How Coworking Spaces Attract Millennial Talent to your Company

Millenials in a coworking space

The generation that will ensure the continuation of our businesses in the future, are becoming more and more sought after. Forward-thinking companies rightly see millennials’ creativity, lateral thinking and understanding of emerging technologies as a positive asset.

The workplace has seen many changes throughout the years, but Working From Home during the pandemic seems to have created the largest shift since the advent of the office itself. This has, in turn, changed the expectations of the new workforce.

How can we attract talented millennials into our companies to propel us through these changing times?

What Do Millennials Want?

The basics are still true; employees go for good salaries, benefits, professional development opportunities — these remain long standing draws of any workplace. However, some new things have entered the mix post-pandemic, including company culture, and flexibility. These newcomers will not only help you hire top talent; they’ll also help you retain your current employees.

Company culture? What’s that?

In essence, your company can market itself to others through the way you operate. Companies such as Google have successfully made themselves highly sought-after because they allow play; they realise that by engaging with joyous parts of the brain, employees not only look forward to work, but their breaks are much more effective at resetting and re-energising their creative and problem-solving thought processes.

Flexibility is sexier than salaries

Most professionals have home commitments, and allowing a parent to work around their children, or even just giving a night-owl the opportunity to get creative in their evenings; not only addresses their work/life balance, it also reflects the fact that everyone works differently. There is no one-size-fits-all solution, which is the reason that many underperform in traditional office cultures. Flexibility can even stretch to Working From Home or From Anywhere; a strong millennial draw, and one that can ensure you locate and hire the most gifted employees from the worldwide talent pool.

Attracting & Retaining Talent Through Coworking

In a 2017 CEO survey, PwC found that Chief Executives deemed the limited availability of talent and skills as the biggest threat to their businesses. It should therefore come as no surprise that when it comes to hiring, the competition for top talent is fierce — so how can you ensure you’re attracting better talent than your competitors?

Your workspace is the first impression you give to employees and clients alike. Whether average, engaging or embarrassing – your office says more about you and your company than you know. It should show applicants what your company is about; it shows your clients what quality and sense of cohesion they can expect from your service. And the statistics speak for themselves — according to a report by Office Broker, 81% of applicants would reject a job offer if they didn’t like the workplace.

It is, after all, the place a full-time employee will spend the majority of their life. So what does your office look like – is it inspiring? Dull? Is it on track to retain or repel top talent? Office renovations are costly affairs, but hiring out inspiring spaces for new talent to work are far more economical. Coworking offices often enlist the help of interior designers to maximise the aesthetic appeal of the working environment, and provide a multitude of public and private working options.

A social yet productive workplace is forged through encouraging networking and collaboration, alongside fun and engaging community events and skill-building opportunities. Not only are employees inspired and motivated by their environment; their soft skills are improved to further enhance their work performance.

Within coworking spaces, the standard office amenities and facilities are provided — from kitchens to printers — for use by the working community. This need not replace your main office, but it provides an easily scalable operation that can attract and retain millennial talent long-term.

The Millennial Mindset

By understanding the millennial’s perception of their employers and coworkers, you stand the best chance of being able to attract and retain their talent and loyalty. These perceptions also enable you as a leader to maximise their effectiveness and potential within any given role.

The millennial generation has three key motivators, according to Facebook. However, the social media powerhouse also revealed that these motivators were in fact shared by all age ranges — so by appealing to the following, you will also improve the perceptions and performance of your current employees.

Career Prospects

Millennials are focused on establishing future security for themselves, and for their family. Far from common misconceptions, the millennial’s goal is not to jump from job to job (a stressful move, filled with uncertainty), but to in fact find a workplace in which they feel comfortable and valued for their contribution.

As with the young adults before them, millennials often seek the possibility of growth within a company. Investing time and training into talented employees will increase their sense of value and the impact they feel they can have on the company.

According to a Robert Walters whitepaper, 91% of millennials want rapid career progression. While this may seem unrealistic, engaging employees in skill-building programmes and career-related workshops, will help talented millennials feel valued and better prepared for future progression.

In fact, 71% strongly believed that employers should provide clear guidelines on earning bonuses and promotions. Not only does this enable employees to take control of their own career, it also incentivises them to improve their work performance — a win-win for all involved.

A further 53% of millennials report having been disappointed with the lack of personal development or training within a new job. Understandably, this apparent disinterest in their professional development will not meet the expectations of ambitious millennial talents.

Community and Connection

Humans are social creatures, hard-wired to seek out connection in order to feel safe within their ‘pack’. Understanding this basic psychology can help to establish a positive working environment for employees new and old, particularly as over half of millennial employees reported to be disappointed by poor company culture. A talented employee who has no friends within the workplace will not last, whereas those with rich friendships within the office will find it hard to leave. Some coworking spaces actively encourage these friendships through low-key corporate events and activity groups.

Being surrounded by supportive, respectful coworkers engages motivation and drive in all employees, not just millennials; but a toxic workplace culture will repel millennials and have them seeking alternative employment. After all, if millennials, or other employees, are made to feel judged and undervalued, this belief will seep into their everyday life and is unhealthy for all. A healthy workplace allows employees to work and collaborate positively, leaving your staff feeling productive and fulfilled within their role.

Providing Purpose

Everyone sets out to have a positive impact on the world, but this is even more important for millennials. The reason why boils down to survival; climate change poses a very real threat to their future; and even more so for the survival of their children and future grandchildren.

Millennials are often motivated to undo the damage to the planet, so Corporate Social Responsibility is fast being seen as a duty rather than an optional display of philanthropy. Many companies are addressing this by adopting ‘green initiatives’ to improve their environmental impact, which is seen favourably by millennials.

How Coworking Helps Employee Retention

Millennials are no longer the workforce of the future — they currently form half of it, and by 2025 they will make up 75% of the workforce. The progression of the workplace has to be geared towards them if we are to ensure the continuance of our companies into the future; especially if we’re after top talent.

The first impression any new talent sees in a coworking office is the inspiring interior decor and productive layout. Depending on your membership package, employees can choose to work in communal or quiet areas — or even in shared or private offices. Recognising that everyone has their own way of working is key to encouraging maximum efficiency.

Established coworking offices like those at Areaworks provide inspiring atmospheres for better connections, networking and productive working; tapping into their full potential — all at a lower cost than housing them in regular offices. Fostering employee relationships in a coworking hub and encouraging that community engagement, all counteracts the toxic workplace environment. The workplace becomes a friendly, inspiring and productive place; an office that employees actively want to be in.

If attracting top talent appeals to you, book a tour today at one of our four locations in London.

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