Millennials or Gen-Yers currently make up a large proportion of the workforce, with numbers expected to increase over the next few years. As individuals born between 1980 and 1995, millennials have a different set of values and expectations from their workplace. Businesses need to keep these in mind when moving forward to make the most of their future employees.
Adapting certain workplace policies or employment structures with expert advice from commercial lawyers can help a business optimise productivity and innovation from millennial employees. Currently in Australia, 38 per cent of millennials work more than 40 hours a week, according to the Australian Bureau of Statistics. Restructuring certain business models to suit millennials can have wider reaching benefits for profit margins, by enabling this large sector of the staff to excel and help the business grow.
What do millennials prioritise?
According to PricewaterhouseCoopers’ 2013 ‘NextGen: A global generational study’ on millennials, work-life balance was very important for this group. As urban, multicultural and transient individuals, millennials also desired creativity and flexibility in office culture. They also appreciate a strong team-oriented environment and a sense of community at work. The desire for occasionally working from home or at satellite offices is also strong.
In turn, millennials are keen to support employers through innovation and break-through ideas to drive the business forward. They would like to manage projects with global markets in mind, helping businesses compete internationally. By valuing ingenuity and creative power, they can develop products and services to help a business constantly maintain a unique selling point. Their intuition for how consumers think and use social media is also an asset.
What legal steps can help?
Re-drafting current workplace policies can help better accommodate the needs of millennials. Researching by using legal services online such as an employment library of relevant documents can help generate ideas for how to contract millennials or entice them to work with your business.
Moreover, developing succession plans that carefully consider how best to train and manage millennials can be very valuable for long-term business success. Developing your current commercial property by updating office spaces into more open plan areas can also be a smart step.
Commercial lawyers can help with each of these steps to set up a brighter future for your business – one which capitalises on an increasingly millennial workforce.