Millennials are the first generation to grow up in a digitally connected world with Internet, mobile phones, gaming systems, and cable television at their fingertips. As such, technology has become completely integrated into the everyday lives of Millennials. With finding, hiring, and motivating top talent becoming a key challenge and priority for CRE firms nationwide, when it comes to attracting this budding pool of talent, technology is no longer a luxury – it is a necessity.
A Microsoft survey found that 9 out of 10 Millennial workers take the available tech stack into consideration when choosing a workplace, and over 40% would leave a company if they found the technology to be inadequate. Though older generations, particularly in the commercial real estate industry, may be more hesitant to adopt new technology, 8 out of 10 Baby Boomers and Gen Xers think that Millennials’ advanced knowledge of technology will enable them to get ahead in the workplace.
While some may view these demands as entitlement, what Millennials really want are the tools, data, transparency, and innovations that enable them to do their jobs efficiently. That is why it is more important than ever that companies are able to effectively leverage technology to attract and retain Millennial talent – especially as the modern workforce becomes increasingly remote.
Communication and Collaboration
Millennials prefer working in teams, having flexible work options, being able to quickly and easily engage with their peers, and frequently and immediately receiving feedback. Technology enables better communication and facilitates more effective collaboration due to its instantaneous nature. This hyper-connectedness and speed becomes increasingly critical as more and more employees/teammates are distributed throughout the country, may be working from home, or are out on the road.
Technologically savvy companies are going a step further and working to replicate their office cultures virtually. The recreation of an office environment is made possible by implementing steps that encourage collaboration amongst teams and increase engagement, such as providing videoconferencing software to promote face-to-face interactions.
Information and Data Sharing
Millennials strive to be data-driven professionals who make informed decisions. Therefore, firms whose information is owned entirely by a single individual run this risk of repelling Millennial talent. This is because siloed data hinders accuracy, can be time-consuming to track down, and can be difficult to keep updated. Still, over 80% of commercial real estate firms indicate that data silos are the cause of inefficiencies within their business today. Technology, such as an investor management software, can provide a single source of truth for information and house everything from accounting and property data to investor data and distribution history.
Millennials are regarded as the most technologically-adept generation in the workplace, and outdated technology can be a turnoff for this group. Technology has become completely integrated into the everyday lives of Millennials and revolutionized the way they connect with the people and the world at large. They are used to adapting to new technologies and expect their workplace to follow suit. In fact, 9 out of 10 Millennial workers take the available tech stack into consideration when choosing a workplace. Thus, leveraging technology can be a competitive advantage for standing out and impressing potential hires, as well as retaining current team members.
To grab the attention of Millennial talent, it is important to match your firm’s technology stack to the fast-paced, innovative lifestyle that this up-and-coming generation has come to expect. It’s also important to note that when choosing technology, Millennials prefer to use the best solution to complete specific tasks, rather than trying to make a single solution serve every purpose (i.e. “purpose-built” instead of “all-purpose”).
Investing in the latest technology is becoming critical to attracting and retaining top Millennial talent, particularly as the market becomes more competitive. In the years ahead, the influence of this generation in the workplace will only continue to grow, and forward-looking commercial real estate firms need to be willing and ready to adapt.
Download the free eBook: Leveraging Technology to Attract and Retain Talent in the CRE Industry to learn more about using technology as a competitive advantage in the war for talent.