Each week, 70,000 baby boomers turn 65 and become eligible to retire. As young professionals take their place, companies will have as many as four generations of employees in the workplace at one time. It’s estimated that by 2020, Millennials will represent 80% of the workforce. Hiring Millennials is something that every industry must address. So what is the key to hiring the best talent the Millennial generation has to offer (and keeping them around)?
What Millennials Want:
- A collaborative team environment where everyone works towards a common goal.
- A motivated workforce with the desire to get better at what they do.
- An environment in which employees earn the respect of co-workers, it is not assumed because of title or position.
- Appropriate and competitive benefits are provided and effectively communicated. If they are not provided, resources to provide direction are available.
- Systems and processes in place that are efficient and consistently followed. Well-thought-out changes and additions can be made easily.
The challenge for employers will be creating a culture that fosters an environment of employee satisfaction for all generations. In recent years, the average time an employee spends at one company has dropped by half, to 3.5 years, and over 60% of employees express remorse during the first 90 days of employment. The question remains, what elements need to be present for Millennials to stay engaged?
How to Retain Millennials:
Offer Workplace Flexibility
According to Future Workplace*, flexible hours and generous telework policies are more important to Millennial workers than salary.
*In this study, workplace flexibility ranked above career progression and compensation in importance. However, managers did not rate this as one of the “perceived” top five levels of attractiveness.
Communicate Mission and Values
Millennial employees want to work at a company whose values match their own and are likely willing to take a pay cut to do so. In a Net Impact survey, 58% of respondents said they would be willing to take a 15% pay cut to work for a company whose values matched their own.
Listen to Your Employees
The Millennial workforce craves the chance to contribute creatively and have their ideas heard. A company that fosters professional growth and values ideas from everyone is more likely to retain top Millennial talent.
As your organization assesses corporate culture and employee benefits, be sure to take into account what employees want. This is helpful not only for employee satisfaction and retention, but also in managing Millennials.
To learn how to hire and keep top talent in every area of your business, download our exclusive, free salary guides.