In case you hadn’t noticed, Millennials (otherwise known as Generation Y) have officially taken over the largest share of the workforce. Like it or not, these up-and-comers are taking the business world by storm, and many organizations are finding it difficult to keep up. That’s because individuals from this generation are markedly different than those who have come before. They want different things, have different goals and aspirations and generally represent a truly unique demographic. If you’re finding that Gen-Yers aren’t quite fitting in with your property management firm, here are 5 things that might be the problem.
The work you provide doesn’t have any real meaning
One of the things that sets Millennials apart is their desire to make a difference, particularly at work. In fact, recent studies have shown that 30% of workers from this younger generation list “meaningful work” as the most important quality of a job. Being open, honest and transparent allows Millennial employees to understand their role in the “big picture,” which will help gain buy-in and commitment.
Leadership isn’t listening
Tying in with the last point, Millennials like to feel as though the work they’re doing contributes to the overall success of the company. As such, workers from this generation prefer employers that value their thoughts, ideas and opinions. If the leadership at your organization isn’t actively seeking out and – more importantly – leveraging employee feedback, the disconnect will likely lead to higher turnover.
Work-life balance isn’t a priority
Another critical difference between Millennials and previous generations is their desire for flexibility. The new way of working involves allowing employees to work when and where they feel they are most productive as opposed to the expectations of a rigid 40-50 hour in-office work week. This establishes trust and fosters loyalty. (If you need help transitioning to a more flexible work environment at your property management firm, here are some helpful tips.)
They aren’t being supported in their day to day operations
There’s a reason so many well-known brands are officially making the change from traditional employee recognition plans (i.e. annual reviews) to a more real-time feedback and ongoing coaching system. It’s because that’s what makes Millennials thrive. Younger workers want to know when they’re doing a good job, but they also value constructive criticism and guidance to help them improve. If you’re not providing this ongoing support within your company, chances are your workers will find another company that does.
Communication and collaboration are poor or non-existent
Millennials want to make a difference and they want to clearly understand the role they play in driving the success of the companies for which they work. They want to share their ideas and contribute to the team and the organization as a whole. To successfully create this type of environment, communication at all levels must be a priority and collaboration must be facilitated and encouraged. Otherwise, your Gen-Y employees will be looking for more meaningful work elsewhere.
Keeping your millennial workers happy and engaged is detrimental to the ongoing success of your property management organization. By understanding what things drive Gen-Yers away, you can better strategize your approach and develop your company into a place where the younger generation will want to work.
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