Attracting and retaining millennials: the contribution of Corporate Real Estate

Organisations value their employees as one of their key assets and continuously seek for the best potential talent among the declining workforce. In order to attract and retain talented millennials, the office environment also has to support the needs of this generation. The aim of this study was therefore to provide Corporate Real Estate Managers (CREM) with insight in how to support millennials in order to attract and retain them. It identified which physical workplace aspects can support the 3 most important workplace needs of millennials: sociability with colleagues, opportunity to grow and work-life balance. Hypotheses were developed on differences between generations on these needs and the possible support of relevant physical workplace aspects.
Data was collected through a survey of 302 Dutch office employees belonging to the baby boomers, generation X or millennials generation. The hypotheses were tested with Pearson correlation coefficients and ANOVA. Results showed that millennials attach more value to the need for coaching and professional growth than generation x, and less value to the balance between leisure and work. Regarding physical workplace aspects, in total thirteen unique physical workplace aspects have the potential to support the three workplace needs of millennials. They find accessibility of colleagues and informal work areas/break-out zones more important in support of their sociability with colleagues than generation X. For supporting the same need, baby boomers find IT-services for social networking more important than millennials. Regarding the opportunity to grow, baby boomers perceive audio-visual equipment to be more important than millennials. In order to support their need for work-life balance, millennials find the ability to personalise their workstation more important than others. Future studies should further clarify support of needs of different generations and how CREM can create an office environment that accommodates and supports all.