Getting to know the quirks and qualities of the Millennial generation, also called Gen Y, has become something of a science. Because many of the members of this group are in their young adulthood and entering the corporate world, employers want to know what makes Millennials tick. Millennials make up the largest generation since the Baby Boomers, so their influence is felt in every workplace. Let’s take a look at the relationship between Gen Y and small business settings.
Employment studies on the preferences of Millennials indicates that nearly half of them want to work at a smaller company or startup instead of at a large corporation. A company with fewer than 100 employees is the ideal setting for this generation, though they show an affinity for innovative businesses that are just getting off the ground. That’s because Millennials do not put a high income at the top of their worklife priority list. These workers tend to put a higher value on other aspects of the job, such as a flexible schedule, an evolving job description and a comfortable workplace.
Making a Difference
When it comes to making a true contribution to the business and the community in general, Millennials are dedicated workers. They want to be part of the decision-making process, and a small company or startup is much more likely to allow that kind of interaction than a large corporation. Gen Y and small business owners can collaborate together when working to meet the challenges that face startups. Also, Millennials are known to be detail-oriented because they like to receive recognition for their efforts at work. As long as they are rewarded with feedback after accomplishing a task, they will work hard to get it done quickly and efficiently. In fact, their methods often can be duplicated as a best practice in the small business setting, which would be unlike in a giant office.
Less focus on Income
Generation Y workers generally don’t work because they want high salaries in order to buy material possessions. Employment for them is a means to live the lifestyle they desire. In a small business setting, they are more likely to be able to set their own hours and work remotely as long as they get their work done. This type of flexibility is rarely available at large firms. If a Millennial cannot get buy-in from leadership to support this workday approach, he or she will happily find other employment. Also, a company that is active in the nonprofit community or charity fundraising world at a grass-roots level can garner attention from civic-minded Millennials.
Millennials grew up in a time with a lot of electronics and technology, so they are very comfortable using it in the workplace. Startups usually embrace technology and encourage their workers to use social media on behalf of the company. Gen Y and small business owners can be more nimble with their processes and take advantage of new technology more quickly than giant corporations can. Forward-thinking and innovative startups are very appealing to Millennials, who have the technical expertise to thrive in that setting. In addition, the affinity Millennials hold for technology makes it easier for them to find ways to work remotely and show other workers how to do so as well.
Finally, when they are in the office, Gen Y workers prefer a more casual workspace. They like to dress casually and don’t want to be stuck toiling in a cubicle all day. Meetings, in their view, can be short or conducted virtually or even unnecessary in some cases. This would not work in a corporate setting, where routines and a focus on meetings have been set long ago. Millennials also enjoy startups because with a smaller staff, there is less distance between the people at the top and the workers near the bottom. Gen Y and small business owners may be meet at any point during the day because they work on the same floor or take the same lunchtime yoga class in the breakroom. The Millennial generation has been described as being upbeat, confident and open-minded. These traits can go a long way toward benefiting any workplace that employs members of Gen Y. However, large corporate entities will have to work harder to attract Millennials. The nimbleness, casual atmosphere and innovative spaces of startup companies are much more likely to have Millennials on the staff. In addition to studying the link between Gen Y and small business, you can find out how to make fantastic hiring decisions and improve your company using the resources at Mighty Recruiter as a guide.