It’s official: By the end of this year, millennials will be the largest generation in the global workforce.
Born between approximately 1980 and 1997, members of this population segment tend to be highly adaptable, entrepreneurial, team oriented and creative. Sixty-eight percent of millennials have high-demand skills that prior generations lacked. At the same time, 53 percent of employers who responded to the the 2015 Millennial Majority Workforce Study said they find it difficult to retain millennial professionals.
What does it take to recruit and keep talented millennials at your organization?
Millennials are looking for employers who embrace the same characteristics as they do, rather than stifle them by planting them all day in a stuffy office or cubicle. They’re used to multitasking and multi-messaging, and as noted by 60 percent of hiring managers, they’re naturally quick learners.
- Sixty-five percent of millennials report that personal development is the most influential factor in their jobs. Many of them prioritize meaningful work even over pay. They’re interested in companies that invest in them; in other words, their mindsets are such that they want to work with you, rather than for
- Millennials want real-time feedback. Eighty percent said they prefer this approach to more traditional performance review processes. Your employee development programs must be ongoing. Millennials expect support initiatives that help them build their careers over time, rather than “one and done” programs.
Healthcare & Wellness Benefits
In terms of employee benefits, healthcare and wellness options are the clear leaders among millennials.
- Thirty-eight percent of millennials list healthcare as their most important benefit. This is more than double the percentage of the second most popular perk, which is work flexibility.
- A strong 58 percent indicate that a company-sponsored wellness program ranks high on their priority lists. They listed this benefit as either “important” or “extremely important” as they narrow down their choices of prospective workplaces.
A Collaborative Culture
Companies that align their culture with generational preferences gain a distinct advantage in the hunt for top millennial talent. For today’s millennial professional, the right culture is no longer just a “nice to have” feature; it’s a “must have.”
- For millennials, a fulfilling career means more than a stable place to work. They look carefully at corporate values, meaning and community. In one recent study, HR managers said they considered culture and engagement their number-one challenge – and rightly so. It needs to be at the center of your radar screen as you tweak your environment for this new generation.
Among the 54 million millennials in the U.S. workforce, work-life balance (perhaps “life-work” balance might be more appropriate) is another career feature that often is non-negotiable. This translates into a need for optimal flexibility in scheduling, location, and even office set-up.
- We live in an age of technological innovation. There are myriad solutions to help your employees collaborate and be productive, regardless of their hours or location. It helps greatly that millennials are so tech savvy. They’ve grown up with smartphones and remote tech capabilities, so giving them the option to work from home – or elsewhere – typically adds to their overall productivity and enhances morale. This ultimately builds your brand and employer value proposition, as well.
As you build your strategy to source, develop and retain your industry-leading marketing and consumer insights team, consider partnering with O’Connell Group. Our market intelligence, resources and specialized expertise can help you reach new heights. Read our related posts or contact us today to learn more.