Work hard, play hard. That seems to be the self-proclaimed leitmotif of Millennials and the younger Generation Z.
These two generations, with millennials alone accounting for up to 50% of the global workforce worldwide in 2020, place work-life balance on top of their priorities and value flexibility as one of the most important factors to evaluate a job opportunity.
Today’s workplace with its one-size-fits-all approach is lacking and too rigid for Millennials’ taste. They expect all forms of flexible options, whether that be flexible workspaces, remote work, flexible hours or a combination of the former.
The employer who will not adapt to these flexibility expectations and changes in the workplace will fail in attracting young talent. But there are opportunities up for grabs for companies too, so it can be a good trade-off for both sides of the equation.
For instance, 22% of Millennials say they would be willing to work more hours and 82% would be more loyal to their companies should they have flexible conditions.
Staff turnover and retraining costs could be also greatly reduced if companies heed
what Millennials are asking: 34% have left jobs because their employers did not allow flexibility.
And one interesting insight comes from a Regus study that shows that 45% of Millennials find working from home difficult because it’s harder to concentrate due to family life, noise and pets getting in the way.
Family, experiences, adventure, leisure and nature score high in the expectations of what a good life is for Millennials and Gen Z.
So, Millennials and Gen Z are actually talking about some place like the Canary Islands, packed with those experiences, nature and leisure options in a small territory that can be easily explored and where people can work really close to where they work. Let’s better say: where their reference office is, because you still have to provide flexible alternatives in order to attract them and retain them.