Look around the internet or just listen to other executives talk and you’ll undoubtedly discover plenty of reasons not to hire Millennials. They’re lazy. They’re entitled. They’re spoiled and short-sighted. But while it’s true that some individuals from Gen-Y certainly fit those descriptions, the reality is far less negative. In fact, there are more positives to hiring workers from this younger generation than there are legitimate downsides. If you’re still not convinced, here are four reasons hiring bright, qualified young folks can benefit your property management company.
One thing that makes hiring Millennials particularly attractive is the fact that, because these younger workers don’t have as much experience, they tend to command lower salaries. For a property management company that’s operating on a tight budget, this can be a godsend. What’s more, ongoing studies indicate that Millennials place a higher value on things like flexibility and diversity than salary when choosing and sticking with an employer, which means you can give them what they want without having to spend anything extra.
Millennials have officially eclipsed Baby Boomers as the largest generation in the workforce today. What that means for employers is that there is plenty of ripe young talent out there to pick from. Whatever position you are trying to fill in your property management company, chances are you’ll find lots of qualified candidates to choose from if you’re willing to consider hiring up-and-comers. This is especially important now, as there are currently more available jobs than there are people to fill them.
These days, staying competitive in any industry – including property management – is all about digital transformation. Technology is evolving at a lightning pace, leaving some workers from older generations struggling to keep up. Hiring from a pool of candidates who are digital natives (that is, they grew up using technology) can give your company a leg up on the competition and position you for increasing success going forward.
Younger workers who are either fresh out of college or haven’t yet amassed a good deal of on-the-job experience can be great because they don’t come with bad habits or preconceived notions. Instead, they often bring new, fresh perspectives and the ability to look at problems from an entirely different angle. This can breathe new life into a team that is stagnant or set in its ways and provide the opportunity to create and innovate at a faster pace.
There are a few things to keep in mind, however, when hiring Millennials to staff your property management company. Because of the fact that this younger generation tends to change jobs more frequently, making an effort to keep Millennial workers engaged can help with retention. Invest in good training, offer regular ongoing feedback and provide your younger team members with work that they feel is meaningful and they will reward you with hard work and dedication for years to come.