CBRE, the world leading providers of commercial property and real estate services, have recently produced a comprehensive survey report “Millennials Myths and Realities” which provides fascinating and vital insights into the aspirations of the millennials generation. Also known as Generation Y, millennials are generally defined as people born in the years from 1976 to 2004.
Conducted by Ipsos surveying 13,000 millennials in their 20s in 12 countries worldwide, this survey offers findings that are immensely valuable, not least for employers. The report claims:
“By 2020, millennials born between 1980 and 2000 will make up half the global workforce.
“With such a large voice, millennials’ decisions about where they work, how they work and whom they work for will have lasting consequences for the global economy and for real estate.”
For Glenside, as specialists in commercial interior design and fit-out, the question of the type of business environment that will most satisfy millennials at work is of critical interest. It is also important to identify how well this marries up with aspirations of workers from other age groups.
To quote from the CBRE report again:
“Consider the workplace, for instance, which plays a huge role in staff morale and productivity. Employers looking to attract and retain the best and brightest in the war for talent will need to know what motivates millennials and how their needs may differ from those of previous generations.”
What is a millennial worker?
One of the defining achievements of this survey is that it throws a critical light on many of the myths that surround the millennials generation. In relation to millennials at work, these include:
- Feeling entitled to a rapid career progression
- Demanding frequent salary rises
- Being a job-hopper with no loyalty to their employer
The participants in this survey painted a rather different picture. Only a very small proportion saw their ideal career ladder as working for a large number of companies and changing jobs frequently, whereas 62% wanted to work with the same or a small number of employers during their working life.
The CBRE report also cited a recent survey by Manpower6 which showed that, while millennials want to move on and up, they expect to advance with the same employer. Additionally, when considering the question of what do millennials want from a new job, it is interesting to note that almost two-thirds said that opportunities to learn new skills would be a major factor.
Finding the right place to work
When asked what they would be prepared to trade off to secure a better working environment, two thirds of those surveyed by the CBRE were prepared to make sacrifices.
- Almost one quarter would move to a smaller, less well-known company
- One in five would travel further or move to a less attractive location to work
- Nearly 10% would be prepared to give up the prospect of promotion or take a modest pay cut
- 68% would trade other benefits for a better workspace
- 78% saw workplace quality as important when choosing a new employer
These findings, along with many others relating to millennials at work and leisure, make this survey of exceptional interest to businesses in every sector. Glenside believes that it supports our view that creating a motivational workplace environment through skilful planning and design plays a leading role in attracting and retaining the best talent.