Millenials are the fastest growing group in today’s workforce, and more millenials are seeking alternative work options to the traditional 9 to 5, Monday – Friday job. Millenials (also known as Generation Y) are those born between 1981 and 2002. They like technology/gadgets, they aren’t particularly willing to work overtime, they are big multi-taskers, and are always connected.
This past weekend Adam Belz wrote an interesting article in the Star Tribune and gave several good examples of millenials “thinking outside the cubicle.” Millenials seem to have less interest in money and more interest in freedom, flexibility and personal time. Joe Kessler, with NOISE a consulting business which helps companies market to millenials, stated two out of five millenials want more vacation time vs. a higher salary. Part of the reason for this change in the work habits of millenials is more of them are putting off marriage and having a family.
Millenials aren’t interested in the same kinds of benefits and salary that baby boomers were after in the workplace. Millenials are here to stay, and businesses need to know how to get the best out of their employees. Businesses should see this change in the workforce as an opportunity to offer unique benefit packages that will entice millenials to work for them.
Food for thought: Instead of a raise a millennial employee might find more value in additional time off work, especially since with all the enhancements with technology a millennial employee can still be connected to work without physically being at the workplace.