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Millennials have been described as a breed apart. However, in many respects, they are not all that different from other generations. They want meaningful work, disposable income, and time off to be with their families. However, there is one important way that Millennials really are unique. No cohort has ever been as comfortable with technology. This skill gives them tremendous clout as they enter the workforce. When it comes to attracting and retaining millennials, here are seven things companies need to consider to attract and retain millennial employees.
1. Millennials are idealistic. They’ve experienced how the financial crisis impacted their parent’s retirement plans and their own job prospects. Consequently, they want to work with companies that put people ahead of profits. If you want to attract and retain millennials, then think about what values your company stands for.
2. Millennials love technology. In particular, they appreciate how high-tech tools flatten organizational hierarchies. As a result, they are looking for businesses that encourage digital collaboration in the decision-making process.
3. Millennials are keenly interested in achieving a work-life balance. Companies that can provide a fun work atmosphere and time off to address personal matters will have a recruitment edge.
4. Having a boss that gets them as a person is another quality today’s young people are looking for. Servant leadership — where a manager is interested in the employee’s personal development — is an approach more business cultures are turning to.
5. Go green. Millennials are deeply concerned about climate change and they tend to support and want to work for companies that reflect their values. To keep your millennial employees engaged, look for ways to improve your company’s carbon footprint and bolster your credentials as a good environmental citizen.
6. Compensation is important for millennials, but they are often willing to trade pay for quality-of-life benefits. Family leave, extra vacation time, and workplace perks can often be decisive for this group.
7. Workplace engagement is high on the agenda as far as millennials are concerned. They expect jobs to be stimulating and they want their input to matter. Tools that help them collaborate with both customers and management will help drive engagement.