After years of experiencing the workplace vicariously through their parents, Millennial small business owners have decided to do their own thing. And frankly, their own thing seems to be working.
Millennials are the largest living generation, and it's only a matter of time before they overtake other generations in terms of influence in the marketplace.
That means there's a pretty sizable chance if you're in the market for a new job (and maybe even if you're not), you'll be employed by a Millennial at some point. Here are three reasons that may be a good thing.
1. Their Businesses Are Growing the Fastest
According to The Principal Financial Well-Being IndexSM: Business Owners, a whopping 83% of businesses owned by Millennials have added staff in the past year, compared to 66% of Gen X and 49% of baby boomer employers. That growth spells opportunity for job candidates across the country.
2. They'll Make You an Offer You Can't Refuse
Offering a competitive benefit package is a critical element in recruiting and retaining quality employees. Millennial employers are the most likely to add or expand certain benefits in the coming year, and they're also the most likely to offer some unique perks to their employees. They top the charts in offering some nontraditional offerings, such as game rooms, onsite daycare, college loan repayment, free food, laundry service and nap rooms, to name a few. While some of these perks may seem "soft," they offer employees cost savings and convenience. And, when employees spend many of their waking hours there, these benefits can make the office a place where employees want to be. (And let's be honest - who hasn't wished for a nap room at work?)
3. They "Get" Work-Life Balance
For Millennial business owners, work-life balance is a truly valued workplace incentive. That means they make offering employee benefits that boost work-life balance a priority, too. In fact, they report working an average of 38.8 hours per week, much less than Gen X (47.8) or boomers (47.1). For those of you keeping score at home, that's 468 hours, or almost two months less per year than Gen X business owners.And Millennials are most likely to say their businesses are growing. We might be able to learn a thing or two here.
And it surprised me to learn that Millennials are also the most likely to work with a financial professional. Ninety percent use a financial professional for their personal and/or business situation. That's much greater than the 71% of baby boomers utilizing these financial pros. Perhaps that's why they're able to work fewer hours. Millennials are sticking to what they know best, and aren't afraid to bring in expert resources where they need them to keep their businesses growing.
Even though Millennials carry the reputation of being laid back, it appears they are making it work for the businesses they own. They're growing, offering interesting work perks and have an expectation for work-life balance that is different than the prior generation.
The Principal Financial Well-Being Index: Business Owners surveyed 600 business owners online nationwide who own at least 5 percent of a company in the United States with 10 to 500 employees, and are actively involved in company management. The Index is part of a series of quarterly studies commissioned by The Principal Knowledge Center examining the financial well-being of American workers, business owners, and advisor opinions and practice management. The survey is conducted online by Harris Poll.