Within the last year, millennials officially became the largest group in the United States workforce, with more than one in three American workers being between the ages of 18-34, according to a Pew Research Center analysis of the U.S. Census Bureau data.
This generation is bringing a new focus, added value, and out-of-the box thinking to the working environment. Now more than ever, it’s important that business owners are updating their business models to accommodate and appeal to these workers.
The standards for what a 21st century company should be have been set by millennials, but does your company make the cut? To better position your small business to adhere to the wants and needs of this demographic, consider these four tips:
- Opening Idea Sharing. Research has proven that top-down managementcontrol is an ineffective approach when supervising millennials. Level the playing field around the office and encourage all workers, entry level to senior, to share their voice and ideas. Focus less on the job titles and more on encouraging collaboration amongst teams and departments. As a small business owner, it’s important to not only encourage this engagement, but to listen and follow through with these discussions. Making changes pertaining to employee feedback is a key driving factor for the success of your company.
- Promote Transparency. In today’s economy, we are constantly connected. News is always at our fingertips and 140 characters has garnered enough force to make or break a company. Due to these strong and constant interactions, millennials have grown to expect that their employers will always be upfront and honest with them. No secrets are floating around the office, which helps employees and business owners build a trust with each other, prompting longer employee retention.
- Support A Cause. More than any other previous generation, millennials say it matters if a company gives back to the community. In fact, according to a recent survey, two-thirds of people between the ages of 18 – 34 were at least somewhat more likely to work for a company that gave to charity than one that did not. By extending a helping hand to the community, an organization can boost employee morale and engagement, and gain a competitive advantage in attracting new talent. A benefit for all parties involved.
- Employee Benefits. While every generation has its own values, all can agree on one thing; they want a fair deal when it comes to overall employee benefits. Trendy décor and dog-friendly offices certainly don’t hurt, but millennials are also looking for benefits that will support them in the long run, from quality healthcare to an employer-sponsored retirement plan and career development opportunities. Remain a progressive employer and take your employee work benefits seriously.
Lakeland Bank offers a full range of business banking services, including retirement plans, online services, business checking, savings and money market accounts, certificates of deposit, business loans, and cash management solutions. Our Customer Service Team can be reached at 866-224-1379.