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Featuring business and technology insights from Cindy Bates
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11/03/15 Posted by Cindy Bates Survey reveals four secrets to success for attracting and retaining millennial talent

11.3.15 small Millennials, the 54 million adults aged between 18 and 34 in 2015, will soon surpass GenXers and Baby Boomers to become the largest generation at work. By 2020, they will make up half of the global workforce making them an opportunity audience to recruit and retain for SMBs.

This rapid "changing of the guard" has many business owners and hiring managers strategizing how to recruit and retain top millennial talent that is technologically savvy and poised to unleash innovation when given the right tools and corporate culture.

Microsoft recently commissioned new research among more than 1,000 millennials in the U.S. with SurveyMonkey that set out to address this very topic. As a result, we uncovered four secrets to success to help millennials thrive in the workplace:

  • Create a culture of collaboration
  • Offer the latest technology
  • Keep data safe
  • Have a strong purpose

The data also revealed certain nuances that can make the difference between a stable, thriving company and one plagued by high turnover and a millennial exodus.

Below are three best practices for your company to appeal to this important generation.

  • Foster a culture of collaboration: the number one attribute for millennials in the workplace — Contrary to the belief that millennials are digitally isolated, the research shows the majority of respondents said ‘good team collaboration’ was the most valuable attribute in their ideal workplace. Data showed that more than half have jobs that require frequent work in teams. Sixty-five percent preferred face-to-face meetings with their managers and 51 percent preferred in-person meetings when collaborating with others on projects. This could be a driving factor in why a surprising amount of millennials aren't working remotely — 49 percent say they "never" work from home. And when employees are working remotely or on-the-go, challenges still exist. One-third of respondents noted editing or reviewing documents as their top challenge when working from a mobile device, while connectivity issues when joining a virtual meeting was the top challenge (42 percent).
  • Invest in a modern workplace — Not surprisingly, millennials in the workforce demand adequate technology to do their jobs, and almost all respondents (93 percent) said the latest technology was important in choosing an employer. From a recruitment standpoint, it's significant to note this and encourage open communication among employees around what technology they need to be successful. In the past, you may have delayed technology purchases and upgrades until something broke or a new employee was hired. If you want to attract and retain top talent, business owners need to think about the technology that will enable employees to do their best work; not just get the work done. Making sure you are on the latest technology also increases your security — something that is top of mind for millennials. Security is no joke for them, perhaps due to the high-profile data breaches they have been exposed to time and time again — including millennial celebrities like Jennifer Lawrence. In fact, 81 percent of respondents said they consider security when developing, communicating and sharing sensitive information at work.
  • Live by a strong mission and value systems — Today's younger workforce has an independent mindset and is looking to align their professional career with a higher purpose. They see their career paths as something they have control over instead of something that's laid out for them (80 percent of respondents agreed they are creating their own career path). They're also picking companies to work for that have clearly defined values and a strong mission, with 88 percent of respondents saying these traits are something that draws them to a company. A new global survey released at the World Economic Forum found that 65 percent of millennials said one of their top three goals in selecting a job was to make a difference in society, their city or country. Millennial Aaron Marks, owner of Seattle-based TurnPoint Technology and a Microsoft technology partner, likes to align his company's values with his clients. For example, he is proud to work with RIDOLFI, an environmental engineering and scientific consulting firm that helps solve habitat, water, waste and energy issues.

The world of work is changing — from the workforce to workstyle preferences to the technology that enables people to do their best work. In an effort to help companies and their employees adapt to the new world of work, Microsoft listened to customers and developed the new Office 2016 to make collaboration easier, and take the work out of working together.

It's an exciting time to be in business. Don't miss out on the opportunity to remove barriers to progress and empower your teams to do and achieve more.

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Start a Business & Manage Your Finances Like a Pro!

One of the initial actions to start one's own business is to decide the best business model. There are numerous models to select from, each having their own benefits and characteristics. For many small business owners An LLC is a good option due to its simplicity, flexibility , and capacity to secure private assets. Establishing an LLC can be done in multiple ways. It's possible to start it yourself or you could get services from a corporation that specializes in business formation. But before you get this far, take note of the essential details you must know before making an LLC.

What is an LLC? An LLC is an Limited Liability Company. This is essentially a legal entity with one shareholder, the 'limited' owner, who holds all capital or shares for the LLC. All other members are called partners . They also carry certain liability in cases that the owner fails to perform his/her obligations.

How to Start a Business

What's the first stage to create an LLC? It is the first thing to do. create a LLC name. To do that, you have two options: you can make use of a form or a 'book' , or even a notary. When you've decided on the important decisions, be sure you give the required information to the company who is going to handle the process of getting with your LLC name.

How to list your LLCs? There are a myriad of ways to do this. The easiest method of doing it is by putting your LLC on the cover or a 'bill to lading (also known as an insurance form for all kinds of companies. The majority of brokerage firms offer these forms to customers to purchase. If the brokerage you are working with hasn't got one available, check with your state's department of revenue for information on the guidelines are regarding LLCs and how to sign them up.

How do I start a business for an LLC? A majority of states allow the organization to be registered as an LLC and there is no cost or assets needed to be registered as the LLC. Certain states require that you have to pay for a "Registered Administrator or 'Registered Agent', while some simply require that you possess one. Importantly, it is that you have a registered agent in charge of the LLC.

If we've learned the best way to set up a business an LLC now let's take an look at how to create your LLC operating contract. When most people start their own business, they may not put much thought into the creation of an operating agreement. The majority of business owners prefer to conduct their businesses as if they were personal property, and overlook their legal obligations to their customers. This is why it is easy for misunderstanding and blunders when you're drafting operating agreements for your LLC. LLC operating agreement. The business will run smoothly and last longer if you take the hours planning every aspect of the process, including finding one that is an operational contract.

For example, an LLC Operating Agreement can also be beneficial when working with multiple joint venture partnership arrangements or limited liability companies. As an example, many states allow a limited liability business to list its founder as the representative for all company transactions. It also means that any legal issues that arise have to be addressed to the registered agent, and not the other parties involved in the joint partnership. If the individual who owns the LLC isn't an agent registered with the company, then they may have to name another person to deal with their legal questions.

If you are looking to learn how to establish a business for an LLC You may need seek out a qualified attorney to help you get established. Since the regulations for how to establish an LLC are distinct legal requirements, your attorney will be the best resource for you to help figure everything out. This is why it is imperative you get a lawyer is experienced and knowledgeable about the ins and outs in preparing paperwork forms necessary for formation of an LLC.