Millennials Migrate to Small Businesses

Companies with 100 employees or less employ about half of the Gen Y workforce.

October 1, 2012
Is your credit union millennial-friendly? That’s the question Millennial Branding and PayScale explored in a study on the relevance of Generation Y workers on the job.

Companies with 100 employees or less employ about half of the Gen Y workforce, research shows.

These are positive findings for credit unions and other small businesses, but this advantage might be lost unless small-business owners develop workplace cultures conducive to Gen Y’s needs, according to the Small Business Center.

Gen Y is an entrepreneurial group—one that prefers freedom and flexibility over big corporate policies, says Dan Schawbel, Millennial Branding founder.

  • Consider the following guidelines to attract and integrate these workers:
     
  • Encourage collaboration, regardless of job title or job description.
     
  • View technology as a catalyst to improving business. Gen Yers easily approach technology as a solution to issues.
     
  • Be open to flextime. Gen Y members, among the hardest workers, don’t enjoy typical 9-to-5 workdays. They may need some time off in the middle of the week but will make up for it with extra hours over the weekend.