Millennial Female Advantage

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A lot has changed in the past few decades, and for women, this holds particularly true. Women are entering the workplace at an unprecedented rate, and as a result, are quickly becoming the primary income earners in their home.

This is impacting the way decisions are made and the power millennial women have in the workplace and within the home. In fact, a recent survey from U.S. Trust found that 31% of millennial women are the dominant decision-makers in their families, compared to 11% of Gen X women, and 9% of women from the Baby Boomer generation.

But this isn’t the only generational gender shift researchers are seeing. A study from PwC observed dozens of new changes within this growing segment of the workforce.

Presence in the Workforce

In the next decade, one billion women are expected to enter the workplace—nearly double the number that joined from 1980-2008. Add the fact that women are pursuing advanced degrees at higher rates than their male counterparts, and the potential for change within the workforce is tremendous. As companies begin to see higher rates of female employees, they’ll begin to see a demand for employer traits prioritized by female workers, namely:

  • Opportunities for career progression (reported by 53% of respondents)
  • Competitive wages and other financial incentives (52%)
  • Flexible working arrangements available (35%)
  • Good benefits packages including pensions, healthcare, and other benefits (33%)
  • Excellent training and development programs (27%)

As companies begin to respond to the need of this highly educated, highly motivated segment of the workforce, the structure of the workplace will continue to change.

The Millennial Mindset

As they begin their careers, millennial women are more confident and career-focused than previous generations. 49% feel that they are able to achieve a senior role in their current company, and 31% have left employers for not providing more opportunities for upward momentum. In fact, this is the most common reason women reported leaving their company.

This increased ambition and focus on developing their careers has allowed women to gain more earning power within their companies. In fact, PwC found that 66% of female millennials earn equal to or more than their partner.

The Outcome

These generational differences are allowing millennial women to not only shape their households, but shape the workplace as well. They have a greater purchasing power, the ability to make more financial decisions within the home, and more potential for career growth within their companies.

Companies are starting to take notice of the highly educated, driven female millennials that are entering the workforce, and are beginning to respond to their needs as a result. This is changing the way we work as a corporate culture, and many times, creating a more diverse, inclusive workplace.

Leadership Training

As Baby Boomers age out of the workforce, millennials are beginning to take their place as a new generation of leaders. This can have unexpected consequences for employers as their legacy workers leave, taking years of experience and knowledge with them. Is your company prepared for this big change? More importantly, are your millennial employees prepared to fill the shoes of senior employees?

Recognize Strengths & Weakness

While these two generations shared a work space, they benefited from a combined cultural intelligence that helped meet the demands of their company. But now that Baby Boomers are heading into retirement, employers must take a close look at the strengths and weaknesses of each of these demographics, and how that dynamic might change without its senior staff.

Millennials are often referred to as “digital natives,” given the prominence of technology in their day to day lives. This fluency in new technology brings a lot to the table, but it may come up lacking when a situation calls for experience over technical know-how. Generation Y employees are fast learners, however, so there are ways around this growing problem.

Plan for Leadership Training

If they haven’t retired already, your older employers are likely beginning to plan for their final years with your company. This window of time can be a valuable opportunity for getting your millennial staff up to speed. There are two ways you can take advantage of Baby Boomer knowledge and experience.

  1. Establish leadership training programs. Your tenured staff have built up a large repertoire of industry knowledge and practical skills that help them accomplish their goals. Give them a platform for sharing their ideas by providing group training, seminars, and other skill-building opportunities for younger generations. This will give your seasoned staff the ability to impart their accumulated knowledge on their peers, while offering newer employees insight into the information they need to build successful careers.
  1. Promote mentorships within the company. One-on-one pairings not only provide opportunities for your employees to get to know one another, but it also gives them more focused feedback on their professional experience. If there’s a particular area that they struggle with, or if they’re interested in gaining a unique skill, they can express these interests to their mentor who can then guide them through the learning process. These relationships can be enriching and rewarding for both parties

The departure of your Baby Boomers doesn’t have to spell disaster for your company. If you recognize the gap between skill and experience and take steps to close that gap, you’ll not only have a healthy company after the coming retirement wave, but your millennial employees will be well-rounded, talented, and ready to take on any challenges that come their way.

Less Personal Space at Work

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We live in an era of the cubicle worker, with each employee isolated in their own personal space. Rather than increasing productivity, however, this practice stunts creativity and collaboration in the workplace. Fortunately, millennials are fighting back against the culture of isolation and demanding more flexibility and mobility in their work space. Here are the upcoming changes and their impact on personal space in the office.

1. Collaborative Spaces

Not only is the new generation of workers changing the way we work, but they are changing the physical spaces we work in. Rather than dividing an office into cubicles, forward-thinking companies are developing collaborative, shared work spaces for their employees. This may be an open area in their office or a rented space for remote workers to gather and share ideas. Large desks, whiteboards, projectors, and other collaborative tools are becoming more common in the workplace.

2. Telecommuting

We’re incredibly connected as a culture, and as a result, companies are starting to see the appeal of a remote workforce. Employees can have the same level of engagement, but without the overhead of office spaces or the stress of a morning commute. This structure satisfies the millennial’s need of flexibility, while maintaining a strong connection with their peers through the use of technology. Because of this, companies may have work forces scattered all over the country (or the globe), increasing their ability to share ideas and establish a creative think tank.

3. “Gig Culture”

Not only are employees more interested in picking up freelance work in addition to their full-time jobs, but companies are starting to see the benefit of hiring contract workers for projects both large and small. As a result, the regular staff will have exposure to new and interesting coworkers, encouraging the sharing of ideas and techniques that they may not encounter on a daily basis. This can be a great learning opportunity for full-timers and freelancers alike.

4. More Technology

Each of these developments demands an increased use in technology. Telecommuters and freelancers need video conferencing software, instant messengers, and project management tools to stay on track, while collaborative spaces require the ability to share screens and ideas in a constructive, effective way. As a result, companies will begin investing more time and money in new technology, and employees will spend more time interfacing with these technologies.

Millennials are taking the working world by storm, and in many ways, the changes they cause are beneficial. The working environment is more creative than ever and it fosters a sense of collaboration that makes the development of great ideas possible. For millennials, this is a very exciting time to be developing a career, as you have the very real opportunity to change the way your company works. So embrace these new changes and look forward to the new opportunities and challenges to come.