SAN FRANCISCO—Wouldn't it be convenient if someone had clear, intelligent answers to most of your CRE-related questions? Problem solved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principal sociologist overseeing market research and analysis at Gruen Gruen + Associates, is here to answer readers' questions.
You have spoken and written on how the values of the Millennials affect their behavior. I am a mid-size employer (over the last five years my company ranged in size from 45 to 53 workers) and run a more traditional business. My question involves my company directly. Given the priorities of Millennials, how does an organization manage and engage with them to buy into the company vision?
—Misplaced My Millennial Manual
Dear Misplaced,
Traditional businesses often find it more challenging to attract and maintain the loyalty of Millennials than tech firms. Tech firms have it made for three reasons: most of their employees are looking forward to the possibility of a big payoff one day in the future, working on the newest app is cool, and heads of many tech firms are themselves Millennials.
Many Millennials not seeking tech jobs look for jobs where they can make a difference, such as at non-profits, as well as at for-profit firms involved in environmental issues like climate change and water resources.
But let's assume you run an insurance company. How do you encourage your employees to share your vision? I have two recommendations. The first is to select two to three charities that are likely to have wide appeal. And yes, you should first discuss with your employees which charities should be included. Then tie the company's annual donations to a reasonable level of profit. At the end of the year, permit each employee to designate their preferred charity. This does not suggest that you won't also have to increase wages over the good years.
My second recommendation is to offer each of your employees one to two days off per year to donate their time in helping others by working in food banks, youth centers, hospices and so on. What you will get in return is not only more dedicated employees, but the extra “word of mouth” bonus which will enable you to continue to attract the type of employees you are looking for in future years.
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Nina J. Gruen
Nina J.Gruen has been the Principal Sociologist in charge of market research and analysis at Gruen Gruen + Associates (GG+A) since co-founding the firm in 1970. Ms. Gruen applies the analytical techniques of the social sciences to estimating the demand for real estate and to understanding the culture of the groups who determine the success of development, planning, and public policy decisions. She is a pioneer in synthesizing the results of behavioral research with quantitative time-series data to forecast market reactions. Market and community attitude evaluations and programming studies led by Nina Gruen have resulted in the development and redevelopment of many retail, office, industrial, visitor, and residential projects, varying in scale from a single building to large single- and mixed-use projects.
