3 benefits that millennials value most – and how you can take advantage
Perhaps the most challenging thing about recruiting is that you’re constantly trying to appeal to a wide range of possible employees all at once. You can’t recruit everyone in the same way – it won’t work. The strategies that you use to pry a 52-year-old industry veteran away from his current job won’t be successful if you apply them to a 22-year-old rookie who’s fresh out of college. Different people have different needs.
Lately, people in recruiting circles have begun to talk more and more about how to appeal to millennials. It wasn’t long ago that this demographic was a tiny blip on the radar, largely neglected by companies and their recruiting leaders – they were young and mostly insignificant. This isn’t the case anymore. Think about it – if you loosely define “millennials” as those born between 1980 and 2000, the eldest members of the generation are turning 35 this year. This means they’re gaining a great deal of power in every industry.
As such, it’s time for your organization to get serious about recruiting millennials. How can you woo them successfully? What will entice them? What do they value most?
According to Forbes, we’re starting to get more definitive answers to these questions. A new study from PricewaterhouseCoopers, which was also recently republished in KPCB’s “2015 Internet Trends Report,” has a list of the benefits that millennials value most. Today, let’s look at three of those benefits, and develop a plan for how your business can put them into action:
Training and development
Because millennials are still young and developing, they have big aspirations for the future. They’re not just focused on doing their current jobs – they also want to grow so they can tackle bigger challenges later on. For this reason, 22 percent say that training and development top their list of desired benefits.
Your organization can accommodate this by creating new opportunities for learning and growth. Offer a training course for an important new skill. Encourage mentoring so that new employees can learn from experienced ones. Make sure your millennial employees are constantly getting better.
Flexible working hours
Millennials are big on work-life balance. They don’t just do their jobs every day – they also have active social and personal lives, and they want to carve out time for those things, too. That’s why 19 percent of millennials say flexible hours are their top priority.
Better technology can help your business on this front. If you have an HCM software solution that lets employees view their hours, easily request time off and so on, that should work wonders for both recruiting and employee engagement.
The third thing millennials love is a simple one – cold, hard cash. They might not make much money – especially if they’re just entry-level employees – but young workers always love seeing a little extra money come their way. In fact, 14 percent of millennials say this matters most.
It’s not hard to arrange for this one. Set aside a few extra dollars in the budget for bonuses, and it will go a long way. This might sound irrational or silly, but often a $50 bonus has a far greater emotional impact as a bonus than if you added that same $50 to the employee’s paycheck. Bonuses are key, so plan for them.