What Influence do Millennials Have on Corporate Culture?
Updated: Nov 4, 2018
In just two years' time, the workforce will comprise over 50% millennials. The values of these members will have a significant impact on corporate culture and the way we do business in today's society.
The Society for Human Resource Management reports that 94% of millennials want to use their skills to benefit a cause. 57% of millennials would like more company-wide staff volunteering days. Millennials care about a company's commitment to economic, social and environmental sustainability.
Salary is no longer the most important aspect of job-hunting for millennials. The average millennial would be willing to give up $7,600 in salary per annum to work for a company with a better corporate culture.
What is better corporate culture in the eyes of millennials?
The first aspect of corporate culture millennials want to see addressed is purpose. The majority of millennials either want to be working for a social enterprise, a not-for-profit or a for-profit organisation with a well-developed and genuine sustainability commitment.
This sustainability commitment must encompass good corporate governance, including diversity and inclusion policies as well as a commitment to providing a flexible workplace with a reasonable work-life-balance.
When it comes to the culture of management, millennials want to feel like they are getting adequate feedback from their superiors, so they can continue to develop and improve their job performance.
Millennials also want to feel like they are engaged in their work. According to a recent survey, only 29% of millennials feel like they are actively engaged in their work. Engagement, of course, means something different to each individual staff member, so it is important that this is established on an individual basis with all direct reports at the outset.
Finally, millennial beliefs and values have an impact on corporate culture through more than just an employee basis. Millennials also represent a growing population of consumers. It is estimated that millennials make-up about $2.5 trillion of the spending economy. Given that 70% of millennials would be willing to spend their more of their money with brands which support causes about which they are passionate or which they hold close to their heart, this generation of young people is having a profound effect on the way companies market to consumers.
If you want to know more about how your corporate culture might need to change in the future to cater to the wants and needs of millennials, contact our team!