Millennials Will Leave for Better Benefits: Here’s How to Get Them to Stay
March 12, 2019 / Employee Experience
Millennials are set to become the biggest generation since the Baby Boomers, and 76 percent say they would leave their current job for a new opportunity. How can employers avoid the churn? By creating an amazing employee experience from end to end.
Millennials are a hot workplace topic. For every article that claims they’re lazy and entitled, there’s a report showing that they’re working harder for less money than previous generations. Whether you take a side or not, it’s essential for today’s businesses to attract and retain millennials.
Millennials — those born between 1980 and 2000 — are the largest generation of the U.S. labor force, poised to become the largest living adult generation (bigger than Baby Boomers). What makes this alarming for employers is that 76 percent are open to new opportunities and 43 percent of millennials in the workforce plan to quit their current job within two years, despite two-thirds of workers reporting being satisfied or very satisfied with current job happiness.
Although they might be different than previous generations, millennials have a lot to offer. By understanding how they think and why they’re leaving their jobs, employers can not only hire great talent, but get them to stay.
Get Millennials in the Door With Mobile-Friendly Hiring
Yes, millennials are usually on their phones, but that means they’re also searching and applying for jobs on their phones, too. Nearly 70 percent, in fact. If your website is outdated or your careers page and application process aren’t mobile-friendly, they might look elsewhere.
Streamlining your hiring process can also give you a leg up against the competition. Throughout the hiring process, millennials are likely juggling multiple job offers. If you find a good fit, you’ll need to move quickly to close the deal. Consider offering a signing bonus to set you apart from the competition.
Benefits are a Deciding Factor
According to a survey by LaSalle Network, better benefits are one of the top three reasons that millennials will leave one job for another. But, what those look like can vary immensely. Remember, their generation spans a large age range. While student loan assistance may be a priority to recent college grads, maternity/paternity leave may be a game changer for others. Ensure your benefit offerings are competitive within the marketplace, engage with your employees and ask for feedback.
Wellbeing Programs Will Set You Apart
Millennials value wellness. They are smoking less, exercising more and eating healthier than previous generations. Not to mention they’re laden with financial woes, combating burnout and have higher levels of anxiety than older generations. And they expect their employer to offer resources to cope.
A company culture that values holistic wellbeing and addresses these pain points is essential if you want to be a contender. If you don’t already have a robust workplace wellbeing program that includes a wellbeing app and personalized experiences, now is the time to get one.
A platform that personalizes each employee’s experience meets them wherever they are on their wellbeing journey. It also helps employees access the right benefits, resources and tools at the right time with recommendations that are unique to each individual’s needs.
Will Move for Work Perks
Don’t underestimate the smaller things. A study found 66 percent of millennials in the workforce would take a job with better perks, which included the availability of healthy snack options to keep them fueled throughout their day. Certain perks like work-from-home options and flexible schedules mean a lot to millennials, as they value their work/life balance.
Don’t Overlook Ethics and Leadership
A study found that only 48 percent of millennials polled believe corporations behave ethically. And corporate reputation and social impact efforts are important to more than 90 percent of millennials.
Take a hard look at your company’s values and corporate philanthropy efforts. If there’s room for improvement, now might be the time to take action.
Attracting and retaining millennials may pose some challenges for employers, but addressing these concerns will only make your organization stronger. After all, millennials are leading the digital future and have already reshaped the way we buy and sell. Embrace their differences and make your company a great place to work in the process.