What’s driving the movement for workforce flexibility? Millennials. According to a new study by Bentley University, 77% of Millennials say that flexible work hours would make the workplace more productive for people their age. The Millennial generation is made up of people born between 1981 and 1996 meaning that there are roughly 73 Million Millennials in the US workforce today.
It is extremely important to understand this generation as it makes up more than 30% of the entire workforce in The United States, making them the largest shareholder of the American workforce. Millennials have the biggest influence on the modern-day workforce – more than any other generation. The number one factor Millennials want when considering a new job? Flexibility.
Many companies today still view the demand for this flexibility as a productivity work hazard. But the truth is that companies can benefit greatly from this employer-employee relationship. Whether the flexibility at work comes in the form of flexible hours, flexible workspaces or remote work options, roughly 22% of Millennials say they are willing to work more hours and 82% would be more loyal to their employer if they had flexible work options.
Clearly, flexibility at work is extremely important to Millennials. But why is it so important, and why will a Millennial change jobs for a company that offers greater flexibility than another? There are 3 key factors that influence a Millennial’s preference for flexible work options.
1) Work-Life Balance
The US Bureau of Labor Statistics reports 20 million Americans actively choose to work part-time for more flexibility. In a survey done in 2016 by Deloitte, they found 88 percent of Millennials wish they had the ability to choose when they start and finish work.
This flexibility supports the desire for a better work-life balance so they can create schedules that work for their lives, including when and where they want to work.
This generation thrives on technology that provides them with a greater level of flexibility. Many have zero interest in working the traditional 9-5 schedule. They prefer to set their own hours and complete tasks in a way that works best for them. This forces employers to provide viable options for them to work remotely, attend meetings virtually, and collaborate on-line rather in face-to-face meetings.
Millennials embrace technology that provides them with a high level of flexibility; from workplace apps that increase mobility to virtual workstations and cloud-based collaboration tools.
3) On-Demand Work
The growing gig economy, or on-demand work options, is another factor driving this flexibility. On-demand jobs are appealing to Millennials because they offer the type of flexibility they desire – the ability to set their own hours, seamless technology to find and complete work, and the ability to take on “gigs” that appeal to them most.
When the largest portion of the workforce demands better flexibility, companies must find a way to comply. As a business leader, you can use these insights to build flexibility into your corporate culture and workplace policies. At AllWork we help companies transition from a rigid work environment into one that is will yield greater results by complying with the demands of the Millennial. The Future of Work is now.