The Work Ethic of Millennials and Why it Matters to Your Business
Each year that goes by means that we are moving further and further away from the Baby Boomer Generation and one-step closer to Generation Y, or Millennials taking over the workplace. This news is certainly not new and we have seen this coming for quite some time.
So why worry about it now?
As more Millennials take over the workplace, it won’t be long now until they finally reach management positions and shift the corporate structure that has been in place for decades. The traditional approach that may have worked in the past will soon cease to exist, as the power dynamics will shift from a rigid, top down organization to a more fluid, flat organization.
Tall versus Flat Organizations
To sum it up simply, a top down, or tall organization, means that there are many layers of management from the top down, and each individual holds a small amount of power. There is a tall chain of command and typically, little room for employees to grow within the organization. On average, this structure was favored by Baby Boomers.
The opposite is true for flat organizations. There are less management levels and each level controls a wider array of responsibility. It is much easier to empower employees in this way and it creates a more flexible, fluid work environment. This is the organizational structure that typically fits the needs of millennial workers.
Generation Y and Z
According to Social Marketing, Generation Y consists of people born between 1977 and 1994, and Generation Z is born between 1995-2012. Although the Gen Zers are still young, the Gen Y group currently makes up 71 million of the population. Being the most culturally diverse generation, and having grown up with technology, they will most likely not function in a workspace in the traditional sense.
There are some interesting statistics that Forbes has shared, stating that:
- Majorities (55% of business decision makers and 62% of recruiters) say that retaining millennials is a challenge.
- 66% of millennials feel misunderstood by their elders.
- Millennials want to see “a direct impact and return for their efforts”—and for that reason, they’re more likely to leave jobs in a way that their ladder-climbing elders dismiss as “unrealistic.”
- 95% percent of millennials say that a company’s reputation matters to them. And 91% say that a company’s social impact efforts are important when they are considering which companies to work for.
So how will YOU retain your Gen Y employees?
By looking at these findings, it is clear to see that a solution is needed in order to bridge the gap between Baby Boomers and Millennials, as the later represent the future workforce.
We know that technology makes up a crucial part of the way Generation Y performs day-to-day tasks, including their work ethic. By adopting a more flexible platform, such as a cloud storage solution, younger employees will appreciate how easily they can store files and information in or out of the confines of the office.
Accessibility and fluidity are factors that can greatly impact the way employees view the organizational structure, which opens the gates to innovators and creative minds, skills that can greatly impact the success of your company.
As we have previously mentioned, there is an increase of mobile workers that expect to have access to their work away from the office, an open communication work dynamic, flexibility, and a flatter organizational structure that will allow them to grow and spread their wings.
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