The baby boomers have started to retire, while Generation X is getting older. The onus of the future workforce is now on Generation Y – the millennials. Although during their upbringing, they have been hearing The Spice Girls, when it comes to choosing a career and an organization to work for, generation Y does not require gold stars or sustained attention. Rather, they want to be a part of the organizational culture. They are driven to success by taking the right steps and do not believe in customary workplace structures or hierarchies.
If you think it is possible to lure them through attractive pensions, company car or bonuses, then you are in for a surprise. Millennials are giving importance to non-monetary work benefits rather than monetary benefits. They want more responsibilities from their jobs. This can provide a sense of purpose to the younger generation. They also desire to be part of an organization that has a good company culture.
According to Vineet Nayar, CEO of HCL Technologies, “Millennials don’t go about their work in ways that are intended to get them to the next rung of the corporate ladder or win them favor with their bosses. They prefer to get involved in projects and initiatives that fascinate them, that they consider worthwhile and that they see as useful to the world at large.”
This makes it all the more important for organizations to divert their attention to non-monetary benefits to draw the attention of the millennials.
Here are 7 such non-monetary benefits you can consider to lure millennials to your organization.
1. Provide them a learning curve and career enhancement opportunities
Millennials are slowly but gradually making their presence felt in the global workforce. They want the opportunity to learn and grow as much as possible while searching for a new job. One way to provide this is by giving them the chance to avail training for career enhancement. With the help of right training programs, team building courses and mentorships, you provide them with the chance to grow in their career.
Create a culture that promotes continuous learning and personal development. This will instill a sense of purpose that will engage and motivate the younger generation to take the right steps to become the best employees, which will go a long way in pushing your organization forward. Millennials are hungry to learn and succeed. Provide them the right opportunity and they will definitely hear your call.
2. Provide flexible work hours
Millennials do not believe in working in a confined 9 to 5 shift. They want more control over their everyday life. They are looking for freedom and individualism. Give them the option to have flexible working hours by having complete ownership of their time and schedule by avoiding mundane commutes during peak hours. This can give them a sense of trust and confidence that can go a long way in millennials valuing your organization.
3. Foster innovation as a part of organizational culture
Millennials are looking for a job where they can make a difference. If your organization is stagnant in its approach and does not encourage innovative thoughts, it can easily distract a millennial from seeking open positions. These younger groups of employees easily get bored and disenchanted with a designation that requires the same sort of effort with specified objectives to be followed on a daily basis. They want to be continually challenged, empowered and impactful.
One of the prime examples of an organization that takes innovations quite seriously is Adobe. They have introduced an initiative known as Adobe Kickbox, a program that invites employees to participate in a two-day workshop and get $ 1,000 on a prepaid credit card to test and create a model for their idea. The employees are challenged to come up with an idea and show it to their company executives and ultimately receive additional funding for testing. A “yes” by the company executives can go a long way in taking the employees to the next level of innovation.
4. Help them make a difference
Millennials are attracted to a purpose-driven environment that deals with social problems. Hence, if you want to attract the younger generation, incorporate corporate social responsibility (CSR) as a part of your overall workplace culture. It has been proven that 76% of millennials are of the opinion that they would take a pay cut to work for a socially responsible organization. They care about global problems like human rights violations, gender inequality, non-renewable resources, overpopulation, and climate change and are looking for organizations who share their values.
According to a Glassdoor report:
- 75% of employees aged 18-34 expect their employer to take a stand on important issues like equal rights, climate change, and immigration.
- 84% of American employees consider that organizations have a crucial role to play in affecting regulation, executive orders and proposed legislation effective on their business or the lives of the employees.
- 7% of American employers expect their employer to support charitable organizations in their communities through donations or volunteer work.
These statistics prove the significance of social responsibility in the lives of millennials. The easiest way to lure the younger generation is by incorporating CSR as a part of your overall workplace culture. When you pay attention to important issues facing your country and the world, it will give you a serious advantage in recruiting millennials.
5. Health insurance
Unlike the baby boomers, millennials lack the habit of savings, in fact, they are more debt-ridden in comparison to their former generation. Hence debt-ridden millennials are fear spending a fortune on doctors and due to this reason, Healthcare is the most important benefit which attracts the millennials the most. According to a research by Fit Small Business, 27% of millennials do not want to go to the doctors because either they do not have the money for the medical treatment or they want to avoid the medical costs. The study also revealed that 50% millennials had to incur a medical expense which they had not budgeted for. Employers who provide a good health plan or provide the provision of an on-site health clinic. This way employers can also help solve the concern of millennial workers.
6. Student loan repayment assistance
According to a study, in America, more than $1.3 trillion students are indebted with the educational loan. Many surveys have been conducted that indicates the millennials are worried about their student loan debt prompts millennials to put off major life milestones. As a result, it’s not surprising to learn that a large percentage of millennials want to see an employer benefit that puts money toward reducing student loan debt. About 88% of millennials consider student loan repayment assistance an important benefit from employers.
Though a growing number of employers offer student loan repayment assistance, it’s still not widely available. If your company can jump in ahead of the curve and offer a student loan repayment benefit, you could gain an advantage in recruiting and retaining talented millennials. Providing an employer-sponsored student debt relief service is a great way to attract top talent and ease the stress of paying off those student debts.
7. Honesty, Respectfulness and Communication
Managers have a direct impact on employees in their daily life. The difference between good and bad management can play a critical role in retaining the millennials in the longer run. Gone are the days when “The boss is always right” used to be the motto. Today, generation Y is demanding more respect from their supervisors.
The key fact about millennials is that they do not want to be managed. Rather, they want to be mentored. They want to learn from their managers by getting individual attention so that they can grow in the organization. Generation Y wants managers who care and focus on their overall well-being, development, and growth. They do not want to be micromanaged. They want a coach that has their best interests at heart.
The best way to attract and keep millennial talent is by showing them respect. Value their feedback whether it is suggestions for innovation and growth or legitimate complaints. Give them due credit. If the feedback does not work for your organization, explain to them the reason. At the end of the day, you want to instill a feeling in the minds of millennials that their voice has been heard.
Be transparent and open as much as possible. Have a real conversation with generation Y and give them relevant answers. This way they will be happy and do their jobs with 100% dedication.
cFIRST Think Tank is the team that researches and produces content for cFirst. This team comprises of seasoned content and digital design professionals and background screening industry veterans. Together we produce insightful blogs, infographics and reports meant for HR and background screening professionals.