Millennials became the largest share of the American workforce last year, with adults aged 18 to 34 representing more than one-third of the labor pool. Young workers’ attitudes toward work are a bit different than Gen Xers and Baby Boomers, though. The most important factor when choosing a job for millennials: a good work-life balance, according to a survey of nearly 8,000 global millennials by Deloitte.
The quest for work-life balance has made Colorado a hot destination for millennials and companies in search of talent. Take Swiss investment manager Partners Group. The firm had offices in New York, San Francisco, Houston and Sao Paulo, but chose the Denver metro area this year as the site for its Americas headquarters. The company is expected to hire several hundred employees with an average wage of $220,000.
“We chose Colorado because of its central location, as well as the high quality of life the state offers to our employees,” said David Layton, co-head of private equity for Partners when announcing the news. “Denver is one of the fastest-growing cities in the U.S., with a highly educated workforce, and it is becoming a magnet for talented professionals who are seeking dynamic careers outside of the typical financial centers.”
Forbes crunched the numbers on the 401 metropolitan statistical areas and divisions in the U.S. for its 18th annual Best Places for Business and Careers. Denver nabbed the top spot for the second straight year thanks to its diverse economy, growth outlook and educated workforce.
Denver is booming with millennials, but it is not just any 20-something that companies are chasing. Jeff Lessard, who helps companies with location strategies as a consultant for Cushman & Wakefield, says most of his clients prioritize a highly educated millennial demographic in their searches. “In addition to being an excellent source of trainable labor, highly educated millennials provide cities with the type of vibrancy and creativity that companies are increasingly looking for,” says Lessard.
Article Credits: Kurt Badenhausen, Forbes