If You Want to Hire and Retain Millennials, It’s Time to Think Differently
Attracting and retaining millennials has become a primary concern for most employers, especially in Sonoma County. According to a recent poll completed by the Bay Area Council, a business-sponsored advocacy organization, 46 percent of millennials are considering relocating to more affordable regions in the next few years. An even scarier statistic, only 42 percent, as opposed to 57 percent in 2014, think the economy is “headed in the right direction.”
Cynthia Murray, president and CEO of the North Bay Leadership Council, says “We failed for decades to keep building enough to match the jobs, and if the workforce leaves, then companies leave too.”
So how can you attract and retain Millennial talent? Well, its time to think differently. Unfortunately, Millennials are a generation with higher debt and lower wages compared to their parents and grandparents when they were the same age hence their selectiveness with work. Offering attractive work benefits specifically designed for Millennials is a must have to hiring and retaining a strong Millennial workforce. Below are three of the top unique benefits desired by Millennials:
Student Loan Assistance
Move over 401(k) and health insurance plans, this new company benefit is tailored to the millennial workforce. According to debt.org, only 4 percent of U.S. companies offer this perk, but 8 percent of companies with 40,000 employees or more have it. Student loan help targets millennials, who are now the largest generation in the workforce. It’s estimated that millennials with make up 75 percent of the labor pool by 2025. With 70 percent of college students graduating with loans, changing 40l(k) and health insurance plans for Student Loan help is a great bargaining chip.
Corporate Social Responsibility
According to Phase 1 of the Millennial Impact Report, millennials are becoming even more engaged in philanthropic causes in 2017 than they were in late 2016. Simultaneously, employers continue to search for ways to attract, hire and retain them. What better way to engage with them, than by providing an opportunity to support their local community. After all, millennials tend to be attracted to companies that give back to charities, have the occasional in office event to raise money or donate volunteer hours to causes. If your company does not currently have a culture of responsibility, the good news it is easy to create.
Flexible Work Arrangements
We know what you may be thinking, how can you consider flexible work arrangements a “unique benefit.” It is true, over the last decade, workplace flexibility has become an important focus of many working people, especially millennials. According to the PwC’s NextGen study conducted by the University of Southern California, millennials do not believe that productivity should be “measured by the number of hours worked at the office” but rather “by the output of the work performed.” A Bentley University study indicated that 77 percent of millennials believe that a flexible schedule would make them more productive.
The future of work is shifting towards alternative schedules that allow employees to focus on their priorities, which in this case is a healthy lifestyle and more time for family and friends.
Evaluate the tasks that employees perform and decide if flexibility can be incorporated into operations. In this way, you may become more appealing to millennial job seekers.
In short, attracting, hiring and retaining millennial talent is all about your unique benefit offerings. If you’re looking for millennial talent and are having a hard time, let Artizen Staffing help you attract the right candidate for your company.