Lip Service Ain’t Gonna Cut It
Last week, my business partner wrote about the changes coming to the building products industry as more and more Millennials step into a new role as homebuyer. It’s important for building products marketers to plan and adapt their marketing accordingly, but it’s equally important to consider how Millennials will impact the industry as employees.
In one of my presentations, I discuss how the Millennial values that mark their habits as consumers also have an impact on the places where they work. Those expectations, demands, and values translate in very real ways to their lives as employees. Here are a few of the most important things to consider as an employer of Millennials:
- Millennials are on a mission to end the traditional 9 to 5; 45% choose workplace flexibility over pay. Flex time is becoming standard as a company benefit.
- Millennials want to see a culture change away from traditional employee management to reflect their values; 60% who left their company indicated that the primary reason was “cultural fit.”
- 80% of Millennials want regular feedback from their boss.
- One of the top four qualities Millennials desire most in a leader is transparency.
- 79% of Millennials want to work for a company that cares about how it impacts or contributes to society.
- Evolving to Millennial-friendly, participative marketing models will usually require actual structural reorganization. With access to more information than ever, lip service won’t work for this generation.
Millennials are the most connected generation to date. They like to be involved in—and informed about—the world around them. That includes the companies they buy from and the brands they’re loyal to. They do their research, they ask for recommendations and referrals, and they’re extremely conscious of where their money is going.
So what does that mean for companies who prefer to stick to traditional methods of employee management? My thought—they may just see the impact of that decision trickle all the way down to the consumer. In other words, companies that don’t treat their employees in a way that reflects these new and emerging values will likely experience a disconnect with their Millennial consumers as well.
For more Millennial employee insights, view the PowerPoint on SlideShare here.