The Effects Of Millennials On Company Culture

1501 words - 6 pages

The Millennial Generation, defined as the generation born between the years 1980 and 1995, has been the driving force for the modernization of the workplace across the US. With their knowledge of social media and high tech devices, they are poised to embrace the needed changes in the workforce towards higher technological integration. Due to their adoption of current technological trends and experiences, they are more likely than older workers to be receptive to different modes of working such as job sharing, teleworking, and working in virtual teams. Because of their versatility and quick adoption of the changing world and its technologies, they are highly sought after by businesses. Currently they compose 36% of the work force and by 2025 three out of four workers globally will be from the Millennial Generation (Schawbel, 2012). Their growing numbers mean that businesses will have to take them seriously in order to take advantage of what they have to offer.

We've interviewed two local corporations in the Richmond Area, Keiter Accounting and Allianz Global Assistance, to get an idea of how they are using, recruiting, and retaining millennials. Keiter Accounting is one of the largest accounting firms located in the central Virginia area and they have multiple partners and employees that offer various accounting services. Allianz Global Assistance provides services that include insurance and personal services 24 hours a day. Both companies exhibit a strong social responsibility and believe in recruiting members of the Millennial Generation. At Keiter, Lauren Andrews says she uses internships specifically targeting seniors in college and those going into graduate studies. Her HR team canvasses universities year round with career fairs, community engagement programs and free mock interviews. During their internships the students are given onsite training opportunities to help them complete the CPA exam and reimbursement for completing the exam. Most of their trainees complete the exam over a twelve to eighteen month window (L. Andrews, personal interview, March 27, 2014). Keiter isn't the only group we interviewed that offers seductive internship opportunities. Tracie Evans of Allianz Global Assistance tempts millennials with registration in Y-Richmond, a program developed by the Chamber of Richmond to help millennials engage in the community and feel that their work connects them to the Richmond area. This also has the side benefit of retaining talent in the Richmond area. Evans reports that about thirty percent of their interns will be brought on as employees (T. Evans, personal interview, March 28, 2014).

Millennials are asking for different types of benefits from their companies in lieu of higher wages, many of which companies are glad to provide to entice these young workers to join them. At Allianz, they are offered a relaxed dress code, gym memberships, wellness benefits, and a reduced schedule in the summer months to make up...

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