How to retain a millennial workforce – the future of home offices

The new workforce is here. They are young, make up the majority of the workforce, are called “millennials” and prefer a different way of working. The desire to stay in one job for more than five years has experienced a massive drop and leaves companies with the challenge of retaining talents. In order to increase loyalty, businesses need to understand the work values that have transformed over time and provide attractive solutions.

A study from 2016 by Deloitte gives a great insight on how the “Generation Y” established new work values and expectations towards their careers. Good pay and financial benefits are still the strongest drivers (22 percent). However, this is not the only motivation. 16.8 percent of millennials look for a good work-life balance, 13.4 percent seek opportunities to progress and 11 percent want flexibility, for example in working hours and location.

It is now up to companies to identify, understand and implement these requirements into their job models, in order to retain talents. Remote work covers many of these requests and manages to establish itself as a rising business model in the competitive workforce market.

But how does virtual work increase job satisfaction?

Work-life balance
What was once the dream of the previous generations, is now a necessity: “life first” instead of “work first”. Remote work provides exactly that by allowing flexible work hours that adapt to any unique lifestyle. At the same time, it saves commuting time. Time, that is available to be spent with family or pursuing hobbies.

Motivation
The responsibility of working remotely is a matter of mutual trust. It takes the right person and personality to fill that position. Responsibility and trust reflect on the working performance and will make employees go the extra mile. Building a foundation of trust and integrity is an important factor for a long-term success.

Productivity
The virtual set-up allows for individual work space designs and eliminates distractions to set up the ideal office at home. This is an incredible stress relief and opens the door to more productivity. Productivity leads to a sense of accomplishment and in turn increases job satisfaction.

Cost efficiency
Employees benefit from saving on transportation and meal costs. A more casual dress code can also decrease cost. There are no more additional expenses for suits and business dresses, instead virtual employees save money and can often wear what they feel most comfortable in.

“A flexible approach to work […] helps businesses retain their best talent as they give their employees an option to do great work, but in a way that fits their lifestyles, providing a win-win scenario for all.”
– Adam Henderson of Millennial Mindset.

Loyalty through improved home office models in a nutshell: Remote work presents a broad range of benefits to the employer and the employee. Increased productivity and motivation, cost efficiency and a better work-life balance are just a few positive factors.

Remote work is a state-of-the-art solution, which presents an attractive job model, that satisfies and retains young talents. Companies around the world are jumping on the band wagon of implementing flexible workplace solutions. Thanks to the developments in the technology- and AI sector, which continuously improve the way we communicate, work and interact, is the path to a virtual-work-movement.

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