Benefits that Will Attract Millennials
In 2016, Millennials surpassed all other generational groups in the workplace. No longer the domain of the Baby Boomers or the Gen X minority, Millennials now make up more than one-in-three employments. The oldest of this group, those born after 1996, have entered the workforce and in many ways are re-shaping how business is done. With more Millennials looking for employment and their brothers and sisters of the Y and Z Generations not far behind, it’s a good idea to know what kind of benefits this majority group is looking for.
While there are negative connotations around Millennials in the form of entitlement, there are also other circumstances at play. Millennials and their younger counterparts are coming out of school with high debt ratios and lower wages than previous generations. This means Millennials are on the lookout for employment that will help them pay down crippling debt while boosting their educational and career paths.
- Networking – Millennials are looking to build relationships with those around them. Much like the friend element many Millennials have with their parents, they are looking to build peer relationships with their co-workers and bosses.
- Education and Career – Resources for growth and upward mobility are valued by many Millennials. This could be in the form of mentorship, training, tuition reimbursement or opportunities to advance in the workplace. With this benefit, always demonstrate the importance of goal setting and share the company’s trajectory for career success.
- Be Social – Organized company events can be a great way to encourage interactions between co-workers and peers and can help to demonstrate a “work hard, play hard” atmosphere at the company. It’s also a good way for managers to get to know their team members in a more relaxed environment.
- Remain Flexible – One of the most important elements to many workers, regardless of age, is flexibility in the work environment. Companies that offer such flexibility make use of continuing technological advances including chat, social media and video conferencing to offer alternatives to an 8 to 5, Monday-Friday option. Flexibility in controlling work hours and location goes a long way in demonstrating trust.
- Help with Loans – Millennials of all ages are overwhelmed with levels of schooling debt and getting out from under such debt is a goal for many. Assistance with student loan repayments is an attractive offer for many Millennials and at present is a rare, but cherished, benefit.
Building New Standards
The ability to attract and retain the Millennial generation will become an increasingly important challenge for all businesses in the future. Creating roles with an emphasis on ethics, values, flexibility and attractive benefits can make a workplace more appealing not only for Millennials but for workers of all ages.
This article is brought to you by Staffing Kansas City, a Kansas City employment agency that provides “Personnel Services with a Personal Touch.”