It is no secret that millennials have been changing the workforce for several years now. Back in 2016, they became the largest fraction of the U.S. workforce, making up over one-third of the working population. It is projected that by 2025, they will account for up to 75% of the working world, which means that if you want your business to continue successfully growing and operating, bringing millennials onto your team is essential.
Although there are commonly held stereotypes surrounding this generation and their work ethic, they are also known to be good communicators, positive change makers, and the most up-to-date on current information and technology. While they may be a generation of high expectations, if they feel they are being accommodated in the workplace and valued as employees, they will go beyond their due diligence to drive results within their company.
Because there is no scarcity of jobs in today’s market, millennials have the option to be particular about where they choose to work. Therefore, attracting them to your company will be an art in and of itself. Here are some of the fundamentals millennials search for when choosing a company to work for:
Time and time again, surveys have shown that millennials prefer good benefit packages over pay increases. Due to reaching adulthood in a time of sky-high rents, five-figure student loan debt, and the rise of digital devices, despite a decent salary, millennials do not have the reserves to purchase their own benefits or pay high deductibles when it comes to their health nor put away large sums of money for their retirement plans. When posting a job ad, it is important to highlight your company’s medical benefits as well as non-monetary benefits such as PTO and flexible scheduling.
For the millennial generation, a job is no longer just about a paycheck. As Gen-Y is the generation that purchases from, promotes, and works for organizations that have objectives outside of high revenue and brand visibility, it is of your benefit as a company to implement a cause you are supporting somewhere into your business model. While past generations had the mentality of “show me the money”, millennials have the mentality of “show me the purpose”, with studies showing that over 75% of them would take a pay cut if it meant working for a company that demonstrated a desire for positive change and impact. This also means that you should emphasize ethical business practices and be completely transparent about company culture when recruiting for a position.
From the get-go, millennials want to know that they will have a career path to follow and about how long it will take them to advance. Known by the expression, “millennials want to matter”, this generation is much more likely to envision themselves with a company long-term if their professional life feels significant. In the interview process, be sure to articulate the different potential avenues of how they could move up should they perform well and choose to stay with the company. This could look like management trainee programs and upskilling employees to take on more responsibilities as they excel and feel more comfortable in their positions.
This factor plays a huge role in attracting millennials to a position or corporation. More than any other generation, this group values their work environment and the people in it. Studies show that when asked, millennials rate company culture an 8.5 out of 10 in terms of importance. This includes things such as a comfortable workspace, a sense of community, good communication, core values, and having a voice within the company. Marketing a healthy company culture will not only attract top talent that is dependable and eager to perform, it will also retain the employees you already have and result in more productivity and high employee morale.
Millennial or not, no matter what the industry, most employees feel that a strict 9-5 workday is outdated. In fact, over 50% of employees say they wish their company was more flexible. While it can appear that people want flexibility out of laziness and self-interest, it is actually found that it reduces workplace stress which then results in more productivity. Although not all industries are able to offer flexibility in the form of working remotely, there are several ways to be flexible, such as offering unlimited PTO, being flexible with time in and time out, having a four day work week, and having a lenient dress code. Having a number of these options will not only improve employee wellbeing, but will also enhance your reputation as an employer.
As a top 150 workplace for 6-years in a row, we know the importance of creating a great environment to attract the right talent. If you are looking for a staffing partner that can help you showcase your job openings and company culture to rising talent, reach out to our account management team today!