Millennials. They’re all over the place right now. Tweeting, Snapchatting, saying words like “Lit” “fam” “Yaaaas” and other slang words taht you’re probably not familiar with.
But did you know? According to research, compared to your average Melbourne business broker, Millenials are the most ambitious, forward-thinking and tech-oriented generation in history, as well as the largest generation right now with 80 million. In fact, many experts predict that by 2025, 75 percent of the total workforce in the whole world will be made up of Millenials – something that businesses, big or small shouldn’t ignore.
However, small businesses have a clear advantage when it comes to luring this youthful workforce. According to Katie Bardaro, an economist from PayScale, “Forty-seven percent of Generation Y (Gen Y) workers are employed by small companies, compared to only 23 percent who work for companies with over 1,500 employees.”
So what gives? Why are Millenials opting to choose small businesses? It’s definitely not the pay since the median salary small businesses can provide is significantly lower compared to big companies. Again, the question “How and why Millennials prefer small Businesses over established ones?”
Workplace Flexibility
You might have heard of companies offering flexible schedules and work-from-home setups. Sure, it may feel like they’re not entirely working with that setup, but apparently, Millenials are more productive when you give them these two benefits.
Even though the salary may be a bit on the “low income” side, flexible work hours and the privilege to work at the comforts of your home (or a cafe) tremendously outweighs the small pay.
And don’t mistake it for “laziness,” it’s just that this particular generation wants to work at their own time and their own place and by giving them that, Millenials are accomplishing their work-related tasks, and then some.
Casual Workplace Culture
Millenials also dread the usual dreary and super business-oriented companies. There’s a reason why Google, despite being a big company now, is being flocked by the youth.
Why? Because of the casual culture of the workplace. Apparently, the Y generation wants to work for companies where it has a fast-paced, but relaxed environment. For example, tattoos are not frowned upon.
And since they’re the most social media-savvy of all the generations, allowing them to use social media like Facebook, Twitter or Instagram are very much welcomed. If businesses allow them to have fun every now and then, then maybe they will enjoy working and may even render longer productive hours.
A Sense of Empowerment
One major criticism that Millenials face is that they have a high sense of entitlement. This may stem from the fact that compared to other generations; the Generation Y is the most prodded generation ever.
They are made to believe that they are “special” and that “the world is their oyster,” in addition to “they can accomplish everything they set their minds to.”
Alright, we think you’re getting discouraged by now, but you don’t have to be.
In fact, you work this into your advantage. There’s a reason why Millenials are called the “Trophy Generation,” and that is because they really respond well to positive reinforcements, accolades and awards for a job well done.
Instead of antagonizing them if they commit mistakes, why not make them feel special and reward them every time they accomplish something for your business. It doesn’t even have to be something grand, because sometimes, a simple “Great job!” can go a long way.
In addition, empowering them by letting them voice out their opinion with regards to the company, or the work, would not make them feel alienated and instead, will feel a sense of ownership of the business.
Whether you hate Millenials or love them, you cannot deny that it’s their time now and given the right circumstances, they can produce wonders for businesses.
