The Millennial generation is positioned to take over the majority of the workplace as soon as the year 2020. That’s less than five years away! Needless to say, employers in every industry (including property management) will need to begin strategizing a way to not only attract top talent from this generation, but also keep them engaged for the long haul. Does your organization have what it takes? Let’s take a look at what Millennials value most in an employer to see if you’re in good shape.
The chance to make a difference
Believe it or not, money isn’t necessarily the most important thing to Millennials when they’re choosing an employer. In fact, neither are traditional benefits, like health care and bonuses. Workers from this generation pride themselves on the impact they will have on the world around them. They want to truly make a difference. As such, organizations with a commitment to social and environmental issues will usually win out.
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Flexibility
Does your company fall under the traditional workplace restraints, such as a rigid schedule, cubicles and a strict hierarchy? If so, chances are you won’t top the list when it comes to attracting Millennials. Instead, this generation prefers to work for employers that offer flexibility, openness, transparency and empowerment. If this doesn’t describe your firm, it may be time to consider a change in culture.
Real-time feedback
Perhaps it’s just how this generation of workers was raised, but whatever the reason, Gen-Yers tend to respond and perform better when they receive instant feedback – even if it’s constructive criticism – as opposed to traditional annual evaluation and recognition structures. Property management leadership should be comfortable opening the lines of communication and offering hands-on coaching and mentoring when and where it’s needed.
Related Post: 5 Tips for Effective Talent Management
Opportunity to grow
For Millennials, it’s not about climbing the ladder to success as much as it’s about enjoying the journey that their work life brings them on. To keep these employees happy and engaged, you must provide them with the opportunity to evolve, improve and grow, whether it’s a lateral move or into a leadership role.
Does your property management organization embody these things? If not, chances are you won’t be winning the war of talent over the next few years. Perhaps it’s time to make some changes. Start with these key areas and work from there. Over time, your firm will begin to develop into a place where Millennials will truly want to work
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Get the full scoop on How to Build An Extraordinary Property Management Team. Download our free resource guide.
