Recruiting and Retaining Millennial Employees
Recruiting and Retaining Millennial Employees.
We always urge small business owners to channel some of their sales efforts towards the millennial generation. This blog post steps away from the recent series on Napoleon Hill’s Buyer Motives, to take a look into a new trend in the business world.
In the media, millennial employees tend to get a lot of bad press. They are often targeted for being selfish, narcissistic, high in self-esteem, and low on work ethic. While this may be true of some, these individuals are not the majority. As a whole they are well educated, eager to travel and learn from other people and cultures, and often seek new experiences and adventure.#Millennials make up 25% of the U.S population and over 50% of the U.S workforce! #Smallbiz Click To Tweet
Millennial’s currently make up about 25% of the U.S population, but millennial employees account for over 50% of the workforce. They make up 21% of consumer discretionary purchases, which totals over a trillion dollars in direct buying power. The economic impact that they have in the United States is unmatched by any other age demographic. They have changed our culture.
Well over 50% of millennials believe that parenting is a partnership. This in turn means many more women are working either as the sole providers of the family or in conjunction with their partner. They care about corporate social responsibility. Over half are more likely to buy a product if it supports a cause, even if it may mean an increase in cost. Millennials are early adopters of technology and have the highest numbers of Facebook friends than any other generation. (millennialmarketing.com)
Using social media and new technology to sell to millennials becomes obvious when looking at some of these statistics. Employers are also seeing the benefits of hiring this creative and technical savvy demographic of millennial employees. Despite being criticized for being lazy and spending too much time on social media while on the clock, many employers have recognized the benefits that they bring to their companies.
Employers have gone so far as to offer incentives to attract and keep their millennial employees. The Hartford Business Journal, a local Connecticut weekly business newspaper, recently published a story about a local Hartford company that offers loan repayment benefits. Robert Syc, the company’s president, pays his employees $1,000 per year to put towards their loan repayment. While it doesn’t seem like much, it can help out a huge dent in interest costs. He has also found that this helps lower stress in the office, which results in better work production from his employees.#Companies offer perks to attract and retain employees. Have you gotten #creative? #Business Click To Tweet
With the goal of attracting millennial employees in mind, companies have started to get creative. According to the Career Attraction website, businesses can’t simply rely on traditional HR perks anymore. They have resorted to more creative benefits like pampering perks, community perks, lifestyle perks, convenience and special deal perks, and even culture perks. What do these perks entail?
Pampering perks offer things like:
- Free snacks or breakfast
- Sports tickets
- Fitness memberships
- Office décor stipends
- VIP parking spaces
- Chair massages
- All expense paid holiday weekend getaways.
- Book clubs
- Paid memberships to activity clubs
- Paid time off for volunteering
- Department retreats
- Company wide organization efforts
- Philanthropic giving programs
Lifestyle perks have become popular in the last few years to accommodate employees’ work/life balance needs. These perks include things like:
- Flexible scheduling
- Casual dress code
- Wellness rewards programs
- Reduced summer hours
- Paid time off on birthdays
- Simply respecting employees lives outside of the office (not texting or emailing after 5pm).
Cultural perks may be the most important for employee retention. These perks center around giving everyone a seat at the table. It includes things like:
- Having lunch with the CEO on your birthday
- Challenging and rewarding work
- Dedication to educating employees
- Transparency and open communication
- Direct access to company executives
- Freedom to be creative and take initiative
- The ability to be a part of the decision-making process.
No business, regardless of size, is possible without its employees. How engaged and passionate your employees are is up to you. There are a multitude of benefits in attracting the best millennial employee talent to your business. Have you implemented anything at your company to recruit or retain millennial employees? We’d love to hear about it so please leave a comment below!
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About Our Guest Author!
Halley Barnes is a graduate student at Rutgers University in the field of Communication. She recently graduated from Rutgers University with a bachelor’s degree in Communication with a specialization in Public Relations and a dual minor in Digital Communication, Media, and Information and Psychology. She spent four years as a member of the division one Rutgers Women’s Lacrosse team where she served as the captain of the team her senior year. She was also named a member of the Big East All Academic team her freshman and sophomore years, and a member of the Big Ten All Academic team her junior and senior year. As an undergraduate student she made Dean’s List all eight semesters and was the keynote speaker at the 2015 Rutgers Alumni Leadership Conference. She was also inducted into various honor societies including Chi Alpha Sigma, National Society of Leadership and Success, and the National Society of Collegiate Scholars. Halley loves traveling, trying new food, going hiking and kayaking, and spending time with her family.