Remote jobs and flexible work options
Today's employees bounce around from one employer to the next, here's why company culture is crucial to hiring millennials.
Past generations used to start working for one company and stay there until they retired. The company was loyal to the employee, and the employee stayed for years — if not decades. Today however, millennials leave after a year or two if they're not happy where they work. This leaves employers scrambling to create environments and cultures that their employees will respond to—this is why company culture is crucial in today's "zero unemployment" market.
Millennials Want to Change the World
For young employees, company culture extends beyond corporate picnics and potluck lunches. In fact, 64 percent of Gen Y and Z respondents say that working for a company that benefits the world as a whole is important to them. You can see this in ads for GE, which focus on hiring talent that solves the world's problems and makes a difference.
Millennials have the same skills as past generations — positions like bookkeeping and human resources still follow the same principles — but they want to use those skills for a purpose. If they don't feel like their career is fulfilling a great need, millennials will leave.
Millennials Prefer Flexible Work Options
Today's employees have no reason to stay at a company if they feel like they're not being heard or aren't valued. The constant shifting of the millennial workforce means there are plenty of jobs across all industries and employment levels to choose from. Furthermore, more young people are choosing flexible work options or trying to work for themselves. More than 54 million Americans took on side projects or worked outside of full-time employment in 2015. This means millennials aren't afraid to be unemployed and quit their jobs while they look for something better.
All of this means the power is in the employee's hands. The employer needs to react to the market and create a positive culture or risk constant turnover.
Remote Work Makes Employment Competitive
Before the internet era, companies only had to compete in their local areas to find the top employees. Today, they are competing with the world. Young people who know how to market themselves can find remote positions in New York, Los Angeles, London, Chicago, and Sydney. If your offer isn't compelling, there are millions of other company cultures looking to hire them.
Millennials Are the Future of the Workforce
While all of this information might be frustrating to companies with long histories and set practices for employment, they're eventually going to change. Millennials are the future of the workforce and more are entering it every year. They're also the largest generation since the Baby Boomers. It's unlikely that employment trends are going to revert back to their old ways with modern technology and freelance opportunities continuing to grow and evolve.
Many companies have been forced to take a deep look at their culture and make changes to appeal to younger employees; however, change has just begun. We can expect the effects of technology and Gen Y to extend for years beyond these current trends.