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How to Cater to Millennials in the Workplace

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How to Cater to Millennials in the Workplace

Millennials make up the largest workforce by age in the United States, according to Pew Research. Companies spend millions of dollars researching this demographic to better understand their preferences and goals.

Businesses that understand millennials will attract them as employees and steal them from competitors. And if businesses want a good relationship with their millennial employees, they’ll work to understand and meet their needs.

Here are some ways businesses can cater to millennials in the workplace:

Offer solid career development

According to a study by Gallup, the number one thing millennials look for in a job is “opportunity to learn and grow.”

More than money and benefits, millennials want training and career development. There are a few ways businesses can respond:

  • Offer or mandate personal training with experts in your business
  • Offer departmental transfers so employees can explore new skills and areas
  • Ensure continued training and education deep into employment periods

Here’s what not to do: have an annual assessment that gives them a small pay increase. Instead, offer results-based advancement in the workplace.

Even if they’ve been employed for six months, if they’re excelling in leadership, consider making them a supervisor. And give them the resources and tools to succeed in that position.

It’s important to put career advancement in the hands of millennials.

Foster relational management

In the same study, millennials ranked “Quality of Manager” and “Quality of Management” as the second and third most important items in a job.

There are a lot of ways to measure the quality of management, but it’s clearly important to millennials. They don’t want to work for someone with a poor personality.

Here’s how businesses can respond:

  • Encourage supervisors to build relationships with employees
  • Prevent and reduce mistreatment of employees (i.e. not tolerating slander or taking out anger on employees)
  • Promote mentorship to further employee training and relationship simultaneously

This can be challenging since management may have to undo years of psychological conditioning. Businesses should avoid the “I’m just here to work and not make friends” mentality.

Millennials want managers who genuinely care about them.

Offer remote work options

This may not be possible for every business, but working remotely is becoming the new norm.

Technology has allowed millennials to order food remotely, shop for everything remotely, do banking remotely, and find significant others remotely.

This is a normal – and even expected – experience for millennials. It’s only natural for this trend to carry over into their work life.

Here’s what businesses can do:

  • Make certain parts of the job remote, such as writing, making sales calls, or answering support calls for customers
  • Train management to manage workflow remotely
  • Offer employees the ability to work remotely

Businesses must prepare for a downside: some employees are simply not mature enough to work remotely. However, remote work is becoming more common and will soon become expected.

Promote inclusion and diversity

Social media trends reveal millennials care deeply about inclusion and diversity in the workplace with hashtags like #EqualPay. This is, of course, a generalization since millennials have a range of opinions on these matters.

However, businesses should take note of a growing trend: companies are publicly condemned on social media for not practicing inclusion and diversity within their workplaces.

Even if a shamed company does well financially, millennials perceive it as an undesirable place to work. It looks bad on their resume if they worked for a business that isn’t inclusive or diverse.

It is not enough to provide job creation and job stability. Millennials want and expect businesses to practice inclusiveness and promote diversity in the workplace.

Conclusion

Millennials are a complex demographic and there’s still a lot to learn about them.

The business world is experiencing a significant shift in how people look for jobs and thrive in the workplace. This is largely due to millennials, who have different values and priorities in the workplace than previous generations.

For businesses to meet the needs of millennial workers, they will have to continue to research, study, and make appropriate changes.

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Business

The 5 Most Anticipated Luxury Hotel Opening in 2020

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Global luxury travel network Virtuoso® is sharing its list of the most exciting properties around the world debuting over the next six months. From the eternally popular such as France and Mexico to the more exotic, including Japan and Botswana, these hotels and resorts are setting new standards in the ultra-competitive luxury space. On Virtuoso’s must-see list, historic icons meet sleek beach resorts while lodges nestled in nature complement city retreats. The common thread amongst them is that these properties will delight guests with their distinctive character, varied experiences and superior service.

1. Cheval Blanc Paris, France – Opening Spring 2020

Located in the heart of the City of Light, steps from the Louvre and the Marais, Cheval Blanc Paris combines historical, cultural and contemporary features for an authentic Parisian experience. Floor-to-ceiling windows in the 26 rooms and 46 suites offer views of famed landmarks and city life. Virtuoso exclusives: upgrade upon arrival if available, daily full American breakfast for two, fast-track immigration, complimentary round-trip private transfer with VIP meet and greet, spa access, complimentary Wi-Fi and early check-in and late check-out if available.

2. One & Only Mandarina, Mexico – Opening June 2020

Set in a lush, beachfront jungle setting, the intimate resort boasts 104 standalone villas and treehouses – each with a private pool. Guests will have access to innovative culinary experiences, a lively beach club, wellness programming and a playground of adventures on land and sea. Virtuoso exclusives: upgrade on arrival if available, daily breakfast for two, $100 USD resort credit, complimentary Wi-Fi, early check-in and late check-out if available.

3. The Tokyo EDITION, Toranomon, Japan – Opening June 2020

Located near Tokyo’s finest neighborhoods and attractions, the property will feature 206 rooms with stunning views of the city’s skyline, including 21 suites and a penthouse. A signature restaurant, cocktail bar and wellness spa will cultivate a unique, luxurious atmosphere. Virtuoso exclusives: upgrade upon arrival if available, daily breakfast for two, $100 USD hotel credit, complimentary Wi-Fi, and early check-in and late check-out if available.

4. Villa Igiea, a Rocco Forte Hotel, Italy – Opening June 2020

A former refuge for royalty and Hollywood’s elite, Villa Igiea occupies a unique location overlooking the azure waters of the Gulf of Palermo. After a restoration, the iconic palazzo will showcase a fresh design while maintaining its timeless splendor. Virtuoso exclusives: upgrade on arrival if available, daily breakfast for two, $100 USD food and beverage credit, complimentary Wi-Fi, and early check-in and late check-out if available.

5. Xigera, Botswana – Opening June 2020

Xigera is defined by exceptional service, with 105 staff looking after just 24 guests in an intimate, exclusive bush experience. The solar-powered lodge offers 12 suspended suites surrounded by ancient trees and flood plains, showcasing bespoke works by Africa’s most exciting young artists and craftspeople. Virtuoso exclusives to be announced.

Virtuoso’s long-running Hotels & Resorts program has earned a reputation for launching new hotels, courtesy of its successful Preview initiative. The Virtuoso collection offers more than 1,400 outstanding hotels, resorts, spas, lodges, luxury camps and villas in over 100 countries. When booked by a Virtuoso advisor, either directly or at www.virtuoso.com, each property offers exclusive benefits valued at more than (U.S.) $500 per stay.

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US Vows 100% Tariffs on French Champagne, Cheese, Handbags Over Digital tax

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Image via Shutterstock
By David Lawder and Andrea Shalal

The US government on Monday said it may slap punitive duties of up to 100 percent on $2.4 billion in imports from France of Champagne, handbags, cheese and other products, after concluding that France’s new digital services tax would harm US tech companies.

The US Trade Representative’s office said its “Section 301” investigation found that the French tax was “inconsistent with prevailing principles of international tax policy, and is unusually burdensome for affected US companies,” including Alphabet Inc’s Google, Facebook, Apple and Amazon.com.

US Trade Representative Robert Lighthizer said the government was exploring whether to open similar investigations into the digital services taxes of Austria, Italy and Turkey.

“The USTR is focused on countering the growing protectionism of EU member states, which unfairly targets US companies,” Lighthizer said. His statement made no mention of proposed digital taxes in Canada or Britain.

The US trade agency said it would collect public comments through Jan. 14 on its proposed tariff list as well as the option of imposing fees or restrictions on French services, with a public hearing scheduled for January 7.

It did not specify an effective date for the proposed 100% duties.

CHAMPAGNE, ROUGE AND GRUYERE

The list targets some products that were spared from 25 percent tariffs imposed by the United States over disputed European Union aircraft subsidies, including sparkling wines, handbags and make-up preparations – products that would hit French luxury goods giant and cosmetics maker L’Oreal hard.

Gruyere cheese, also spared from the USTR aircraft tariffs levied in October, featured prominently in the list of French products targeted for 100 percent duties, along with numerous other cheeses.

The findings won favor from US lawmakers and US tech industry groups, who have long argued that the tax unfairly targets US firms.

“The French digital services tax is unreasonable, protectionist and discriminatory,” Senators Charles Grassley and Ron Wyden, the top Republican and Democrat, respectively, on the Senate Finance Committee, said in a joint statement.

Spokespeople for the French embassy and the European Union delegation in Washington could not immediately be reached for comment.

But prior to the release of the USTR’s report, a French official said that France would dispute the trade agency’s findings, repeating Paris’ contention that the digital tax is not aimed specifically at US technology companies.

“We will not give up on taxation” of digital firms, the official said.

France’s 3 percent levy applies to revenue from digital services earned by firms with more than €25 million ($27.86 million) in French revenue and €750 million (£644 million) worldwide.

The USTR’s report and proposed tariff list follow months of negotiations between French Finance Minister Bruno Le Maire and US Treasury Secretary Steven Mnuchin over a global overhaul of digital tax rules.

The two struck a compromise in August at a G7 summit in France that would refund US firms the difference between the French tax and a new mechanism being drawn up through the Organization for Economic Cooperation and Development.

But Trump never formally endorsed that deal and declined to say whether his French tariff threat was off the table.

Reuters

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Stocks Just Spiked to Record Highs After China Budged on a Key US Trade Demand

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According to a Fox Business report, China “issued a document to ‘effectively curb’ violations of intellectual property rights such as trademarks and copyrights.” This move is aimed at increasing the chances of a trade deal between the two largest economies. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite Indexes reached all-time highs after China’s statement.

Adam Phillips, director of portfolio strategy for EP Wealth Advisors, said “I don’t think we would be seeing these types of deals if the outlook for markets and the economy weren’t favorable. This is one additional piece we can look at to see the outlook for markets is a positive one.”

Bloomberg reported that equities climbed across Asia, “led by those in Hong Kong, where local elections brought a landslide victory to pro-democracy candidates. The dollar gained versus the euro and yen.”

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