Cushman & Wakefield’s Global Consulting Group today released a report about the workplace preferences of Millennial employees: “Facing the Millennial Wave” confronts myths and conventional wisdom with hard data.
Cushman & Wakefield Global Business Consultants Steve Zatta and Michael McDermott spearheaded the report which asserts that despite the criticality of Millennials to every company’s labor strategy, evidence indicates most still don’t know what it takes to attract and engage this generation.
“In a company’s leadership organization, real estate and facility managers have significant influence over two powerful employee value proposition and engagement drivers: the workplace environment and office location,” said McDermott.
It’s no secret why Downtown Scottsdale and Downtown Tempe are the most sought after markets for tech companies in Metro Phoenix. What those areas have to offer include a young, vibrant workforce, numerous restaurants and cafes, and “walkability” that cannot be found anywhere else in the Valley.
In Maricopa County, the millennial population increased 4.1 percent from 2007 to 2013, according to a RealtyTrac survey.
The Valley’s millennial population is nearly 902,000, or about 23 percent of the Phoenix area’s total population.
Key insights from the report include:
• When measuring the concentration of the Young Achiever group in established creative hotbeds like Brooklyn and Silicon Valley, C&W found populations of this group 8 to 14 times the U.S. average.
• 62% of Millennials prefer to live in the type of mixed-use communities found in urban centers where they can live in close proximity to a mix of shopping, restaurants and offices.
• Chose a work location that maximizes access to the urban-centric talent pool.
• Think about a city’s lifestyle, public transit, mix of uses and diversity along with traditional location criteria.
• Winning the war for talent comes down to thinking about workplace strategy as a brand or product manager rather than a real estate or facility professional.
• Design space with employee competition, constant learning and brand identification in mind.
“If companies are to attract and retain Millennials, they need to cut through all the noise and base their employee value proposition on a few fundamental Millennial truths,” said Zatta.