Millennials make the biggest workforce in the world today and they use their power to reshape traditional labour norms. People aged 35 and younger expect an entire portfolio of benefits at their jobs, drastically reducing the importance of financial compensation.
According to the study conducted by Deloitte, Millennials set high standards and generally expect to be both financially and emotionally better off than their parents. They demand customised approach and avoid generic work-benefit solutions.
How to attract the most talented Millennials
It’s not easy for an employer to come up with an all-around strategy that can attract the biggest talents on the market. Winford Bartlett, an HR Director at Resumes Planet, recently stated: “Millennials don’t only ask for work benefits as such. They believe in company vision, interpersonal relations, and corporate responsibility, so you need to offer them added value if you want to compete for the best prospects.” But what exactly are these perks and benefits? Let’s check it out.
- Good interpersonal communication
Contemporary job seekers don’t want to be confused and afraid of their supervisors. They want direct and straightforward communication with all colleagues, especially with senior managers. This way, they know exactly what to do, what are the expectations, and company objectives.
More than 65 percent of Millennials claim that respectful treatment is the most important job satisfaction contributor. And without proper communication, healthy interpersonal relations are almost impossible to achieve. That’s why Millennials need to be sure that they can communicate with their supervisors clearly and honestly.
- Work-life balance
The generation of Millennials understands that people don’t live to work but work to live. For this reason, they are trying to establish a sustainable work-life balance and set it as one of the top priorities while searching for the job. For instance, a recent survey revealed that the average tenure of employment for young New Zealanders is less than two years. Namely, they change positions regularly just to find one that can satisfy both their career and personal goals.
- Customised healthcare
Health care programs have long been a matter of standard forms and regulations. This changed with the emergence of Millennials, who needed different solutions in that regard. Today’s employers have to offer them customized health care benefits and dig deeply into various elements. For instance, a Millennial might want prescription drug coverage or mental health services but neglect the hospital care. Such approach makes their health care benefits cheaper but more productive.
- Technology-driven positions
Millennials are the children of information technologies. The so-called digital natives are raised in the hi-tech environment and they don’t need to adapt to it. They use it in everyday life, which is why more than 80 percent of Millennials have Facebook profiles.
On the other hand, their employers are the ones who need to adapt to this situation. Talent seekers have to provide young prospects with the comprehensive digital environment and allow them to learn about the company and its business through the Internet and social media.
We mentioned before that the generation of modern workers strongly supports corporate social responsibility (CSR). They want to be successful but they also need to know that their work is contributing to the world. Of course, it doesn’t have to be a global mission. For example, it’s enough to help and support local community or to promote and nurture ethical standards. This makes the Millennials happier and more satisfied with their jobs.
- Highly individualised perks
Some workers find happiness in little things. These are small everyday perks that make their working hours more interesting and relaxed. What they need depends on their personal affinities but some examples are free snacks, table tennis equipment, a free gym pass, office treadmills, etc.
This is the trend that many companies accept in order to please their workers. It turns out that such perks - which are basically low-cost demands - increase employee productivity and retention rates. Millennials appreciate the little privileges, seeing them as the sign of a good will and the readiness of employers to fulfill their highly individualized requirements.
There is a big hype that actually overestimates the importance of certain Millennials’ personal needs. Even though they enjoy small benefits and non-financial privileges, they are still eager to earn a lot in their careers. Namely, some studies have shown that Millennials have very high pay expectations as they advance on the vertical hierarchy. That’s why you shouldn’t be surprised if you face unreasonably high financial compensation demands from younger prospects.
As an employer, you can hardly attract the Millennial workers nowadays using good salaries as the only job benefit. You need to offer them a wide range of carefully customized perks if you want to hire the best staff. In this article, we presented to you the most important job benefits for Millennials. Bear them in mind and let us know in comments if you face other interesting demands from the young employees.
Micheal Gilmore is a blogger and entrepreneur from the US. You can catch Micheal on Twitter.
Idealog has been covering the most interesting people, businesses and issues from the fields of innovation, design, technology and urban development for over 12 years. And we're asking for your support so we can keep telling those stories, inspire more entrepreneurs to start their own businesses and keep pushing New Zealand forward. Give over $5 a month and you will not only be supporting New Zealand innovation, but you’ll also receive a print subscription and a copy of the new book by David Downs and Dr. Michelle Dickinson, No. 8 Recharged (while stocks last).
Idealog is part of ICG. We work with clients like Woolworths New Zealand, All Good, Huffer, Liquorland, Resene, Citta Design, TVNZ, Spark and FCB on their event activations, in-store, in-office or out-of-home signage, content creation and vehicle wraps.