The American workplace is changing at a rapid pace and organizations are being forced to examine how, when, and where people work. Employment opportunities increasingly rely on social and technological abilities with less of a focus on physical labor. According to the Pew Research Center, manufacturing jobs have declined by a third since 1990; they report that the majority of people feel the most important abilities are critical thinking, communication, and interpersonal skills.
Context states that millennials are the largest generation currently employed and that by 2025, three out of every four workers will be millennials. Additionally, the average tenure for a millennial is two years, compared to five years for Gen Xers and seven years for Baby Boomers. Millennials change jobs more frequently than any other generation in history.
The relationship between workers and employers has also changed. Alternative employment such as freelancing, contract work, temporary, and on-call arrangements, is increasing. More workers today are in jobs where a higher level of job preparation is required. There was a 68 percent increase in the number of workers in occupations that require average to above-average education from 1980 through 2015. Job preparation can involve education, vocational training, prior job experience, or on-the-job training. Millennials are also the most educated generation in history with more than 63 percent holding a bachelor’s degree.
As millennials move into managerial roles, they are expected to bring a focus on collaboration and transparency. Millennials are eschewing the traditional top-down management structure and moving to a flat organizational structure with a more democratic approach to decision-making. Flattened organizations have fewer titles, but millennials believe that true leaders don’t need titles and can demonstrate their ability by leading a project or campaign. Leaders are defined as communicative, have the ability to share their vision, and identify how those tie into the work they are doing for the organization and for society.
The new workplace calls for collaboration and encourages open access to meetings and information. As a generation that has had access to technology their entire lives, they are used to digital communications and swift decisions. Texting is preferred to emailing as it is viewed as quicker and more efficient.
While the Baby Boomer generation has been more inclined to persuade, millennials want to inspire. They are not afraid to take risks and believe that succeed or fail, they are in it together. Millennials feel that the attributes that are most important in the workplace are passion, energy, excitement, and skill set.
Millennials are less inclined to follow a traditional 9 to 5 workday schedule. Whether you need to go to a doctor’s appointment at 11:00 a.m. or meet with your plumber at 3:00 p.m., millennials will not care as long as you maintain your productivity. A recent study by Millennial Branding found that 89 percent of millennials would prefer to choose when and where they work rather than being placed in a 9 to 5 position. The same study found that 72 percent of those in “regular” jobs would prefer to quit to be independent and 61 percent say this will happen within two years.
Being able to shape and make a contribution to where you work is important to millennials. To a generation used to instant replies, messaging, and tweeting, annual reviews are seen as a thing of the past. Most millennials seek immediate feedback weekly or as soon as projects are completed. They want a mentor, not a manager.
In “How Are Millennials Changing the Workplace,” by the University of Wisconsin-Madison, traits specific to millennials are as follows:
• Value flexibility
• Want opportunities to grow professionally
• Prefer text over email
• Consume more media than any other generation
Civic engagement and social responsibility are also important. Volunteering is one of the programs they seek out in employers. They want to know where their products are manufactured and how the workers are treated. Millennials embrace social equality and demonstrate this financially. Nearly 70 percent are willing to fundraise for a cause they care about and 84 percent of them made a charitable donation in 2014.
A work-life balance and understanding that work can take place anywhere are the most important workplace attributes that millennials seek according to The Hartford’s Millennial Leadership Survey. Most workers are always connected and many will even check emails after hours, so employer reciprocation is expected. To attract and retain the best talent, companies need to keep pace with expectations from the generation which will dominate the workforce by 2025. Gloria Cordes Larson, president of Bentley University, writes in Fortune that millennials have “a ‘triple bottom line’ way of thinking – a focus on people and planet, in addition to profit.”
Flexibility in their work schedule and finding affordable office space are essential for millennials. Jay Suites has reinvented traditional pricing for shared office space to be all-inclusive and cost-effective with no reinstatement costs or additional obligatory fees. Millennials tend to gravitate towards “all-inclusive” type deals. Jay Suites offers fully-furnished Manhattan office space for rent that includes with high-speed internet, VoIP phone systems, grand lobbies, and a wide selection of executive meeting rooms all at a fixed rate. Entrepreneurs can have prestigious office space for a fraction of the costs associated with commercial leasing. Most importantly, we are always able to accommodate needs for additional office space as your company expands without costly long-term commitments.
Jay Suites is a hub for New York City entrepreneurs looking to simply work better. We offer flexible, luxury office suites, virtual office plans and on-demand conference rooms, so you can focus on your business and leave the rest to us. All Jay Suites offices are furnished, elegantly designed and come equipped with state-of-the-art technology, resources and support. In addition, members join a growing community with perks such as exclusive access to our members-only meet ups. With locations throughout midtown and downtown New York City, we have crafted an all-inclusive office package so that you can project your company’s expenses forward. Whether you’re a lawyer, technology startup, or a fortune 500 company, you can bank with Jay Suites to thrive with our customized office space solutions.