Millennials are more susceptible to depression than previous generations. In one study, the percentage of generation Xers who reported feelings of depression was 16%, while for Millennials, it was 20%.
As more of them join and advance in the labor force, their baggage and susceptibilities are not left behind. Coupled with their different makeup regarding work attitude and expectations, workplaces that adapt adequately realize a sizable edge. Here are 9 reasons why workplaces should adapt to Millennials and depression.
In support of the majority
In the very near future, more than half of the working population will consist of Millennials meaning that they will drive entire industries. With such a huge demographic responsible for economic output, ignoring them will be tantamount to economic suicide.
From this angle, it becomes clear that workplaces do not have much of choice. They simply have to adapt to Millennials and their baggage as a means of evolving to enjoy a brighter future.
To address expectations
Millennials have very different expectations when it comes to evaluating job satisfaction. They hold happiness, and purpose in higher esteem compared to the salary, for instance. Adapting to Millennials to propel employee satisfaction and cultivate top talent, therefore, becomes crucial.
Adaptation costs time and money, and a lot of consideration must go into implementation to ascertain that the introduced systems are effective; but ultimately, the input will prove worthwhile.
Competitors
Millennials have no problems with changing a career they have worked at for years to follow paths they feel more suited to. This may mean salary cuts, sacrifices, and starting from scratch but for them, the trade-off is worth it.
Consequently, workplaces that do not adapt and cater for Millennials and their susceptibility to depression risk losing top talent. What is worse, lost personnel may join rival firms hence empowering competitors.
To drive productivity
Just like a well-fed work animal will perform better and for longer; so then, a well taken care of Millennial demographic will work better and actualize superior results. Moreover, they will feel appreciated and needed, which will contribute to their overall sense of well-being.
Courtesy of the increased productivity, the company will have more revenue. If part of the money is reinvested into the workforce in the form of incentives and bonuses, a highly beneficial win-win cycle will have been successfully created.
To maximize Millennial potential
Given that Millennials, thanks to their high education levels, innovativeness and passion are the most potential-laden professional demographic now and in the near future; any work scene that fails to capitalize on them by adapting would be doing itself a great disservice. It boils down to making the most out of what is available which is a matter of being smart.
Reduce costs
A workplace that sticks with the status quo will have to contend will personnel absenteeism due to depression and other likely sicknesses such as high blood pressure. More than that, depending on the industry, the company may still have to contribute towards patient treatment. There is also the likelihood of lawsuits in cases that the company may come across as culpable. All these costs can be offset by ensuring that the work environment is customized for Millennials.
P.R
Every brand desires to have excellent P.R and adapting to Millennials and depression can be the ticket to making this aspiration a reality. Word travels fast of caring companies that treat their workers right, and this is why people are more excited to work with some companies than with others.
What is more, excellent P.R extends to sales where more people will feel favorably inclined to buy a firm’s products and services. The customer will also benefit from better services since a motivated workforce is more likely to go the extra mile.
Millennials are the customers
Millennials are soon going to be the demographic with the most prominent spending power. If they are not catered to properly, this will adversely impact many industries and the economy in general.
They have already proven their power by killing/almost killing several companies/industries. Apple Bees has had to close many outlets, fabric softener companies are witnessing dangerously low sales and the lottery industry is also in jeopardy. Sears also had to close many stores.
Make the world a better place
People have an innate desire to better their surroundings and make the world a better place. If not for the populace, at least for family, friends and loved ones. This inclination to do good is more enhanced in Millennials and through adaptive workplaces, they can be empowered to do much more than previous generations in making the world better for everybody.
Unwise as planting on infertile ground is, so then, not adapting to Millennials will be a waste of a great resource that will set back the human race many paces. Logic, prudence, goodwill, and shrewdness all demand that workplaces should adapt not only to Millennials, but also to any other demographic in the workforce for maximum output.