Millennials will make up around 50% of the global workforce by the year 2020, which is why it is essential to attract and retain the very best talent from this demographic. Yet, what motivates millennials (25 – 35 year olds) is somewhat different to the generations preceding them, whom have been satisfied with traditional work benefits like pensions, bonuses and company cars.
Instead, millennials seek personal development, a good work-life balance and positive company cultures, which is why forward-thinking businesses will be focusing their efforts on adjusting workplace benefits to meet the desires of this group.
Read more to understand how your business can put itself at a competitive advantage by listening to their particular wants and needs.
Modern work spaces
Enjoyable work spaces have slowly taken over from the boring, standard office of yesteryear. Perhaps we can thank Google for that one, where it has been speculated that ball pits, slides and other such wonders are present within its crazy headquarters called googleplex. Now, we’re not suggesting you go quite as wild, but given that work-life integration is an important employment factor for young people, it’s wise to start thinking outside the box a little.
Open-plan offices with modern break-out areas, free fresh beverages from high-quality bean to cup coffee machines and ping-pong tables are all small but creative ways to add a little bit of spice to the working day.
Employee training and development
Millennials are at the earlier stages of their working lives, with their whole careers ahead of them and, despite what the older generations like to tell you, they are in fact driven and want to excel in their prospective vocations.
Organisations which encourage their young talent to keep learning by implementing qualification budgets, mentor programmes and training schemes will quickly reap the benefits of attracting ambitious, talented young people.
Where the older generation’s priorities lie in higher pay and bonuses, their younger counterparts instead put good work-life balance as a top incentive. Many live by the saying ‘work hard, play hard’ or even ‘YOLO’, so fostering a company culture which encourages employee bonding and supports millennials’ thirst for adventure will certainly earn you the thumbs-up. Examples include regular team breakfasts, social nights out and even weekend mini-breaks.
In 2018, the most progressive companies are ditching the rigid 9-5 and introducing open work policies like flexible hours, the ability to work remotely from home and the bonus of additional holiday allowance, all of which resonate well with millennials. Moreover, numerous companies are now appealing to tech-savvy young people by allowing their employees to work from their own devices (BYOD) while in and out of the office.
Health & well-being
Regardless of their age group, healthy employees tend to equal happy employees. However, the millennial generation in particular are a health-conscious crowd and are more likely to pursue ways to take care of themselves, both physically and mentally.
Managers who show that they take their employees’ health seriously will resonate well with the younger generation, so you should think about introducing perks like subsidised gym memberships, health insurance or even corporate wellness retreats.
Likewise, mental health awareness is now being talked about more than ever before, especially amongst socially aware millennials, so it’s time to seriously consider offering mental health support and introducing positive self-care activities like yoga or “chill-out rooms” within the workplace.