5 Benefits Millennials Look For in EmployersNovember 7, 2018
Millennial employees are known for changing jobs faster than other generations, so it’s no wonder Millennial turnover costs the U.S. economy $30.5 billion annually. But instead of writing off this segment of employees, many companies are looking at what drives people in this generation to join a company, and how can you keep the younger allstars once they’re on your team? Many Millennials have college degrees with varied backgrounds and experiences, they’re loyal to causes they care about and connected in their communities. Keeping top talent is a key business driver for success, but there are some things you might not know that Millennials are looking for in employers.
Opportunity for Advancement
Millennials don’t want to get into one position and stay there forever. After seeing their loyal parents ousted from companies during the recession, young employees know not to settle and let skills stagnate. They might even leave for other opportunities, but you can attract and retain the best of them by offering development opportunities and continuing education. Millennials want to know that they can grow with the company and they won’t get stuck in one position. As a matter of fact, 59% of Millennials say this is extremely important to them.
Nothing is more frustrating than working in a space or with a team that doesn’t support you. Millennials want to be somewhere that they feel supported. Whether that’s the right computer for their job, a sit-to-stand desk, ergonomic work chair, or regular check-ins from leadership, support is crucial.
Most would say it is not considered admirable to work a 60-hour workweek or to skip using your vacation time, because you’re that valuable. Millennial employees have no interest in being the first to the office and the last to leave because a work-life balance has become a mantra for this generation. Keep in mind these young workers had parents who were not as available for family time, and they are choosing instead to spend more time with their families or to disconnect from work to recharge their batteries. Since everyone is reachable through digital tools 24/7 getting away from the office and finding other ways to put work-life balance in harmony is crucial to avoiding burnout and keeping the best talent.
Recognition and Feedback
Some people balk at the Millennials for having gotten participation trophies as kids, but the result is this generation likes to be recognized for good work and need more feedback to feel secure. Whereas a typical Baby Boomer might be happy assuming things are fine if they aren’t getting criticism, a Millennial would likely want regular status updates from their boss. They usually want to be doing things that are meaningful and helping the team progress, so things like a weekly meeting or quick one-on-one session to talk about goals can really go a long way to helping your top Millennial talent stay engaged. Plus, giving your Millennial employees props for their good work can be more effective than other types of perks or bonuses. 68% of Millennials said they’d prefer being personally called out for their efforts.
It’s a common misconception that all you need to attract and retain Millennials are things like pizza parties and bean bag chairs. In reality, they want more meaningful perks than this. Time off means more to them than raises because they’re driven to see the world and connect with other cultures. Options like bonuses that go straight to their student loans or more competitive benefits packages can be the difference between staying at your company or jumping ship for a competitor.