Millennials want jobs at companies where they can see themselves growing, both professionally and personally and growing companies need to change their methodology.

As baby boomers continue to retire, many vacancies in your growing workforce will be filled by the next generation: millennials. Current estimates forecast that millennial workers will comprise 50% of the labor force by 2020 and 75% by 2025.1 There’s no question that companies need to fight hard to recruit, hire and retain this population, and that doing so can bring hardworking, enthusiastic employees who are eager for new opportunities to your company. Here’s the challenge—recruiting and retaining these workers is different than it was for prior generations: 89% of millennials prioritize benefits over pay raises2 and 83% of millennials would change their job for better benefits3.

Millennials want jobs at companies where they can see themselves growing, both professionally and personally and growing companies need to change their methodology.

What do millennials want? Here are 3 things we think you should be doing:

  1. Ongoing Training And Development
    According to Gallup, 87% of millennials say that professional training and career growth is very important to them.4 Upskilling is the process of training current employees in new skills and responsibilities. Companies that invest in training and development will not only be more attractive to top talent, but will also help save on turnover expenses, as it costs an average of 33% of an employee’s salary to replace an employee.5 Employees are more likely to stick around if they know what opportunities for advancement are available to them in the near future, but more importantly, make sure your employees know what they need to accomplish in order to advance.
  2. Family Benefits
    Millennials either already have a family (if they’re on the older end of the spectrum), or are planning for one. Having comprehensive family benefits—fertility, infertility, pregnancy, adoption, maternity, return-to-work and parenting benefits—can make one company stand out from the rest. As more millennials enter parenthood, family benefits will help retain top talent and also keep more women in the leadership pipeline.
  3. Lifestyle Support
    In a nutshell, Millennials want lifestyle support at their jobs. With a quarter of millennials in debt6, managing a work-life balance is difficult. And this group is looking for companies who help them maintain their lifestyles regardless. Millennials are never off the clock, so they prioritize benefits such as flexible scheduling, student loan repayment programs, financial assistance and fitness discounts.

Ensuring your company has benefits that fit the needs of the next generation workforce is one of the most important things you can do to set your organization up for success. Millennials are looking for companies that offer innovative benefits that support them and what’s important to them for the long run. Companies who offer these benefits will attract and retain the best talent—and prevent significant turnover costs as well. As Herb Brooks says in the hockey classic, Miracle, “Great moments are born from great opportunity”. Give your employees the best opportunities so you can sit back and watch their successes.

Whatever the look and feel of your organization, recruiting and retaining the future of your workforce is essential. For more assistance and information on how to do so, contact us today.



1 "What The Ideal Workplace Of The Future Looks Like, According To Millennials", by Mark Hall, Forbes, Nov 8, 2017
2 Care.com, Aug 10, 2015
3 "4 in 5 Employees Want Benefits or Perks More Than a Pay Raise; Glassdoor Employment Confidence Survey (Q3 2015)", Oct 2,2015
4 "Millennials Want Jobs to Be Development Opportunities", by Amy Adkins and Brandon Rigoni, Gallup, June 30, 2016
5 "Avoidable turnover costing employers big", by Nick Otto, ebn, Aug 9, 2017
6 "Poll: Majority of millennials are in debt, hitting pause on major life events", By Andrew Arenge, Stephanie Perry and Ashley Tallevi, nbcnews.com, Apr 4, 2018

 

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