Blog post written by Theresa M. Worman, Executive Vice President, Strategy & Development
Not all companies can offer fun employee perks like ping pong tables, nap rooms or free snacks, and yet we are all faced with the challenge of recruiting in a very competitive labor market. Many employers would like to offer employee-friendly programs, but have difficulties funding multiple initiatives. Now that Millennials make up the largest generation in today’s workforce, it is natural to look at programs aimed at attracting them.
You hear lots of buzz around what Millennials want from their careers, but it’s not always easy to translate those preferences into affordable offerings. Whether you’re recruiting with a tight budget or simply looking to improve retention rates, here’s a practical approach to turning Millennials' priorities into effective practices that won’t break the budget.
Millennials' Approach to Careers & Employee Culture*:
- Aspire to Make the World a Better Place
- Want to be their Own Boss
- Desire Flexible Work Schedules
- Prefer a Coach or Mentor to a Boss
- Favor a Collaborative Work Environment
- Crave “Work/Life Integration”
*Data collected by The Intelligence Group
Translation to Effective Practices:
- Include a “Volunteer Day” in PTO Plan
- Promote Employer-Sponsored Volunteer Opportunities
- Hold Team Competitions for Giving or Volunteering
- Support Flex Time & Job Sharing
- Hold Open Forums for Employees to Voice Opinions
- Train Managers to Utilize Self or Peer Evaluations
- Publicize Internal Promotions & Opportunities
- Promote Efficiency, Not Longer Hours
- Communicate Company Offerings to Current & Prospective Employees
As you develop or refine your strategies to recruit, retain, and engage a multi-generational workforce, Compdata Surveys & Consulting can help. Contact us today to discuss your strategies with a Total Rewards expert.