How to (really) engage with millennials: An insider’s scoop

Let me preface this by saying, I can’t stand the word ‘millennial’. Depending on the month a ‘millennial’ is defined as a ‘Trophy Kid’, ‘Generation Me’, or a ‘Tech Baby’. While I may dislike the term, born in 1993, I am undeniably part of the millennial generation (and yes, I have the participation trophies to prove it).

Putting aside the many connotations that come with the term ‘millennial’, the millennial generation - those aged 19 - 34 in 2016, is quickly becoming one of the central topics of discussion within employment, HR, and benefits circles. Questions of how to attract, engage, and reward this generation are increasing in frequency and urgency.

The reason why is clear: By 2025, 75% of the global workforce will be comprised of millennials. Capturing the attention and talent of this generation may present significant challenges to employers.

So, what is the insider scoop on attracting and engaging millennials?

For one, stop calling us millennials. Two, coffee and food go a long way.

But at the heart of the matter is, well, heart. The Deloitte Millennial Survey reports that millennials want to work for and with organisations that have a strong purpose. In fact, more than 50% of millennials would take a pay cut to work for a company whose purpose aligns with their values.

This is not to say that millennials are not financially driven, instead, millennials believe that business can and should be a powerful vehicle to solve society's challenges.

These sentiments carry truth for me. The companies and organisations I admire most are those that seek to solve social and environmental challenges through their products and processes.

I am not alone in this opinion. During my final year, amid the continuous barrage of people asking each other “what are you doing next year?,” the students who were going to work for innovative purpose-driven companies gained the most ‘street cred’.

Purpose is not only attractive, it is engaging

Working for a purpose-driven company that seeks to help ease social or environmental challenges is exciting and compelling. It gives someone not only a company to work for, but also a cause to work for.

With 60% of millennials, ages 22-32, having changed jobs between one and four times in the last five years, engaging the millennial workforce is a particular challenge to employers. David Cruickshank, the global chairman of Deloitte, states “while pay is important, it’s clear that millennials won’t stay with companies for money alone.”

Currently, I work for SalaryFinance, a company that is dedicated to easing the financial burden of regressive financial services for working people. Our business model mirrors our mission. For every £25 pounds someone saves, we make £1. This means that our business succeeds when we save working people substantial amounts. The closely tied relationship between mission and business practice is what originally drew me to SalaryFinance, and it is what keeps me invested in the company.

When looking at how to attract and engage millennials, focus on purpose and values. While we may be “Trophy Kids” and “Generation Me”, we are also purpose driven. And we want to work for organisations that share this value.

Also, please stop calling us millennials.

This article was written by Emily Dillon, business development and marketing manager at Salary Finance.