{"id":14768,"date":"2016-05-04T05:00:50","date_gmt":"2016-05-04T12:00:50","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=14768"},"modified":"2020-12-24T03:57:21","modified_gmt":"2020-12-24T11:57:21","slug":"myth-busting","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/myth-busting\/","title":{"rendered":"Myth Busting"},"content":{"rendered":"

Yardi<\/a> client Avison Young recently re\"multigenworkplace\"<\/a>leased \u201cFive generations: Is the need for new workplace structures myth or reality?\u201d The white paper explores the perceived need to overhaul workplace layouts in order to accommodate multi-generational employees. Generations have replaced one another in the workplace since, well, the dawn of the workplace. Yet the introduction of Millennials has employers grasping for new ways to catch and keep the newcomers’ attention without isolating older employees.<\/p>\n

According to the U.S. Census Bureau, Millennials are the largest generation. Ever. There are currently 83.1 million young adults in the U.S. alone, representing more than one quarter of the nation\u2019s population. The group is a dominate force to be reckoned with. Employers are still learning how to reckon.<\/p>\n

The first challenge: Millennials are hard to keep on board. The report suggest that Millennial attrition costs are nearly twice that of older workers, \u201cFor an organization of 1,000 employees, the additional cost of replacing Millennials could average as much as $300,000 annually.\u201d<\/p>\n

Stereotypes would suggest that this is because Millennials lack loyalty. Any new carrot could whisk them away to another company. The report reveals the error of this assumption. Jennifer Deal, research scientist with the Center for Creative Leadership, discovered level within the company correlates to loyalty rather than age.<\/p>\n

The next assumption is that the workplace itself is wrong for Millennials, hence the tendency for employers to create \u201chip\u201d spaces that should feel more welcoming to Millennials. Organizations are creating lines in the budget for arcades, cafes, sleeping pods, slides,\u2014the list continues. This, too, is a potentially erroneous strategy. How does one measure the ROI of a hoverboard?<\/p>\n

\u201cOur research shows that when you hold the stereotypes up to the light, they don\u2019t cast much of a shadow,\u201d explains Deal. \u201cUndoubtedly, people of different generations see the world \u2014 and, in turn, their workplace \u2014 in different ways, but are generational differences used too often as an excuse for the under performance of our people? Could this lead to misdirected capital investment schemes that bring limited return on investment in regards to real productivity improvements?\u201d<\/p>\n

Deal proposes that today’s multi-generational workplaces don\u2019t need to look drastically different than their predecessors. The key is integration rather than relying on prejudices to isolate workers within the workplace (or worse, throw toys at them). Her research suggests that the generations share more commonalities than differences. Customizing the workplace to accommodate these similarities may be the strongest game plan for reducing turnover and promoting productivity.<\/p>\n

By focusing on similarities, Deal believes that employers can promote a \u201cwe culture\u201d within \u201cplaces to work\u201d rather than “workplaces that we are forced into”. It\u2019s more than fun wordplay. The foundation of \u201cwe\u201d culture is recognizing, engaging and developing employees. The cornerstones includes people management, communication, leadership buy-in, recruitment, retention and motivation.<\/p>\n

Rather than open-desk layouts that encourage multi-generational employees to socialize about anything and everything, direct efforts for management to communicate strategies to employees\u2014and express the value of each employee\u2019s contributions– prove more powerful. Instead of offering ping pong tables in the break room for the youngsters, offering flexible working contracts that increase the mobility of employees of any age may prove more valuable.<\/p>\n

The report goes on to explore ways that employers can adapt \u201cwe\u201d culture in human resources, technology, and organizational framework. Unfortunately, the report stops there. While the research is sound and encouraging, implementation has been minimal. To date, there are no success stories or cost analyses that can help employers determine if this strategy is appropriate for their organization.<\/p>\n

What changes have been made in your workplace to successfully accommodate a multi-generational team?<\/p>\n","protected":false},"excerpt":{"rendered":"

Yardi client Avison Young recently released \u201cFive generations: Is the need for new workplace structures myth or reality?\u201d The white paper explores the perceived need to overhaul workplace layouts in order to accommodate multi-generational employees. Generations have replaced one another in the workplace since, well, the dawn of the workplace. Yet the introduction of Millennials […]<\/p>\n","protected":false},"author":440,"featured_media":14769,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[133,732,826,86,1224],"class_list":["post-14768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-demographics","tag-management","tag-multi-generational","tag-office","tag-work"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Yardi client Avison Young recently released \u201cFive generations: Is the need for new workplace structures myth or reality?\u201d The white paper explores the\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Myth Busting\" \/>\n<meta property=\"og:description\" content=\"Yardi client Avison Young recently released \u201cFive generations: Is the need for new workplace structures myth or reality?\u201d The white paper explores the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/myth-busting\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-04T12:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-24T11:57:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/02\/multigenworkplace.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erica Rasc\u00f3n\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erica Rasc\u00f3n\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/myth-busting\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/myth-busting\/\",\"name\":\"Myth Busting - 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