mistake, the tech-savvy generation, born in roughly the decade after 1983, are the future of the global workforce. In fact, research from Manpower Group has revealed that by 2020, millennials will make up 35% of the workforce. With Generation Z predicted to make up 24%, it looks like the younger demographic will equate to more than half the entire workforce population.
Forward-thinking businesses will have already made the connection – in order to stay on top of their game in the future, they will need to attract and retain millennial talent. But is your company culture millennial-friendly enough to achieve this goal?
What do millennials want?
Research from SurveyMonkey earlier this year revealed that innovative tech companies such as Microsoft, Google and HP are some of the most popular places of employment amongst millennials, but that isn’t to say the appeal of these giants can’t be harnessed by smaller brands. Money isn’t everything for millennials. A rich culture, based on shared values could actually go much further. Here are a few tactics to develop a millennial-friendly company culture that will put your business ahead of the competition…
1. Think like a partner, not like a boss
Millennials are not fond of the traditional, hierarchical company set-up. They want to work with you, not for you, and feel like their contribution is a valued part of the bigger picture. Be sure to keep the lines of communication open and two-way and help employees to feel like they are a key part of the company’s success rather than just a cog in a wheel.
2. Flexible working rules
Millennials place a high price on a healthy work/life balance, so offering flexible working hours rather than a strict nine-to- five schedule is bound to boost your appeal. If getting the team together regularly is crucial, allocate one day a week that requires the whole company to be present, while on other days workers have the freedom to choose their own hours. Don’t be afraid to offer home working days either – just ensure clear parameters are set i.e. employees must be contactable during set times.
3. Make time for feedback
Constructive criticism and regular feedback plays a key role in keeping employees motivated; millennials more so than most. Research from Gallup found that millennials who meet with their manager on a regular basis are more than twice as likely as their generational peers to be engaged at work. Make time to connect with employees on a regular basis – annual reviews simply aren’t enough.
4. Remove the stuffiness
Forbes claims that the overall company culture millennials crave is ‘less corporate stuffy’. This translates to: music in the workplace, a relaxed dress code, healthy meal choices, gym membership discounts, and a focus on adding value to an employee’s life outside of work, just as much as inside.
Does your company culture have a millennial mindset? What tactics have proved the most popular amongst your employees?