In the last decade or so, Millennials have gone from entry-level positions to the centerpiece of many workforces. Members of generation are now in the primes of their careers, making them ideal contributors to any organization. That fact means that every company has to develop strategies to entice Millennials into their ranks. To do this, employers have to consider what job benefits this group of candidates are looking for.
Millennials now make up the most significant chunk of the labor force, comprising about 38% of workers. (That compares to 35% and 25% for Generation X and Baby Boomers, respectively.) Meanwhile, that dominance is only expected to grow over the next few years, especially as Boomers continue to retire.
Definitions change from source to source, but generally speaking, Millennials encompass the birth years from around 1980 until around 2000. Some sources shorten the window somewhat, but the generation invariably begins in the early 1980s and ends somewhere towards the end of the 1990s.
In age terms, that puts Millennials somewhere between 20 and 40 years old at this point, with the flat part of the curve in the late-20s/early 30s range.
As we’ve already seen, this group makes up a significant portion of the workforce. At the same time, they all share a similar point in their career cycles. These factors give members of the generation some common ground in terms of the benefits they are looking for from employers. Here are some of the things at the top of their wish lists.
This is a basic need for many employees. For Millennials, it often takes a particular shape. Older employees, like boomers and Gen Xers, often have their own health situations at the forefront of their minds. Zoomers, on the other hand, just entering the workforce, can often rely on their parents for health insurance.
Millennials have different concerns. With an age range from their mid-20s into the late 30s, Millennials are often at the stage of life when they have their own families to support. That means their health insurance needs disproportionately require family plans and other related benefits.
Student Loan Help
The burden of student loan debt weighs heavily on many Millennials. One study showed that borrowers between the ages of 25 and 34 carried a total of nearly half a trillion ($497.6 billion) in student debt. That averages out to about $33,000 for each worker.
By offering to help minimize this concern, companies can distinguish themselves from competing employers.
The theory behind unlimited paid time off (PTO) is that workers should be responsible for their output. Rather than micromanaging when employees complete their tasks, this policy puts the impetus on the individual to manage their time effectively. A worker has a set zone of responsibility and assigned tasks to complete. As long as they are fulfilling their duties, there is no restriction on vacation and sick days.
Employees like these programs because they indicate trust in them as team members. It also gives the workers peace of mind that they will be able to respond to sudden family emergencies, without worrying about company time-off policies.
Meanwhile, these policies can be beneficial for output as well. As counterintuitive as it may seem, this policy often leads to fewer days off. One study showed that workers with unlimited vacation days took 13 days off, on average, in a year. The average with a capped number of days? Fifteen lost working days. Done right, an unlimited PTO policy can become a win-win for both employers and their workers.
Unlimited PTO is just one part of the scheduling puzzle. As we’ve already mentioned, Millennials are now at the age when they are often starting families, or well into their careers as moms and dads. One data set showed that more than one million Millennial women become moms for the first time each year. The same research found that 60% of the generation saw parenthood as a key part of their identity.
What does this all mean? Well, Millennials have a tough work/life balancing act to perform. They are in the midst of their career, trying to fuel their professional development. At the same time, they are raising families and defining themselves in relation to how well they take care of their kids.
By providing flexible scheduling, you make it easier for them to achieve both goals. This will help you become more attractive to these job candidates.
It can be difficult to craft the right hiring and retention policies for the job candidates you are looking to target. Having professional help can make the process better. By partnering with a strong staffing agency, like PrideStaff, you make it easier to attract the perfect workers for your open positions.
Contact PrideStaff today to learn more.