Did you know that there are 70 million Millennials in the United States and that by the end of 2015, they will be the largest generation in the workforce?1
Millennials, also known as Generation Y, are individuals born between 1980 and the mid-2000s and represent one-third of the U.S. population.2 They are the first generation to be raised with the Internet, social networks and an array of electronic devices.
Odds are, at some point soon, you are going to hire a Millennial. But do you know about their unique personalities and what they want or expect from your small business? We’ll map it out for you.
What Millennials Want From Your Small Business
No generation before Millennials have had this much access to technology and infrastructure to share their thoughts, ideas and feelings at the click of a button. Millennials were raised on instant gratification, multi-tasking and working on their own schedule.
Millennials want three basic things from their employer:
1. A Small Business That is Innovative
Millennials witnessed the evolution of technology, so they have the innate desire to innovate in all aspects. In fact, 78 percent of Millennials were inclined to apply for a company when they learned the company had innovative inclinations.3 Encourage innovations and advances and watch your applications start rolling in.
2. An Owner Who Strives to Make a Difference
When it comes down to it, the primary work goal of Millennials is making a difference. An astounding 63 percent of Millennials donate to charities and 43 percent are members of community organizations.3 In the workplace, these individuals thrive when their employers are as passionate about giving back as they are.
3. The Opportunity to Be a Leader
Millennials are most comfortable when they are multitasking, collaborating and taking advantage of the opportunity to lead. One in four Millennials request a chance to showcase their leadership skills.3 These individuals have the desire to be leaders and want to work for a small business that will allow them to operate as frontrunners. Additionally, 75 percent of Millennials think their companies could do more to encourage leaders3 — so start today!
Knowing what Millennials want, how can you prepare your small business to accommodate them?
How to Cater to Millennials In the Workplace
68 percent of recruiters said it was difficult for their organizations to manage Millennials; but it doesn’t have to be that way.4 Millennials come equipped with a different skill set that is both advantageous and valuable for your small business. All you need to do is nurture these assets. Here’s how:
- Partner with local colleges and universities to train potential employees before they enter the workforce.
- Millennials are very receptive to feedback. Create a system for bi-weekly evaluations to provide your employees with pointers and areas of improvement.
- Be flexibile. Do your employees need to be at your business at 9:00 a.m. until 5:00 p.m. five days a week? Allow them some flexibility with their hours or the option to occasionally work off-site.
- Encourage creativity. How does your employee work best? What do they need in order to create daily? Ask pointed questions and provide the best tools you can.
- Communicate like a Millennial. The average Millennial sends 50 text messages per day. Do you need to get in contact with them? You know what to do.3
1Pwc.com. (2011). Millennials at work: Reshaping the workplace. Retrieved May 6, 2015 from http://www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/assets/reshaping-the-workplace.pdf
2 The Council of Economic Advisors. (2014 October). 15 economic facts about millennials. Retrieved May 6, 2015 from https://www.whitehouse.gov/sites/default/files/docs/millennials_report.pdf
3Deloitte. (2015). The deloitte millennial survey. Retrieved May 6, 2015 from http://www2.deloitte.com/global/en/pages/about-deloitte/articles/millennialsurvey.html
4 Hyder, S. (5 December 2013). Study reveals surprising facts about millennials in the workplace. Retrieved May 6, 2015 from http://www.forbes.com/sites/shamahyder/2013/12/05/study-reveals-surprising-facts-about-millennials-in-the-workplace/