Millennials: Changing the Face of Corporate Culture
Corporate culture is changing, and it’s time to evolve, or you will be left behind.
Millennials. By 2025, they will make up 75% of the global workforce. This generation, born between 1980–2000, is literally changing the way businesses operate both internally and publicly and will continue to do so for years to come.
So, what exactly are those changes, and how can you position your business to attract this emerging workforce? Let’s take a look at this tech-savvy generation that’s changing the way business is done.
Why do millennials matter so much?
You may be wondering why one generation is making such a stir not only in the business realm but also in the world in general.
For starters, millanials are the largest generation since the soon-to-be-retired Baby Boomers.
Next, millennials are looking for more than just a paycheck. They are interested in progression and management opportunities as well as growing within a business and adding to its value.
These are people who have high aspirations of eventually running the company and having a significant impact on its success and legacy.
Millennials want to add to its profit, not for the sole purpose of a hefty bank account but because they genuinely care and love where they work.
Also, millennials are known for bringing an increased emphasis on collaboration and transparency to the workplace. This is as well as flexibility, an adeptness for teamwork, and proactive problem-solving.
All of these attributes promise to make a great addition to any business. However, on the flip side, it is essential to keep in mind that millennials are known for being uncomfortable with rigid corporate structures and turned off by information silos. They expect their job to be a positive, engaging, and meaningful extension of their lives as a whole, not just a place to punch a time card from nine to five.
Another thing to keep in mind is that this emerging workforce is known for being very communicative. This means that they both want and expect a healthy flow of day-to-day feedback regarding their performance and what they are adding to your company.
In short, Millennials want a management style and corporate culture that is notably different from any business structure that has gone before—one that meets their needs.
Growing up in an age of innovation and technology.
Millennials’ use of technology clearly sets them apart. They grew up in an age where innovation in the digital space was continually at their fingertips. From broadband, smartphones, iPads, and the social media phenomenon, they have experienced instant access to a whole world of information.
Because of this, they are entering the workforce already vastly skilled and highly competent. They are equipped to help companies stay on the cutting edge of new digital trends that can enable growth and success in varying industries across the board. This is the first generation to enter their companies with a better grasp of a key business tool than their senior co-workers and management.
A shift in corporate culture.
In case you haven’t noticed, there is a definitive shift taking place in corporate culture. This is largely in part to the fact that millennials place a firm emphasis on their personal needs over that of the organisation they work for.
They are ambitious with a desire to keep learning and to progress quickly towards the top of the company they work for. However, they also have no problem saying goodbye and moving on if their expectations are not being met by their employers.
Millennials are looking for a flexible approach to work; they want to feel like their work is worthwhile and that their efforts are being recognised.
Companies like Google and Apple have had some of the most success in attracting this generation because their culture, management style, and approach to recruitment and retention are all a natural fit for what a millennial is looking for.
As expressed earlier, this generation is not motivated by a paycheck alone.
They are very focused on achieving a healthy work/life balance that supersedes financial reward. Millennials are committed to their personal learning and development, which remains their priority when looking for the right employer. In second place, they want flexible working hours, and coming in a surprising third, they seek cash bonuses.
And that’s not all.
Nearly one-fifth of 24 to 35-year-olds surveyed in 2018 agreed that “reputation for ethical behaviour, diversity and inclusion, as well as workplace well-being were important when choosing an employer.”
To put it simply, millennials don’t just want a job but want employment that provides them with the opportunity to make a difference.
So, what does this mean for you as a business owner?
Overall, you need to realise that the strict corporate structure of the past is not going to fly with the millennial generation. You will need to be open to embracing flexibility, cultivating a culture of diversity and acceptance, and providing opportunities. These would be opportunities like corporate social responsibility programs that will allow your employees to give back in meaningful ways.
The more you fully embrace the needs of this rising generation, the more loyal they will be to you and your company—and the more confident you can be that they will stick around for years to come!
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
SHARE THIS ARTICLE WITH LIKE MINDED SMALL BUSINESS PEOPLE