Any good angler knows you can’t just cast out a line and hope to catch a record-winning fish. You must use the proper casting technique and type of bait if you want to snag the “big one.” When it comes to millennial workers, the same concept applies.
You need to use the right combination of practices to reel in (and retain) talented millennial workers in your business.
Who are the Millennials?
Members of the millennial generation were born between 1982-2000. They make up nearly 25% of today’s population and 33% of today’s workforce. By 2020, that number will increase – 1 in 2 employees will be a millennial, according to a study entitled “Millennials at Work: Reshaping the Workplace.” This means that understanding, attracting, and keeping the best millennial workers is more important than ever, especially because millennials are more willing to switch jobs if they are unhappy.
What do Millennial Workers Want?
According to the Bloomberg Law article “Diversity and Millennials: The Influence of Millennials On Workplace,” millennials have several key values that influence their perception of the ideal workplace. They find the following important:
- Work/life balance
- Equal opportunities and diversity
- Ability to make an impact
- Financial security
How Can Your Business Appeal to Millennials?
- Work/Life Balance
Make sure your expectations are realistic and clearly conveyed to employees. If possible, be flexible when it comes to where and when your employees work. For example, you could allow an employee to work from home one day of the week. You can also offer a greater amount of PTO compared to your competitors.
- Equal Opportunities and Diversity
Compare your company’s promises regarding diversity and your employees’ actual experiences to make sure they are consistent. Create advocacy groups in the company. Hire diverse people, but don’t stop there. Implement inclusion programs to show employees you care about diversity and teach them strategies they can implement in order to work with diverse members of a team.
- Ability to Make an Impact
Make the employee’s role in the larger organization clear. Provide frequent feedback to let the employee know how his or her actions are impacting the company.
- Financial Security
According to an article by Employee Benefit News, millennials care less about regular pay raises than they do about financial security in the long run. Try to cater to this by assisting employees with student loan payback or by offering to help them pay for further education. Follow in the footsteps of property management company Nest DC and hold finance management courses with fun incentives.
If you want to build a successful company, you need to catch (and keep) top millennial talent. Keep millennials’ values in mind and try implementing some of the practices above to lure in the talented millennials you wish to hire. To learn more, call a Sioux City attorney, Omaha lawyer or Sioux Falls attorney today!
For more information about how to motivate and keep your employees, check out our blog! http://blog.goosmannlaw.com/human-resources-on-your-side/how-to-motivate-employees-in-four-steps