Employee benefits to attract millennials
It is believed that by 2020, millennials will form a massive 50% of the global workforce and that their attitudes about work and knowledge of new technologies will define the culture of the 21st century workplace. According to a recent survey conducted by PwC, business owners admit that attracting and retaining younger workers is one of their biggest recruitment challenges.
Companies like Apple and Google are already nailing it with their benefits, and because of that they are able to take their pick of the best younger talent around. To stay competitive, your company culture must offer something beyond the norm. So if your business wants to keep up with the times and adapt to attract millennials into your workplace what key steps do you need to take?
1. Encourage learning, development and career progression. When PwC interviewed a large group of millennials, as part of their recent survey, over 50% of them said that learning and progression was their main attraction to an employer. Access to coaches and mentors was another perk that attracted the younger candidate. Millennials relish the opportunity to engage, interact and learn from management so consider a mentoring programme in your workplace.
2. Offer a flexible approach to work. Most millennials nowadays see a good work/life balance more important than a financial reward. Consider flexible hours, part-time working, job sharing or working from home as some of your options. Employees are more likely to deliver results if they are supported from management in the things that are the important to them.
3. Try to provide a varied and interesting career. Are there any projects that your millennial staff could work on or tasks they can manage to give them a sense of authority? Offering the chance to prove themselves and progress/learn is a massive attraction to any young candidate and will help them feel more motivated at work.
4. Consider wellness initiatives for staff. This could be stress management advice, access to yoga classes or offering a quiet space to escape the pressures of the working day. Studies have shown that meditation, yoga and similar wellness practices not only create a calmer atmosphere but they also boost productivity in the workplace.
5. Provide constant feedback. Millennials need to know if they are doing a good job, or if something isn’t going so well. Support your employees and regularly offer them praise and advice to help them develop personally – they will thank you for it in the long run.