Did you know by 2025, 75% of the workforce will consist of Millennials? It’s true – the Millennial generation (born between 1980 and 2000) is steadily entering the job market and transforming the workplace through mediums like technology, social media, and start-up businesses. While there are differing opinions surrounding Millennials, the reality is that they are highly educated, tech-savvy, optimistic, and not afraid to share their opinion.
The Millennial mindset constantly asks, “What can we do differently?” or, “How can things be better?” As a result, 91% of Millennials inevitably change jobs within 3 years as they search for better “fits”, or test the waters in a completely different industry. For businesses looking to retain employees, this can be a huge challenge. The solution? It’s incredibly important to understand the Millennial mindset and create a work environment where they can learn, feel empowered, grow, and achieve success. These proven strategies can help you attract, retain, and develop Millennial employees, so you can have a more engaged and productive workforce that lasts.
1. Offer Education & Career Development
When searching for jobs, Millennials want to apply to places where they know they can grow, move up in the company, and hone in on their skills. Chances are if they aren’t going anywhere in their current role, they’ll leave.
2. Be Transparent With Company Benefits
Benefits packages can be tricky to understand, so much so that employees don’t even know what kind of benefits they’re eligible for. By communicating benefits clearly and setting up employees from the get-go, you can help them feel more secure.
3. Alleviate Financial Stress
Millennials graduate with an average debt of $35,000. To attract Millennials, you can offer student loan repayment benefits and set yourself apart from competitors in a big way. Another method is to offer rent subsidies to get young, talented individuals close to your office, and encourage them to stay in the area.
4. Implement Workplace Wellness Programs
Wellness programs are increasingly popular today, especially as chronic illness and obesity continue to rise, putting a major burden on healthcare costs for many companies. Millennials are health-conscious and enjoy perks like healthy snacks, gym memberships, and free biometric screenings (usually offered by most health plans).
5. Create A Company Culture
Company culture doesn’t happen overnight; it evolves over time based on who you hire, how you manage your employees, and how comfortable your employees feel at work. Think of company culture as your internal brand – the more like-minded people you have who jive together, the more cohesive your company culture will be.
The more talent you can retain, the less turnover rates you’ll have, which saves you money, stress, and delay in projects over time. Contact Beimdiek Insurance for help developing strategies that can help your company succeed, and stay relevant to the changing Millennial workforce.