Millennials are Changing the Landscape of Company Culture

By Saskia Frowijn on November 26, 2019

Millennials are changing the landscape of company culture. According to a recent Gallup report, employee expectations are changing. Millennials are less likely to remain at the same company for the rest of their lives. They want their careers to be a journey of self-development. Companies that are able to evolve with changing employee expectations will be able to foster more motivated and efficient employees and stay ahead of their competitors.

People born from 1981 to 1996 are considered to be Millennials. As a whole, they are more diverse and educated than any other generation. But higher education comes at a cost. Being college-educated is benefitting Millennials less than it has generations in the past. The average amount of debt for a Millennial college graduate is $30,000. To make matters worse, nearly 17% of these college graduates cannot find full-time jobs after graduation. As a result, Millennials earn far less than any other generation did at their age.

Who are Millenials

Factors in the economy created hardship for many Millennials first entering the labor force. The Great Recession increased the cost of housing, decreased entry-level salaries, and limited the job market. In turn, homeownership has become an unattainable dream for many Millennials. Instead, one-third of Millennials live in places with three or more adults. Despite all of these hardships, Millennials are more optimistic about their financial situation and spending habit than previous generations.

Millennials have unique workplace expectations. Past generations chose pay over passion. They didn’t feel as if their job was purposeful but instead saw it as a means for obtaining resources. People followed the status quo and remained at the same job for their whole career. Benefits and paychecks outweighed any feelings of purpose, but Millennials are different. Purpose, development, and communication are factors that drive them. Millennials strive to find meaning in their job and constantly want to evolve. They seek managers who act as coaches, instead of bosses, and appreciate consistent conversations about their development. This generation cannot be bought with perks, such as ping pong tables or corporate retreats. Instead, they value a company culture that plays to their strengths and allows them to lead better lives. To Millennials, their career is a personal journey. Make sure that your company culture reflects that.

Millennials have Unique Workplace Expectations

We are more than employees, we are people. Millennials love companies that stress the importance of physical and mental health, as well as work-life balance.  As children, Millennials witnessed the stressful work conditions of their elders, and feel that work shouldn’t dictate life. They want companies that push managers to create conversations that foster personal and professional growth. Contrary to popular opinion, Millennials aren’t interested in finding a fun or creative environment to work. Instead, they want to make sure that their job role will help them evolve into a better human being, both in and outside of the workplace.

Millennials are the least engaged and loyal generation of workers. Although they strive to find purpose in their careers, a majority of Millennials feel no connection toward their work. As a generation, they are more likely to switch jobs and research competitors. About 60% of Millennials have voiced that they would be open to a different job opportunity. As Millennials begin to represent the bulk of the American workforce, companies must be able to adapt to their needs and wants.

Millennials are Changing the Landscape of Company Culture

Managers who help set performance goals create engaged Millennial employees. When there is a mutual agreement about expectations and goals, Millennials experience greater extents of workplace satisfaction. Many times, company culture wants to put their employees into a box. They expect their tactics and strategies to resonate across a diverse range of people. Millennials are demanding that managers take a holistic approach in providing feedback and facilitating relationships. They want their managers to see the big picture of who they are as a person so that they can get more personalized advice that motivates them.

Millennials are Changing the Landscape of Company Culture

Millennials who are in a workplace where they can be open with their managers are more likely to stick around. 62% of Millennials who felt that they could talk openly about personal issues in the workplace felt confident that they would be there a year from now. They want their job to reflect their strengths, so always make sure that conversations focus on improving strengths rather than pointing out weaknesses. Developing genuine relationships based on trust is a vital step in ensuring that Millennial workers are productive and happy. When Millennials are thriving in their purpose, relationships, finances, community, and physical health they are 85% less likely to leave their jobs. Embrace employees for who they are, and you will find that engaged and loyal Millennial employees are easy to find.

Saskia is a Dutch freelance writer living in Texas. Apart from her passion for psychology, she enjoys traveling, cooking, and spending time with her dogs. Her goal is to be an honest and transparent journalist that helps people make informed decisions.

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