The Perfect Company for Millennials
"The perfect company should therefore allow Millenials to sustain their personal lives at work. It should also offer them the opportunity to work in teams..."
With more than 88 million Millenials* in the US alone, the number of young employees entering the workplace worldwide, and in particular in Asia, will soon outnumber other generations. Companies that want to accommodate this young, dynamic and often impatient workforce should therefore listen carefully and be prepared to create a working environment that the "new kids on the block" are expecting.
One thing every company can surely count on is that Millenials will have a profound impact on working life and culture. Not only will they bring new skills into the workplace, they will also have demands other generations have missed out entirely.
Understanding these expectations and creating a working culture they will appreciate and blossom in, might make a difference to companies in staying competitive and innovative, even if your company is not Google or Facebook.
So what exactly do Millenials expect? How can companies attract and retain talented Millenials and what should the perfect company environment be? The Ericsson ConsumerLab Report investigated and offered great insights to the questions, among others, in understanding expectations of Millennials. While the report focuses on those aged 22-29 years old in the US exclusively, it can be assumed that the report is representative for many countries.
The Ericsson ConsumerLab Report investigated and offered great insights to the questions, among others, in understanding expectations of Millennials. While the report focuses on those aged 22-29 years old in the US exclusively, it can be assumed that the report is representative for many countries.
First of all: Count on that fact that Millenials will show a keen interest in their career and are more often than not college-educated and ambitious. Not only are they interested in innovation and climbing the career ladder fast, they also see themselves taking on leadership positions in the future.
Some of the key findings of the report show that Millenials value private communications a lot, which basically means that they expect to "bring a good deal of their personal lives to work." On the contrary, Millennials do not necessarily want to allow work to enter their private life.
So when you seek to set new company policies make sure you understand that it is getting more common for Millennials to bring all their personal devices to work and be connected to the company network whenever they want. Expectations of Millenials do not stop there: most expect policies that are open and liberal in regards to the use of personal devices as well. Millenials want to be available to their friends and have flexibility when they communicate.
Further key findings of the report reveal that for many Millennials their dream company has to have a profound respect for their work-life balance. This is one of the most important components contributing to their job satisfaction and performance. Maintaining relationships with friends is considered of very high priority to Millenials. So if your company can create a work environment that promotes friendships rather than competition, there is an increased likelihood your talents will not leave before the job is completed.
While being reliable and ambitious most Millennials are happiest when they have flexible working hours, the option to telecommute on certain days and the ability to block work communications during the weekend. The sense of equality that Millennials learn from their relationships with parents and teachers growing up translates directly to the workplace. Millennials expect everyone to be equal, and there to be transparency, fairness, and a very flat – or none at all – hierarchy.
The perfect company should therefore allow Millenials to sustain their personal lives at work. It should also offer them the opportunity to work in teams, preferably with others of their own age. There should be clear directions and feedback from managers and supervisors, with whom Millennials will expect to have a close or at least a respectful relationship. In order to perform efficiently, having the latest technology is a must, especially when it comes to design, communication and development tools.
While the ideal company with this description is rare (Google and Facebook might be the most known exceptions), it is likely that more CEOs and company owners, even of SMEs, will understand the concept of work culture for Millenials in the near future. As Millennials themselves get into management positions and leadership roles, working life as we know will change and continue to do so. Work life will be more networked, more social and more collaborative – with an emphasis on more uninterrupted leisure time and a high priority on meaningful visions.
Finally, never forget that Millennials are impatient. As part of the Facebook generation, most Millenials want instant gratification, which by the very same nature gives them a low tolerance for modes of communication that are slow or do not provide immediate feedback. Ready and brave enough to fulfill the expectations of Millenials? You should be. Talented employees will be younger, smarter and faster than ever before. This does not give you much of a choice, does it?
Wikipedia Definition: Millennials (also known as the Millennial Generation or Generation Y) are the demographic cohort following Generation X. There are no precise dates for when the generation starts and ends; most researchers and commentators use birth years ranging from the early 1980s to around 2000.
- Björn Robert Raschovsky -