Monday, November 7, 2011

Millennials & Work Location

There are many myths about Millennials and urbanization: Their attraction to cities for the “hip” factor; Their preference for mass transportation as a commitment to being green. But the majority of Millennials actually live in suburban environments. In fact, 43% describe suburbs as the “ideal place to live,” compared to 36% of Generation Xers and 28% of Baby Boomers.1 As Millennials transition into their 30s, their preference for low density, non urban living is predicted to increase even more. Here’s why:
  • Affordable Housing - 64% of Millennials say it’s very important to own their own home, and suburban homes generally costs less than their urban counterparts.2
  • Job Opportunities - Suburban regions with low unemployment currently boast high percentages of recent college graduates in the U.S.3
  • Family & Community - Millennials, many of whom are about to start families, want to raise children in the same suburban settings of their own youth.4
Millennial migration is significant to companies’ strategic planning. Attracting and retaining this large demographic of future workers impacts not only talent strategy, but also planning in corporate development, real estate and facilities management. Housing, telecommuting, and mass transit patterns also play a role.

By 2014, the bureau of labor reports that Millennials will make up 1/3 of America’s labor market. How and where organizations find young talent in the future will become important drivers of competition. Have you entered these factors into your planning?

Amy Hirsh Robinson, Principal, Interchange Group
Workforce Strategies for the New Economy

1Winograd, Morley and Michael Hais. Millennial Momentum. New Brunswick: Rutgers University Press, 2011. Print.
2Winograd, Morley and Michael Hais. “Are Millennials the Solution to the Nation’s Housing Crisis?” Web. 17 July 2011.
3Kotkin, Joel. “America’s Biggest Brain Magnets.” Web. 10 February 2011.
4Winograd, Morley and Michael Hais. “Are Millennials the Solution to the Nation’s Housing Crisis?” Web. 17 July 2011.