CASSANDRA REPORT DIGEST
Insights from our Self Made Report
Increasingly, office jobs are providing a college/university-like experience, as addressed in our latest report, Self Made. This workplace shift is evident in the ways young employees are being indoctrinated into a company as a cohort, to the deep friendships they form with their colleagues, to the guidance and education they receive from staff. There’s even a burgeoning opportunity to live in company-provided housing, turning the concept of living and learning communities into living and working communities.
Six in 10 (63%) U.S. youth aged 21-34 believe that work culture is becoming like college culture. Facebook has been a pioneer of this movement, but the trend has grown well beyond happy hours and ping pong tables. This past summer, Facebook announced that it plans to build a housing complex with 1,500 units for its employees near the company's headquarters—making its Menlo Park, California campus more like an actual college campus. The development will also include retail shops and a hotel.
Seventy percent of U.S. youth say it’s important to them to live near their job; a short work commute is second only to being near a significant other when it comes to choosing their living situation. Close proximity to their workplace is even more important to youth than living near public transportation, family, or friends. Google is making this more attainable for its employees by putting $30 million towards 300 apartment units from modular-home startup Factory OS. Like Facebook, the move is in an effort by Google to combat the rising cost of housing in Silicon Valley.
Due to the rising cost of housing in Reykjavik, Iceland, IKEA is building a residential block of 36 affordable apartments for its employees to rent. The units, which will be available by summer 2018, will also be furnished by the brand. While the concept of living near coworkers may seem strange to Boomers and Gen Xers, it’s not so radical to Millennials and Gen Z given that they’ve elevated the role of such people in their lives. Living close to one’s coworkers feels more natural to them, since they tend to be close friends, even outside the office. In fact, 40% of U.S. youth are interested in living with co-workers or have done so already.