Millennials became the largest generation in the U.S. workforce in 2016, and their influence has only grown. By 2018, one in three members of the American workforce were from the millennial generation. This amounts to more than 56 million workers—far more than Generation X or the Boomers. What's more, the oldest members of the generation are now 40 years old, meaning that many millennials have occupied positions of relative power in their workplaces for years now—it's no longer accurate to think of millennials as a horde of entry level or "junior" workers.
Given these facts, it should be no surprise that millennials' influence on the workplace is profound. Their habits, values, priorities, and beliefs have changed the nature of work in the U.S. and around the world, both for themselves and for workers of all generations. As a CEO, you need to fully understand this generation's influence and their needs in order to recruit and retain the best talent.
Flexible Scheduling Is Key
Studies have shown that millennials are particularly interested in flexible work schedules, perhaps more so than older generations—there is some research to suggest that they even prefer the ability to set their own schedule over higher pay. Regardless, all workers tend to appreciate this type of schedule because it allows for better work-life balance. For example, parents may appreciate a later start time if they have to drop off their children at school every morning; others may want to start work early, take a few hours off mid-day, and then continue later in the afternoon. If these workers can still accomplish all their tasks and stay productive, why not allow them to choose the schedule that best fits their lifestyle?
Flexible scheduling is an effective way for companies to stay competitive, which may explain why it's becoming a common practice. The pandemic, of course, also has something to do with it. When covid-19 forced many companies to adopt remote work, many also adopted flexible schedules, even when they didn't expect to, simply because it is difficult to enforce a strict 8 am - 5 pm schedule when your workforce is distributed.
Work-Life Balance Is a Necessity
Though workers have long advocated for more humane working hours and conditions, millennials were the first generation to frame the conversation in terms of the importance of work-life balance. Gone is the old ideal of working yourself to the bone and falling asleep at your desk every night in hopes of landing that big promotion or coveted corner office. Now, jobs that offer good work-life balance are highly sought by people of all generations. In addition to flexible scheduling, which helps workers find time for a fulfilling personal life, companies can also support work-life balance through workplace health and wellness initiatives.
Promote Collaboration
Millennials love to collaborate and work in teams, so if you want to attract them to your company, foster this kind of work environment. Millennials were once criticized for being too individualistic, but that has changed as they've grown older and taken on more senior roles. You can promote collaboration in your office by creating shared workspaces.
Competitiveness Is Key
Competition has always been one of the most effective strategies used to motivate people, but it wasn't until now that companies’ executives started turning to competition as a recruitment tactic. While you don't want to create a cutthroat, dog-eat-dog atmosphere, millennials tend to appreciate a little competition in their work environment. They don't just want to have fun at the office; they want to make the best of their workday and compete with other people in their industry. If you can provide a good-naturedly competitive environment, you may see an increase in productivity and motivation.
Prioritize Diversity, Equity, and Inclusion
Values are important to millennials when it comes to looking for work—many will not work for a company if they believe it does uphold their values. Among other values, diversity is incredibly important to both millennials and their younger Gen Z counterparts, more so than older generations.
“This is a generational shift in the belief that these values are really important and foundational to their experiences as workers,” said Alvin B. Tillery Jr. of the Center for Diversity and Democracy at Northwestern University, speaking to the Washington Post. “You can say there’s no systemic racism, but millennials and Gen Z don’t believe that. If you’re under 35, you expect these conversations, and if you don’t offer them, you’ll have trouble recruiting.”
Make diversity and inclusion a true priority at your company, and find ways to not just accept, but celebrate, differences.
