It's official: Millennials (those born from 1980 to 2000) are now the largest group in the American workforce. However, they are often the least understood. But as older workers start to retire from the workforce, it's become more important than ever for companies to attract younger workers. Here are five tips to help you attract millennials to your company.
1. Build a Culture of Collaboration
Good news: Besides being tech-savvy, millennials want to be team players. In general, they prefer workplaces that thrive on collaboration, rather than competition. Since your most ambitious projects are going to be team efforts anyways, use this to your advantage by creating opportunities for teamwork.
2. Focus on the Greater Good
Millennials are also community minded: A major priority for many of them is improving their communities or having a greater purpose or mission driving their lives. For this reason, many millennials choose to work for businesses whose values align with their own. Even if yours isn't a socially-driven business, voluntary community service activities can be a great way to build rapport with millennial team members while raising your visibility in the community.
3. Promote a Culture of Mentorship
Millennials value the idea of lifelong learning—they want to learn from experts. They also value explicit directions and feel most comfortable when they get frequent feedback. Empower your older employees to act as mentors: This could be a rewarding, productive experience for your whole team.
4. Let Them Follow Their Passions
A recent survey shows that millennials are most likely to stay with companies that give them the freedom to cultivate their interests. Companies such as Apple have had success allowing employees to dedicate a set portion of their workweek to their personal passion projects. This not only shows employees you value their creativity, it can also be a useful source of new ideas for your business.
5. Smart Compensation Matters
Money is just as important to millennials as it was to earlier generations: As children of the recession, millennials value security as well as novelty. Practical financial incentives attractive to them include loan and tuition repayment, along with standard benefits such as health insurance. Other benefits they appreciate are flexible work schedules as well as time off for training or personal projects.
How PEOs Help Retain Younger Employees
A Professional Employer Organization (PEO) can make your company more attractive to younger workers while saving you money. PEO companies handle all your payroll and human resources needs. They can offer your company the lowest rates on workers' compensation insurance that are available on the market. They also administer your business' employee benefits, so with PEO support, you can offer better health care for less.
In addition, with a PEO provider's Human Resources expertise, you'll have the up to date knowledge you need to retain great workers of all ages. Call ELQ or fill out our online quote form to find out more about how a PEO company can help your business stay relevant. We're a Better Business Bureau A+ rated business, and we only work with ethical, carefully vetted PEO providers.