What Millennials Want from Their Employers

As a new wave of Baby Boomers retires, more and more millennials are filling the workplace. Forbes recently published a list of five things millennials are looking for from their employers. Some of the things millennials look for were not surprising and probably don’t differ too much from what other generations have sought—like retirement savings and other employer-provided benefits. However, more than any other previous generation, millennials are looking for employers with one thing: social impact.

Over 80% of millennials find it important for their employers to promote the health and wellness of their community, consumers, and employees. Having a strong societal presence is important to young adults and millennials, many of whom value employer benefits such as volunteer time off and charitable gift matching.

Forbes reports that millennials and members of previous generations differ in their perspectives, particularly those regarding minority groups, diversity in the workplace, and equal opportunities. Millennials value diversity and many actively seek a workplace reflecting their values in a way not seen in previous generations.

If your business is having a hard time retaining young candidates, it could be that your company’s social impact (or lack thereof) is to blame. Nearly 30% of millennials have held three different jobs in the last five years; millennials are job-hopping at a higher rate than previous generations. Broadening your company’s community reach, valuing diversity in your workplace, and expanding employee benefits to include volunteer time off may be helpful in retaining top millennial candidates.

As new generations of employees are entering the workplace, it is important for employers to understand what drives their decision making. Millennials are driven by workplace culture and are actively choosing employers who share their values. Understanding these values is critical in obtaining quality millennial candidates for your company. It can be relatively inexpensive for your company to provide a charitable gift match or volunteer time off for your employees, and doing so may help you to retain the best talent. For more information, contact one of our lawyers at our Sioux Falls, Sioux City, or Omaha office today.