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Business Trends: Millennials Rejecting the Default

Millennials Are Rejecting the Default

… and It’s a Very Good Thing

We all know that Millennials are challenging our traditional work environments. But the big question is “why?” Why are Millennials challenging the system rather than assimilating like earlier generations? I struggled with finding an explanation other than demographics until I read a sentence written by professor Adam Grant in his recent book: Originals: How Non-Conformists Move the World.

“The hallmark of originality is rejecting the default and exploring whether a better operation exists.” – Adam Grant.

Millennials are rejecting the default and it’s disconcerting, but necessary and in my view, a very good thing. When it comes to the work environment, Generation X, Baby Boomers and the Silent Generation don’t just represent the default … we are the default. This might be why so many of us take this personally. Why are Millennials so eager and able to reject a default that has been in place for generations?

Two reasons: technology and societal shift.

Technology. Millennials are digital natives. They grew up with technology and view everything through a technological filter. They look at our daily lives and think “there’s got to be an app for that.” It’s ingrained in them to use technology to question, dismantle, and reconfigure processes. They are rejecting the default option in search of a better way.

Societal shift. Generation X and Baby Boomers actually know people who worked 40 hours a week for 40 years at the same company, earned that gold watch and retired at 65 to play golf in Florida. We also know of people who had pensions; who were protected by unions; and for whom a single breadwinner could support a family even while working for a minimum wage. This is the default.

But, Millennials are not part of that default. Retire at 65? Not if they are still paying off their college loans. Pensions, funded 401ks, or a home with equity for retirement? Not likely. Even if we set aside monetary limitations, people are living longer. Retiring at 65 is no longer that appealing or feasible for most. The default no longer works, and this is why Millennials are forcing us to re-examine everything about our work culture.

One example of this came out of our recent SVN Millennials Career report (How Commercial Real Estate Firms can Attract and Retain Millennials) around the topic of flexibility in the workplace. According to our survey, flexibility of hours and location for work was a top five “must have” for Millennials and in fact, more men than women cited it as an important factor when choosing companies. This is quite a switch from 5-10 years ago when flexibility was a “woman” or “parent” issue. To even mention the word back then would set you on the Mommy track.

But, what is driving this new quest for flexibility? Part of it goes back to the technology filters. If technology allows us to work wherever and whenever we want, why can’t we? If culturally no one is racing to retirement and the other default rewards don’t exist, why do we have to stick to a 9-5, 5 days per week schedule? Flexibility does not mean Millennials want to work less. In fact, most want to work more, but they also want to work smarter… and to avoid rush hour. When the default is sitting an extra 30 to 60 minutes in traffic, when you don’t actually have to… why do we?

It’s not about a different work ethic. It’s about a different work style.

That’s an important distinction to make; especially because that different work style benefits more than just Millennials. Opening up the flexibility conversation beyond women and parents is a benefit to all employees, whether it’s the single employee who doesn’t have anyone to help them drop off a car for repairs or wait for a furniture delivery; the Gen X’er dealing with aging parents; or the Baby Boomer who wants to take a brief career pause or sabbatical.

If you look around, the default no longer works for the majority of us, and this is why the Millennials’ rejection of the default is a very good thing.

Please visit our SVNICorp YouTube page to see my recent keynote to learn more about the how Millennials are challenging and changing how and where we live and work.

[bctt tweet=”If technology allows us to work wherever and whenever we want, why can’t we?”]

The SVN Gen Y CRE Report on Attracting Millennial Talent

The Survey Results Are In – Millennial CRE Is Our Future

In the Fall of 2015, Sperry Van Ness International Corp. (SVNIC) surveyed over 325 Millennials (born between 1980 and 1995) in the United States, Canada and South America about careers, specifically asking about commission-based jobs and what they are looking for in future employers. With the oldest members of Generation Y moving into the upper echelons of their respective fields, a discussion about Millennial real estate careers is as timely as ever.

Why You Should Care About Millennials in CRE

The commercial real estate (CRE) industry has been around since small-time businesses first opened their doors; and it will continue to be around as long as there is commerce. Yet, the industry, which was hit hard during the last recession, has an aging employee base. For a full five-year period (2008-2013), commercial real estate was not a lucrative career option for many licensed brokers, and especially not attractive to younger professionals. This means that the CRE industry needs to work harder to attract and cultivate the top talent of tomorrow, or risk an industry brain drain.

The Millennial Commercial Real Estate Career Study conducted by SVNIC (“The SVN® Study”) attempts to answer how an industry led by a majority of white males, many of whom began their careers before the Internet was open to commerce, can attract diverse young men and women. In commercial real estate offices run by Baby Boomers and the Silent Generation, the Millennials (also known as Generation Y) are often operating under a completely different paradigm. It’s not just about the technology, but how their access to the world through that technology has changed expectations of what is desirable in a work environment. Millennials are still as ambitious as any generation that came before, but to capture the attention of the best and the brightest, commercial real estate companies need to make a few changes.

Interested? There’s More…

SVNIC COO Diane Danielson summarized the survey findings in this brand new report. Download the entire Millennial CRE Report E-book here.


[bctt tweet=”The CRE industry needs to work harder to attract top talent or risk an industry brain drain.”]