WOMEN, MILLENNIALS, AND THE FUTURE WORKPLACE

WOMEN, MILLENNIALS, AND THE FUTURE WORKPLACE:

Empowering All Employees

Published by the Georgetown Institute for Women, Peace and Security Supported by the Bank of America Charitable Foundation

Author

Tricia Correia, Bank of America Fellow on Women & the Economy, GIWPS

Expert Advisor

Ambassador Melanne Verveer, Executive Director, GIWPS

Research Advisor

Christopher Long, Assistant Professor, Georgetown McDonough School of Business

Editor

Mayesha Alam, Associate Director, GIWPS

Supervisor

Alexandra Z. Safir, Women & Economy Project Coordinator, GIWPS

The Georgetown Institute for Women, Peace and Security (GIWPS) is deeply grateful to the Bank of America Charitable Foundation for making this study possible. In addition, the author of this report would like to thank the following individuals for their advice and support: Mara D'Amico, Jessica Walker, Alyssa Cadice, and Courtnie Na Won Baek. The author would also like to express her profound gratitude to Barbara Krumsiek, Alina Truhina, and Alieza Durana for serving as external reviewers of this report.

WOMEN, MILLENNIALS, AND THE FUTURE WORKPLACE:

Empowering All Employees

Published by the Georgetown Institute for Women, Peace and Security Supported by the Bank of America Charitable Foundation

Foreword 3

Foreword

The Millennial Generation now makes up the largest generational cohort in the U.S. workforce, and women comprise nearly half of the workforce. Understanding the policies and practices that serve to best empower these groups can help businesses to cultivate the types of workplaces that many employees are seeking, ultimately enhancing their ability to recruit and retain talented employees and make them more successful companies. However, many stereotypes exist about both Millennials and women as employees. Both groups often find themselves operating within companies that do not understand nor appreciate their needs and abilities.

As these cohorts have entered the workforce at increasing rates, a number of companies have sought to create initiatives that empower Millennials, women, or both. In order for these initiatives to be effective, it is critical that businesses have access to evidence-based research on the particular challenges, needs, and preferences of these groups. This type of research can also help companies to understand the areas of overlap, providing keen insight on how to empower women and Millennials at the same time.

Over the past year, the Institute's Bank of America Fellow on Women and the Economy delved into research on this topic to uncover keys to workplace empowerment for Millennials and women. This study, made possible through the generosity of the Bank of America Charitable Foundation, found that the types of policies that serve to empower both women and Millennials have wide-reaching benefits. They create better workplace ecosystems and increase employee productivity and retention, improving the workplace for all employees. There is also evidence that these types of policies and programs have a tremendously positive impact on a company's bottom line.

The lessons learned in this study represent a unique and pioneering contribution to both theory and practice within the workplace empowerment field. Companies are seeking ways to become more competitive in a 21st Century environment. It is clear that informed and thoughtful organizational practices that take into account the needs and preferences of a diverse set of employees will play a key role in shaping the future workplace.

Ambassador Melanne Verveer Executive Director Georgetown Institute for Women, Peace and Security

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