Millennials are known for wanting things their way. They are rather sure of themselves (and their goals) and do not think twice before exiting situations that are not in their favor. While this has brought in a new wave of energy ⚡ at the workplace, it has also posed a challenge for human resources and leaders.
Often, the ambition and zeal of millennials make them swap jobs with a need for wanting ‘more.’ Hence, the need of the hour for modern-day organizations is to find ways to keep them engaged and satisfied.
If you’re sailing in the same boat and wondering how to attract and retain millennial employees, we’ve got you covered. Read till the end to find out more. ⬇️
💭 What Do Millennial Employees Want?
Millennial employees want several things when it comes to a job. Unlike baby boomers, they refuse to deal with bad working environments and the absence of a work-life balance. ⚖️
They’re demanding more for the value they add to the organization. Besides positive workspaces, they also expect more training and development opportunities, along with supportive team members and managers. 🤝
This brings us to the main question – how exactly can you retain and attract millennials? Let’s dive right in. 🤿
🧲 How To Attract And Retain Millennial Employees?
While you may think that understanding the millennial workforce is difficult, in reality, it is the other way around. Since the younger generation is more vocal about their demands, understanding and working with them is easier than you may anticipate.
However, considering their unique preferences, it is important to know all that they look for in a job. We’ve curated a list of pointers that can help you in attracting and retain millennials. 🧲
1. 💵 Competitive pay
While the previous generations may settle or agree to a lower pay scale, millennials surely won’t. They’re looking for salaries that are commensurate with their education and skills and won’t settle for less.
To retain them in the company, you must offer competitive pay in line with the market standards. Top this with other perks such as bonuses for a bigger impact.💥
2. ⏰ Flexible working arrangement
Millennial workers dislike being mismanaged. They believe in getting the job done without being held by the clock.
To this effect, they’re looking for remote and flexible work arrangements. So it’s important you provide the leeway to work from anywhere or attend the office flexibly. This will keep them happy and also enable them to trust the organization more. 👍🏻
3. 💪🏼 Employee benefits
While competitive salaries and other monetary perks are a given, millennials are also on the lookout for other employee benefits that can enhance their experience at an organization. These include health insurance, wellness support, other aspects of well-being, and more.
🟢 At Loop, we enable you to provide these benefits under one umbrella. Our comprehensive group insurance plans include access to complimentary wellness sessions, 24/7 doctor support, and several other perks.
4. 📚 Learning opportunities
One thing is for sure millennials are hungry for knowledge. They want to learn and absorb as much as they can. And to keep them loyal to their job, employers must live up to this responsibility.
Provide millennial workers with development opportunities either via added work responsibilities or skill-building avenues to keep them from switching jobs. 💹
5. 🌍 Socially responsible
Another way to retain millennial employees is to show that you truly care for society. Millennials wish to be a part of something bigger than themselves and contribute to the well-being of the world.
Thus, by being proactive with corporate social responsibility initiatives, companies stand a better chance of attracting and retaining workers from the younger generations.
6. 💻 Digital presence
Having grown up in the era of the internet, millennials thrive on all things web. To connect with the younger lot and effectively attract them, companies need to maintain a robust digital presence. This includes being active on social media and regularly posting updates on digital forums. 🤳
7. 🏢 Open hierarchy
Another way to encourage employees from the millennial workforce to stay loyal to the organization is to keep an open hierarchy. Evidently, those from the newer generations don’t like to be bossed around or told what to do. Instead, they crave collaborative work with ample opportunities to interact with management teams. 🗣️
😁 What Makes Millennials Happy In The Workplace?
Workplace friendship, work-life balance, meaningful work, and transformational leadership – are the few things that can keep millennials happy and engaged in the workplace. ✔️
While you can view these as demands and added pressure on the time and budgets of the company, transforming workplaces to suit millennial needs is a boon for companies in the long term.
By incorporating practices to attract and retain millennial employees, organizations can up their game and stay relevant. This will enable them to create a zealous team that is invested in the company’s growth and success. 💹
In turn, this will translate to better performance and revenues for the company. It will also positively impact company culture and customer experience and thus help the organization to flourish as a whole. 📈
How Loop Can Help You Win Over Millennial Workers
With the help of the above pointers, you can efficiently attract and retain millennial employees. And to further help you on this road, Loop has the right set of health offerings. 🩺
Each year, millennials report stress as a big reason behind quitting their jobs. To help them tackle this, Loop lays special emphasis on mental health and overall wellbeing. Our group insurance plans come with 24/7 doctor consults and even mental wellbeing sessions, so employees have support at any time of the day.
Additionally, we also offer other wellness sessions on a variety of wellbeing aspects like financial wellness, nutrition, sleep, laughter yoga, and more, which contribute to the overall wellness of individuals and keep millennials engaged. 🧠
Let’s talk about how we can improve your employee benefits. Reach out to us now!