The Benefits of a New Generation: Keeping Millennials Engaged
Why the greatest investment any business can make is still in the people who exist within it.
For the better part of the last decade, business owners have been faced with the eternally complex undertaking of keeping millennials inspired and motivated in the workplace. From LoveSacs, to in-office happy hours, to complimentary snacks in the break room, CEOs and decision makers have been putting it all on the table to keep younger minds engaged.
Company budgets continue to factor in slack for these quirky, and sometimes cute perks to be implemented for what they envision will create a more progressive environment. However, many leaders continue to overlook key measures which they could be practically taking in order to create an environment where all employees feel capable.
Discussions of millennials in the workplace and how business leaders are combatting suspected lack of fulfillment in their younger colleagues have continued to accelerate. Yet, with all of the perspective we have gained, we still seem to lack collective understanding as to how we may foster more fruitful environments for our young counterparts.
We feel as though this is a cultural issue. That fabricating an environment suggestive of a casual and widely-accepting tone is a step in the right direction. While bringing purpose to productivity and instilling principles of equality in the workplace are incredibly noble pursuits for any business, we continue to overlook what is often so clearly black and white in environments where employees struggle to find conviction to do purposeful work.
We also believe it to be a generational issue, and it is in many ways. However, as a developing professional myself who has spent the last several years trying to understand the financial landscape, I believe it is clear what millennials certainly have more of in comparison to other generations: debt and uncertainty.
According to Federal Reserve data reflected in an article by Hannah Frishberg for The New York Post in January 2019, adults age 22–37 had an average of $84,600 in debt.
While many young minds seek an environment where their intuition can run free and progressive thinking is encouraged, we sometimes fall victim to becoming so ideological that we have overlooked what is directly causing these people instability. As a generation that has taken on so much financial leverage to live their respective lifestyles, millennials as a collective could prove to benefit greatly from employer-sponsored resources.
The generation known as the millennials are under more financial pressures than any generation in recent history. In an era plagued by cheap access to revolving credit which leaves Americans across all generations over-leveraged, millennial professionals have often found themselves in an early state of comfortable desperation. Despite outwardly perceived means which project levels of apparent stability, finding ways to achieve necessary protection in essential aspects of their lives has become increasingly complex.
Studies suggest that roughly 40% of American adults would not have the means to cover a $400 emergency health expense if it were to happen today. Despite fights for higher wages and redistribution of wealth in recent national discussions, we are still in a collective state of financial instability. Of course, instead of being covered by practically funded benefit programs, these emergencies will likely be financed with high-interest credit which will follow them to increasingly certain breaking points. In turn, this harsh reality leaves businesses to try and forge forward with a workforce that is in a perpetual state of angst in their personal financial lives. With student loan payments, mounting credit card bills, and unforeseen day-to-day expenses to consider, many young Americans find themselves one crisis away from sinking into deep financial distress.
As we continue to navigate through the macro-intricacies of fostering an economy that works for everyone, business leaders are granted unique opportunities every day to start invoking progress in the right direction. These issues are, of course, far above the pay grade of the American business owner. But, by providing employees with basic benefits which allow them to practically protect themselves from financial catastrophe, we may enjoy direct improvement in solving the cultural obstacles that come with trying to curate a business environment where generations of professionals may flourish in harmony.
Our lack of practical execution in developing platforms of resources for employees still continues. From disappearing pensions to eroding healthcare benefits, it is becoming only more difficult for employers to ensure stability for their younger workforce despite such prosperous times. Instead of team-building conferences and discounts on movie passes, I would implore business owners and CEOs to test the feasibility of investing in company resources that provide safety and education to their people on how to practically manage the financial landscape.
The subjectivity of what it takes to create sustainable culture within a given business is often over-analyzed. Many things work across different milieus. However, a constant in any culture that allows people to flourish within their own is represented by an environment where people feel safe. Safe from a physical harm and safe to express themselves without consequence. Yet, in a country where added life resources and employee benefits were once bountiful, we now do not think nearly the same we once did about these financial considerations. Unfortunately, at a time when emerging talent needs them most.
It seems as though every day business owners are further expected to take on the responsibility of providing employees with an environment in which they can excel, and do so on their own terms. The cultural landscape in business and ways to retain good talent have become only more and more complex, and best practices of great business cultures are seldom universal.
Despite these realities, we are living in an era of unlimited access. The ability to be resourceful has never been more frictionless, and companies yield great capability to tailor solutions that work for their employees as well as their bottom line. We have been fortunate to enjoy some of the most fruitful years over the last decade this country has ever seen. We must simply continue to be mindful in addressing shortcomings that happen in our daily lives with financial practicality.
The Bottom Line: It is easy to overthink how one can create a sustainable and prosperous business culture. Over-communicate your values as a company and hire people who believe them as much as you do. Stick to what you know, but give your employees what they need. Especially those most closely-tasked with sustaining the day-to-day culture with generations to come.
