By Acara Account Executive Spencer Greenwood
In 2020, a millennial will be anyone between the age of 24 and 39, which means that millennials will make up a large and crucial percentage of a company’s workforce. As we approach a new decade, companies will need to rely on millennials for their fresh ideas more than ever.
So, what do millennials want from their employers? How can HR and business leaders attract this ever-present generation? Take it from me: an experienced recruiter and millennial in my own right.
Here’s what the market says millennials are looking for when selecting an employer:
1. Work-life balance and flexibility.
According to The Balance Careers, work-life balance “reduces the stress employees experience” at work, which experts say benefits both employees and employers alike. In 2020, though, we may see the shift from “work-life balance” to “work-life integration.” As Forbes puts it, “integration” may be more attainable than “balance,” per se, but no matter what you want to call it, the principles are generally the same. Millennials (and employees in general, perhaps) want:
- To work from home
- Unlimited vacation
- Flexible work hours
2. Favorable company culture.
Does your company disrupt the market? Are you proud to talk about your company and work culture? Do you promote social events such as networking opportunities, company socials, or “beer cart Fridays”?
Yes, there is more to establishing a good company culture than just perks, such as ping-pong tables and nitro cold brew on tap. And yes, those perks can be cool, but if it’s a culture you’re building, consider building your company around the following ideals—most of which should appeal to the average millennial:
- Treat employees as responsible adults—avoid micromanaging
- Provide targets and KPIs, but allow employees to accomplish goals however they can
- Implement a perk, benefit, or environment that is unlike anywhere else
- Create a fun and free work environment
- Celebrate your team members
- Establish an appealing social media presence
3. Social responsibility.
Millennials want to do good and do well at the same time. What does that mean? It means your company’s social mission should create opportunities for your workers to make meaningful contributions to society. According to this article by Fast Company, “64% of millennials said that they wouldn’t take a job at a company that wasn’t socially responsible; three quarters said that they’d take a smaller salary to work at a company more in alignment with their values.”
If you want to know whether you’re connecting with millennials on a socially responsible level, ask yourself these questions:
- Is my company making a positive impact on the world around us?
- Does my company operate in an environmentally friendly way?
- Are we proactively supporting any organizations or causes?
- Do we clearly and confidently support equality and diversity?
If your answer to these questions is predominantly “no,” here are 7 Ways to Make Your Business More Socially Conscious from Entrepreneur.
4. Competitive compensation.
Did you know that traditional compensation packages don’t work for millennials? According to Co.tribute:
- 92% of millennials believe that business success should be measured by more than profits
- The millennial generation is committed to making an impact
- Benefits need to include robust retirement plans, not just foosball tables and free lunches
- 72% of millennials place a stronger emphasis on opportunities to learn new skills
- 51% of millennials want employers who provide the means for community involvement
- Millennials value such freedom and flexibility when you offer it
Are your employees rewarded for their hard work in the form of compensation? Are you staying competitive in a competitive market? Are you offering meaningful perks and benefits?
5. Promising career path.
Millennials are at that age where a clearly defined career map means everything. As Noah Smith points out in his Bloomberg Opinion article, “What educated millennials need isn’t just jobs; they need help plotting a course that will reliably lead them to upward mobility and justify the expense of their education.”
Here’s a quick list of what millennials are looking for and how you can make it happen:
- Opportunities for growth—advertise legitimate career maps
- Promotions—cite existing employees who have grown with the company
- Professional development—offer opportunities for employees to learn new skills
- Company involvement—invite employees to contribute to your company’s vision
6. High-quality candidate experience.
Like it or not, we millennials are in impatient bunch. We are conditioned to accessing and consuming information quickly and conveniently. So if you’re courting a high-quality millennial job candidate, you better be responsive online and off. If your response times to applications and interviews are lagging, you could lose out on that millennial job candidate. Here are a couple things they want and how you could deliver them.
- Easy access to your info—your website should be informative and user-friendly
- Multimedia presence—your sites and social media pages should include lively images, videos, and other content
Looking for more? Check out these 5 need-to-know facts about millennial candidates.
For other insights about talent and recruitment strategies, connect with Spencer on LinkedIn!