How to attract the millennial generation with employee benefits
When it comes to what millennials look for in their job, there are several misconceptions. However, before we can even consider this, we need to understand how they are actually defined. Sometimes the millennial generation is defined as people born between 1981 and 1996, however some would include those born up to 2000, and so there is some overlap with Generation Z. For employers, being able to understand how to attract talented millennial employees can be hugely beneficial.
What millennials look for
There’s a lot of research out there about what millennials look for from their job. The findings, therefore, are quite broad. Numerous reports and studies show that millennials value stability in their job and career, which goes against a common misconception that millennials tend to ‘job-hop’.
Further to this, studies show that millennials value career support, education and training. This would suggest that many would stay with a company for the long-term provided there’s the chance to learn, grown and potentially move-up. It has also been found that millennials prioritise their financial security both in the short and long-term. Many millennials want good savings options and pensions, as well as advice on both.
Research highlights that millennials prioritise convenience and flexibility in their job. Of course, we’d all like a bit more flexibility and convenience, and so this is generally something nearly all employers should consider. There’s been a significant rise not only in the demand for flexible working in recent years but also employers offering it.
Perks and benefits that could attract millennials
When it comes to job stability, long-service awards are the first thing employers should consider. Although millennials will look to stay in a job for a while, it’s important employers don’t take this for granted and reward employees for it. If employees see other employers offering long service awards, they could be willing to sacrifice short-term stability for a job with an employer that will reward them more for their loyalty.
Many employers already offer career and education support, particularly big corporations. This could involve supporting employees in helping them return to university for period to study or helping them financially with a training course. Doing so makes sense for employers, particularly with millennials as they are more likely to stay with an employer for longer. Your employees then get the career and education support they’re looking for while using their education to benefit the organisation.
All employers should offer financial wellbeing to their employees. Research into this area has recently shown that one of the biggest worries for employees, not just millennials, is their financial situation. With millennials in mind however, savings options and advice on financial wellbeing can be very beneficial. Employers should also look to offer advice on pensions where possible or even offer good pension options. These could be deciding factors for millennials when choosing a job.
Virtually everyone would like a job with flexibility. Flexitime can be a big factor in attracting all employees, not just millennials. The option to work from home can also be a unique selling proposition for employers in the recruitment process. It can help employers attract talented employees from further out and not just in the local area.
Of course, it goes without saying that there are exceptions and some millennials will absolutely have different priorities to the ones the research suggests. However, it’s definitely worth considering what the findings say when trying to build a talented, multi-generational workforce.
This article was provided by Caboodle.
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