Millennials make up the largest percentage of the workforce and require careful consideration when working to recruit and retain them.
As with many employees in the modern workplace, competitive salary, benefits, and flexibility are high priorities for millennials. We will discuss both how to recruit and maintain the millennial workforce. To begin, let's clearly define the millennial generation. Individuals born between 1980-2000 fit into this category.
The millennial generation graduated with more college debt than their previous counterparts. As a result, job-hopping is much more common. Salary is the number one driver in the job search. Many of these workers experienced the recession of 2008, so financial stability is even more of a concern. Couple this with the recent global pandemic and the search for a competitive salary is even further exacerbated.
As an employer, this can create some hesitation when hiring this generation. According to Forbes, the average price of a lost employee is 16% of their annual salary. Constant turnover can be frustrating for organizations as it creates increased work for the HR department to constantly recruit and hire. Because of this, many organizations are turning to HR software to better leverage technology to better manage the entire employee lifecycle.
How to recruit millennial employees:
As mentioned earlier, millennials, on average, have more debt than the rest of the workforce. So, they desire high levels of pay. They believe that competitive pay should reflect the work they deliver. Based on this, many are likely to move jobs quickly if they are not offered what they seek.
As a result, raises and promotions are incredibly important in retaining top talent in this generation.
Offering a full range of health benefits including medical, dental, and vision insurance, is essential in retaining your workforce of millennials. Other important benefits include retirement matching options in a 401k program. It is important to consider offering additional benefits and perks if you feel you cannot meet the level of competitive salary that your millennial employees may require.
Luckily, many job seekers are willing to accept lower salaries if the benefits come out to have great value.
Millennials seek a healthy work life balance with the freedom to have time for their family. This quest for work-life balance is more apparent than generations prior. As a result, flexibility is one of the biggest priorities when choosing a job for millennials.
As we have seen in the pandemic, virtual work options were not just a temporary option. Employees will go with companies that are flexible in how they can work. To appeal to this generation, offering hybrid or fully remote positions is optimal.
How to retain your millennial employees:
Recognizing good work so your employees feel respected.
Many millennials want to be recognized for the good job that they are doing. By acknowledging and providing constructive feedback on their work, millennials will feel they are valued within the organization.
Millennials want to develop their skills in their field of work but also want mentorship on how to become a leader. Access to professional certifications and additional training courses are highly attractive features when these individuals decide to remain at a company. But more than that, they want to be guided by their manager so they get a glimpse of what it takes to reach that level.
Practicing regular employee feedback and utilizing an LMS platform to further training for your people is a seamless way to continue development and overall improved retention.
Younger generations expect more from their careers than their predecessors. To ensure you are leveraging the workforce appropriately, keep these tips in mind and ensure you have great partners to help you optimize your entire employee lifecycle.