Small business owners who have been running their companies for a period of a decade or more might have noticed that in the past few years, a larger number of young people may be applying for jobs. Older entrepreneurs may not know exactly how to deal with some of the differences that these workers bring to the table, but understanding these Millennials will be vital in sustaining a business in the years to come.
Owners across the country probably have plenty of experience in dealing with baby boomers and those in Generation X, but depending on what their companies do, they might only now be dealing with millennials for the first time, according to a report from the Bellingham Herald. Just as each previous generation brought with it different ideas of how companies operate, millennials may now be bringing new conceptions into the fold.
For instance, this demographic group, who tend to be 33 years old or younger, may like to multitask more than their older counterparts, tend to perhaps be a little more optimistic about their abilities to solve problems they face in the course of trying to accomplish work goals, and will often feel happy working in groups, the report said. However, they might also want things that older workers may see as something of an affront: Few may enjoy the shirt-and-tie dress codes some companies put in place, instead heavily preferring to go more casual, and many also expect that they'll be able to have a more relaxed balance between their jobs and their personal lives.
These can be a little surprising for owners who lack much experience working with this younger generation, but that's certainly the way in which many companies may need to shift as a means of attracting qualified employees in the future, the report said. While these people may have relatively little in the way of actual work experience – the job market has generally been difficult for millennials since the recession hit – they are also the future of all industries, and thus being prepared to deal with them can put companies in a better position to succeed going forward.
Owners looking to shore up their companies' situations may also want to explore their options for finding more affordable small business insurance coverage. Policies including workers' compensation and general liability insurance can become quite expensive, so shopping around can help owners find greater flexibility.