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By 2025, millennials are estimated to make up 75% of the labor force, although they are already the most prevalent generation in today's workforce. 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. If you want to recruit millennials that are going to become business leaders in your organization, there are a few benefits to take into consideration to ensure you're attracting and retaining top talent. Consider adding these benefits to your roster to improve your recruitment efforts.
For millennials, the traditional days of working in cubicles from 9 to 5 are understimulating 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.
It's critical to support employees in their professional and personal lives. According to PwC's study on millennial work trends, 43% of millennials rank work-life balance as the most important factor when considering a job offer. Since millennials are highly interested in work-life balance, that includes a flexible schedule that allows for working remotely some or all of the time. Allow flexible working hours and the ability to work remotely. According to a study by Deloitte, 66% of millennials would leave their job for one that allowed them more flexibility in their schedule.
In a post-pandemic world, many workplaces found that employees are able to work remotely and can still complete their assignments and tasks in a timely manner. Millennials were already declaring the importance of workplace flexibility and a positive work-life balance before COVID-19 hit the world. Flexible schedules may be the single most important takeaway for not only recruiting millennials, but that we can all adopt in our organizations in an "after COVID" world.
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.
As we mentioned above, flexibility and a good work-life balance are key attributes that stand out in this generations' workforce. It's safe to say that a quality PTO package is important if you want to recruit millennials. A Glassdoor survey shared that employees valued additional days off, even over a pay raise. Consider asking your current millennial employees for feedback on what they value most and what would be most likely to keep them in their current position. You might be surprised at the answers, especially if you're willing to think outside the box!
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.
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A 2020 Forbes article shared that more than half of Gen-Z and Millennials who were surveyed would be more committed to staying with their employer for a longer period of time if they offered financial wellness benefits. This information, coupled with the cost to replace an employee that leaves due to lack of benefits, and you're not just looking to recruit millennials and future generations. It's critical to recruit and
retain your employees to positively impact your bottom line and foster a positive workplace culture.
You can't just focus on #recruiting top talent, you have to ensure you're #retaining employees as well. Take a look at the #PTO and #wellness packages you offer your team members and make sure it's competitive!
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. You must be willing to provide multiple opportunities for learning, growth, and development. Millennials are highly ambitious and seek out opportunities for professional growth. A study by LinkedIn found that 87% of millennials said they wanted to learn new skills or improve their current skills in the next five years. Again, this is just as important for recruiting millennials and helping them to grow as leaders in your workplace as it is for hiring and retaining top talent from any generation in today's workforce.
Provide opportunities (for not only millennials, but all of your employees and team members at all levels) 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. You can always provide eLearning resources and training that can be completed in the workplace -- or at home, for remote employees -- that doesn't require additional travel time or have high costs associated with them.
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 team members exactly how they helped the company achieve its goals.
The bottom line is that recruiting millennials should be at the top of your list going forward. While they make up the majority of today's workforce, this generation is only going to increase in numbers across the labor force, and the benefits that once enticed employees is changing drastically.
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With over 25 years in the industry, and now as IRI's Director of Business Development, Jennifer has gained a unique perspective on what it takes to build a culture of engagement. By blending a deep understanding of labor and employee relations with powerful digital marketing knowledge, Jennifer has helped thousands of companies achieve behavioral change at a cultural level.