SerpApi.Org
Millennials are now the biggest generation in the American workforce — 36 percent of the labor force, according to the U.S. Department of Labor, ahead of Gen X, Gen Z and baby boomers. They are also the most likely to leave. Gallup has estimated that millennial turnover costs the U.S. economy $30.5 billion a year.
That churn is a problem that businesses should consider. Here’s what millennials actually want from an employer — and how to build a workplace they don’t want to leave.
What employers should know about millennials
Millennials, or those born between 1981 and 1996, have some specific intricacies across the range of their population. To determine the best ways to attract and retain this critical generation of employees, employers must first understand who they are and what their motivations are.
1. They aren’t that different from other generations.
Society often labels millennials as whiny and lazy, demanding far too much and offering the bare minimum in return, but research shows otherwise.
Millennials want an environment that reflects their core values: the ability to cultivate a healthy work-life balance, work that contributes to a better society, a competitive salary and benefits, and an environment that offers mentorship and the potential for growth, reported Deloitte’s Global’s Gen Z and millennial survey.
“Millennial workers can be described as pragmatists,” said Brett Good, senior district president for Robert Half. “Having grown up during a time of economic instability, more than any generation since the Great Depression, they crave both financial and workplace security. Specifically, they seek fair compensation and ample benefits, including healthcare coverage.”
2. They prefer a flexible work schedule and remote work opportunities.
Flexible schedules and hybrid or remote work are now an expectation, not a perk. Remote work seemed like an idyllic dream years ago, but the pandemic ushered in the ideal millennial work environment almost overnight. Many companies have since attempted to return to in-person work. However, progressive organizations with a finger on the pulse of their employees — especially those in industries where full-time remote work is good for business — have stuck with the new normal by offering hybrid or flexible work schedules at the very least.
Remote and hybrid arrangements give millennials room to care for parents, partners, pets or children, and to get their work done on a schedule that fits the rest of their lives. Companies that pair that flexibility with solid communication, video conferencing and project management tools get a more agile workforce out of it. “Millennials like the freedom to accomplish their tasks, but they also prefer to collaborate with their colleagues as a team,” Good said.
Within the confines of remote work, positive and healthy company culture is a must to make remote millennial employees successful. They want to work toward something with their team and know their work has value and meaning outside of providing for themselves. “Create an employee-centric company culture where colleagues work together toward a meaningful goal and where team members’ voices can be heard,” said Adrián Ridner, co-founder and CEO of Study.com. “Provide opportunities for cross-training so employees can grow and work with other teams.”
3. They value professional growth and development.
“This generation of employees is keen on career opportunities that provide career growth and development,” Good said. “They want to hit the ground running and seek to learn, contribute, and develop their skills.”
Managing employees takes more than delegating tasks and tracking assignments. Your job as a leader is to push your team to learn and gain confidence — through training, continued education, on-demand learning, job rotations and mentorship. [See how the top PEO services can help with training and development.]
“Millennials are driven and ambitious, and more of them will start moving into leadership positions,” Ridner said. “Offer training that can help millennials develop their leadership and management skills.”
Ridner recommended short videos or access to current leaders as mentors rather than long sessions with monotonous instructors. “The opportunity to learn and grow is key for millennials,” he said. “Offer opportunities for continuous learning, and give millennials the flexibility to try new things. Support them when they want to take risks. Give them the opportunity to test new things and learn from any failures.”
4. They want to make a difference.
For many millennials, a job is not just a salary — it’s a lifestyle. More employees are channeling their passions at work, focusing on emotional rewards rather than monetary incentives.
“First and foremost, be mission-driven,” Ridner said. “Millennials want to feel good about their work and make an impact on society at large. Highlight the way your company gives back at the forefront of your initial conversations with talent.”
If a millennial does not feel personally connected to their company, they likely won’t stick around, Ridner said. Retaining employees is as important as attracting them, so align your mission with your workers and create a platform for their voice. This can be done by writing the perfect mission statement.
5. They want a mobile-friendly hiring experience.
Given that millennials are known for using their phones for virtually everything, ensure your company is as mobile-friendly as possible. You want to make sure, for instance, that your chosen career site is readable on smartphones. Many millennials prefer to search for and seek jobs in the midst of various other activities throughout the day, so many view the sites on the go. You may also opt to communicate with candidates via text, chats or emails, because they’re all smartphone-friendly methods. [Find out how the best HR software can help you recruit and onboard new employees.]
How to attract millennial employees
As millennial employees shop for jobs, companies can stand out to this unique demographic in a few ways.
Organize outreach strategies.
Meet millennials where they already are. Build a real presence online and engage with people there. When you have an opening, post it to your social accounts — followers already know your brand and mission, which makes them better prospects than cold applicants. It’s also worth investing in mobile ads and keeping job postings accurate and specific.
Provide opportunities.
Millennials begin looking for other jobs when they feel their company lacks resources, training, or room to grow. To attract millennial employees, consider building a comprehensive job path, encourage cross-training in different business areas, and proactively offer professional development opportunities and seminars to keep the employees engaged.
Invest in your company culture.
Note the importance of culture when hiring millennials. Company culture should be a top priority for organizations committed to retaining millennial employees. Company culture includes work-life balance, top benefits, intrapersonal relationships, and how the organization puts its mission, vision and values into action.
Upgrade your technology.
Millennials were the first generation to grow up with the internet. To say the least, from texting to tweeting, they are a tech-savvy group. They adopt new software quickly and notice when your tools are dated — like a careers page that hasn’t been touched in five years, an applicant portal that times out or a manual expense process that could be automated. An updated website, a working career portal and an active social presence are the baseline.
How to retain millennial employees
The journey doesn’t end when you’ve hired an all-star millennial. You have to make sure you can keep them. It is essential to strategize ways to retain that employee, foster their growth and encourage them to suggest referrals to hire more millennials.
Support diversity.
Millennial candidates research a company’s diversity, equity, and inclusion record before they ever apply — scanning your leadership page, your employee reviews and your public commitments. The authentic pursuit of a diverse workforce communicates an organization’s commitment to inclusivity, progressiveness, and genuine care for its employees’ values.
Offer career growth opportunities.
When millennials sense they’ve plateaued, they start looking for a new job. To retain your top-performing millennial employees, create growth opportunities that benefit both the employee and the business. Investing in cross-training and development pays you back in fresh perspectives and revenue-driving ideas.
Provide competitive salaries.
As much as millennials value fulfilling work, they also expect to be paid fairly for it — and, like anyone, they’ll follow the better offer when it makes sense for their career and their family. By providing a competitive salary, companies can keep their best millennial employees and foster upward growth in the organizational hierarchy.
Offer work flexibility.
Business-to-business industries, office jobs, and other verticals that don’t serve customers in person have the unique opportunity to offer hybrid and fully remote work schedules to their millennial employees. In addition, flextime, with its advantages and disadvantages, remains a significant benefit for millennials, as the freedom to create their own schedule gives them the confidence and autonomy to produce their best work.
Be transparent.
Millennials leave fast when a company breaks its promises — like the raise that never materializes, the promotion track that disappears or the reorganization nobody explains. They want honest communication and an employer that follows through. Train your managers and decision-makers to keep people informed, especially when the news is bad; that’s where trust is built or lost.
