Millennials choose SMEs over corporate world, research reveals

Posted in Employee Retention, Positive Workplace Culture, Workplace Engagement, SMEs, Employee Engagement

by Iain McMath on Sep 7, 2017 10:08:00 AM

WE  SHARE EXCITING NEW RESEARCH ON WHY  SMES AND MILLENNIALS MAKE A GOOD FIT

47% of millennials think SMEs are the ideal business size to work for, more than double the 19% who believe larger companies are the ideal size.

This new research surveyed 2000 adults in the UK to capture the working preferences of all generations and compared these with their perceptions and expectations of different business sizes.

The data shows the benefits most valued by millennials and the perception of these in different business sizes:

BENEFIT

BENEFITS VALUED BY MILLENNIALS

BENEFITS EXPECTED MORE 
IN SMES THAN IN BIG BUSINESSES

Flexible working hours

60%

43%

Career progression

56%

38%

High salary

51%

21%

Friendlier company culture

33%

79%

Ability to work remotely

32%

23%

Individualised attention 
e.g. training

32%

62%

Employer size preferences by generation are:

AGE BRACKET

PREFER SMES
(1-249 employees)

PREFER BIG BUSINESSES
(250+ employees)

16-24

48%

12%

25-39

44%

24%

40-54

43%

18%

55+

45%

12%

IAIN MCMATH, CEO OF SODEXO ENGAGE, COMMENTS:

The future of our economy depends on SMEs and having a productive workforce. Millennials have captured the interest of academics and business leaders alike, but this is the first time we can definitively say that SMEs are their natural home and in fact, their preference. The results show that the demands of this generation match the expectations of what life in an SME is like. On the other hand, businesses face a reputational challenge to prove that those seeking a friendly company culture and ability to lead a more flexible lifestyle can do so in corporate giants

However, the research also showed that millennials are more likely to jump the SME ship after four years of service, whilst commitment to employers of bigger sizes stretches beyond the five year mark.

SME-millennials-employees-1.jpg

MCMATH CONTINUES:

Although big businesses are having trouble attracting the best candidates, they’re more likely to keep them once through the door. SMEs must do more to increase loyalty amongst the workforce if they want to retain the best talent. It can often be harder for employees working for these smaller organisations to see a clear progression path after reaching senior positions, and the added benefits that come with larger employers can be a big draw. However, considering the diversity of today’s workforce, businesses of any size need to ensure that every individual always feels motivated and appreciated.

 

SME-millennials-engagement-infographic-1.jpg

SIGN UP FOR REGULAR UPDATES

RSS feed

Add our RSS Feed to stay up to date with the latest Sodexo news and content.

Add our RSS feed

Search our blog

Click to refine your search

Topics

View more topics

Recent Posts