By 2020, millennials will make up 46 percent of the workplace. And even though they have more student-loan debt on average than any other generation by far, they’re motivated much more by non-monetary and intangible work benefits. Consider adding these benefits to your roster to improve your millennial recruitment efforts.
For millennials, the days of working in cubicles from 9 to 5 are unstimulating and inefficient. They know great ideas aren’t the result of staring at white walls, and they don’t frame work within the confines of an eight-hour day. Get them on board by offering the freedom they crave. Allow remote work days, even if only twice a month, and create collaborative working spaces where they can mix, mingle and generate ideas with other colleagues.
Millennials are willing to put in the hours, and they expect to be rewarded for it. Offering robust vacation packages and unlimited sick time tells them you care about their holistic health, happiness and well-being–something critical when they’re selecting an employer. It’s also crucial they feel you respect their time off, so avoid calling and emailing millennials while they are on vacation. Consequently, you’ll also improve retention.
Millennials are looking for more than health, vision and dental. They know they’re more engaged and productive at work if they’re active and healthy, and they expect you to understand that, too. A monthly stipend for a gym membership or a work-sponsored exercise program can go a long way toward bringing them on board.
The quickest way to lose millennials is to let them grow stagnant. Millennials are eager to learn and want to be coached along the way. Give them opportunities to learn by having them attend workshops or conferences out of the office, or participate in a one-on-one mentoring or coaching program at the office. They’ll be more fulfilled, and as a bonus, they’ll keep getting better at what they’re doing for you.
Millennials have a desire to understand how they make a difference. A recent study found that millennials value producing meaningful work more than receiving high pay. Make it clear their work makes an impact by having executive leadership transparently and regularly share company updates. Then, ask managers to follow up and tell their millennial team members exactly how they helped the company achieve its goals.
Since 1979, the Projections team has been helping companies across North America build a culture of engagement that increases productivity. In becoming an employer of choice, our clients find they have a decreased risk of third-party involvement, allowing them to focus on their company's success.