Millennials receive a lot of flack for the massive transformations occurring in business today. To baby boomers and older generations, the workforce is almost unrecognizable. The shift has been from a customer-centric to employee-centric experience and has redefined business strategies from the ground up.
Employers once was able to hook the best candidates with an attractive compensation package and upgrade in title. Today, the priorities have changed to focus more on development, transparency and work-life balance. Many companies are struggling to adapt and are facing a loss in top talent.
The barriers from the hierarchical cultures are being demolished and used as the foundation for the flat organizations’ that new generations crave . This isn’t the only change businesses are facing.
Soft skills have been slow to gain momentum in business as hard skills are easier to measure and identify. In recent years, businesses are refocusing their priorities from a “leave your personal life at home” mentality to understanding how to become more self-aware of their own emotions as well as their employees.
When employees feel valued and cared for, their motivation and job performance increases and retention decreases. If employers neglect the soft skills and only focus on the hard skills, it creates barriers in the relationship and risks tarnishing the morale of the company. Companies such as Google have this down pat. Their mindfulness training course helps teach employees skills that improve their emotional intelligence, decrease their stress and increase their communication.
Working from home is no longer a luxury but instead a requirement. While traditional 401K benefits are still popular, they’re not preferred. Instead, millennials want flexibility and the option for remote work. Employers like Yahoo implemented a remote work policy early on giving their employees the flexibility to be closer to their kids, ditch the commute and work from the comfort of their home.
A study last year revealed that an average of 41% of American workers don’t take a single vacation day.