The Business of Architecture
Evan Spurrell, a Designer at Forum Phi, is influenced by new experiences and continual learning. As such, she is continually making efforts to educate herself and stay up to date on where the architecture industry is heading. Check out her latest post below.
Millennials are currently the largest generation in the U.S. workforce and their numbers are still growing. By the year 2020, it is projected that millennials could make up half of the workforce. As work populations shift from baby boomers to millennials, companies will have to decide to change their management structures to meet millennial expectations or risk high employee turnover.
The Millennial Worker
Millennials are more ethnically diverse, more educated, and more skeptical than previous generations. The 2008 financial crisis had a lasting impact on millennials tolerance for risk, making them the most risk-averse generation since the Great Depression. This also led to a greater distrust of financial and corporate institutions among millennials. In addition, they are more burdened by student debt than any other generation. This has caused several people to postpone buying homes, starting families, saving, and investing money. Millennials are also the first generation that hasn’t needed an authority figure to gain access to information. They have grown up on the internet and are fluent at using search engines to find the information they need. All of these factors have led to a generation with different values and expectations at work.
What Millennials Want
Millennials are looking for companies who allow for a work-life blend, offer sponsorship for formal development programs, tech self-management, and have strong values. They want a boss who will give them regular feedback, mentor them, give them straight answers, and help them navigate their career.
How to Retain Talent
Millennials are more likely to job hop than any other generation. The cost to replace employees can be steep. Many companies will have to shift their policies to reflect millennial values if they want to retain talent.
Forum Phi’s business model is in line with many of the values that millennial workers appreciate. They put an emphasis on culture and provide their employees with an extensive benefits package. Some of these benefits include a formal mentorship program, a professional development bonus, volunteer incentives, career path guidelines, clear core values, and flexibility for a work-life balance.
As millennials take over the workforce, I predict we will see many companies following Forum Phi’s example by providing benefits and a culture that will meet their employee’s desires.