GROUP - 1
Topic -
Millennials at Workplace
Subtopics covered -
Attrition rate among Millennials, Growing preference of Coworking Spaces
Relevance in today’s work environment -
As discussed in the characteristics of millennials, they have an expectancy of perks,
transparency, financial boost, creativity and purpose in their jobs. This results in a
requirement for organisations to understand the changing characteristics of its employees
better and to bring several changes in terms of work flexibility, work environment and
curating a sense of belonging by promoting work life balance. All these changes are not only
relevant for better productivity but also promotes retention for the company. Hence, we
would study different characteristics and requirements of the Gen Y and understand the
impact of it on organisations.
Methodology -
Survey
BACKGROUND RESEARCH
Generational Differences
The three generations of workforce that has been evident for their workplace behaviour
through a fair period are the Baby Boomers, Generation X and Generation Y. The result
oriented outputs by each of the generations could be affected by many factors, like their
learnings, their work environment, the motives for the country's development, the social
responsibilities, the technological advancements, the job pressure and the availability of
candidates being able to apply for the same position, to name a few.
In general aspect each generation has been seen carrying a certain set of traits, and these
hughley can affect the organizational behaviour from the individual’s perspective and
therefore the company’s performance collectively. A study of generational differences often
looks at values held by each age cohort, and can help us study the traits that once
considered important, holds no value to date, today. We can also look at the changing
preferences serving the needs of job satisfaction, through the last three generations of
workforce. The numerous sampling about the changes and the survey can make the
workplace behaviour accessible to predictions, opening venues for improvement.
Defining characteristics of Millennials
1. The millennials are always on the lookout for new and challenging opportunities.
Majority of them approach a role and a company with a highly defined set of
expectations. They want to work out of their comfort zones and have immense trust
on their capabilities. This suggests that they are not afraid to switch jobs, which also
increases their risk taking potential.
2. The millennial generation also wants constant feedback from their superiors so that
they can improve on their weaknesses and do justice to the job expectations and the
roles assigned to them.
3. They want instant recognition for their achievements and a faster growth at
workplace as compared to the Gen X.
4. Some other things that they look for are flexibility and ownership of work. It has been
noted that they perform better when they are given full responsibility of work with no
questions asked. They are not willing to work on commands, and instead question
the objective of a particular task or activity before doing it.
Millennials retention/attrition
By 2020, almost 75% of the workforce will be occupied by the Millennials generation.
However, more than half of the millennials are open for job opportunities. Millennials want to
work for an organization which is evolving and progressing. It is necessary for the
organizations to keep an eye on its own growth before looking for retaining the millennials.
Workplace parameters impacting them includes organization culture, career aspirations,
opportunities, personal values, work-life balance and many more which needs to be taken
care of. Organizations may need to update some of its processes, environment and
objectives which will have some impact on other generation workforce.
Coworking Spaces
1. Gives an opportunity to work in a more balanced and thoughtful workspace, hence
increasing productivity.
2. Makes the employer carefree about the hassles of renting a property. It saves a lot of
financial expenditure.
3. Coworking spaces provide a network for the business to grow. Hence influencing
individual and an organisation’s behavior.
The other reasons influencing the need of coworking spaces, and then moving to a new
concept of coworking and coliving spaces needs to be studied by understanding the
characteristics and requirements of the millennials and understanding the objectives of
organisations.
Timeline
20th July: Project Proposal
21st July - 10th August: Research and background study
11th August - 15th August: Analyse the major issues and trends to be studied. Prepare a
survey for the relevant target audience.
15th August - 17th August: Circulation of survey for responses from different
demographics.
18th August - 30th August: Analysing the survey results and identifying any patterns, if
found.
1st September - 10th September: Summarising the study through a report/ presentation on
all findings.
Group Members:
Saloni Gupta
Mahima Jain
Dandge Premsagar Subhash
Aditya Kumar
Dimple Singh
Prathiv Suresh P N
Pranjal Bangani
Suraj Kumar Biswas
