The year you were born impacts what generation you’re in. Everyone seems to be talking about the latest generation, Z, while forgetting all about the Millennials. Believe it or not, the millennials are becoming increasingly important to the workforce as many of them are looking for new stable jobs.
According to Business Insider, Millennials are aged between 22 and 37, meaning they were born between 1981 and 1996. There is no doubt that you, a responsible business owner, should be looking at trends in the Millennial community and figure out what attracts them to jobs.
These fine people account for a majority of the workforce, and as new generations phase out, we have to look at ways to appeal to the Millennial crowd.
We are here today to let you know what kind of benefits you need to establish in your business if you’re looking to attract and keep Millennial workers at your company. Let’s take a look and see what kind of changes you can start adding to your business today.
Financial Consultants
Millennials have a habit of getting money, then spending it on things that happen in life before they can save it. Millennials are looking for financial counseling.
A recent survey revealed that 64 percent of Millennials are stressed out about their finances, including how they spend their money. Shockingly, this number is the highest percentage out of every single generation in recent history.
Some businesses found a solution to this problem by investing in a financial assistant to help the entire staff as needed. Companies like American Express and Home Depot have financial assistants that are on call to help employees who need assistance with their finances.
If you want to get millennials to work for you happily, consider getting a financial assistant to help them deal with economic issues. If you have a stress-free or at least less-stressed employee, you’re going to get more productive workers. You’ll also get the added benefit of having this assistance ready when it’s time to start hiring more Generation Z employees.
Room for Growth
Millennials are getting to the point now where they are tired of jumping from job to job. One study by Capital Group discovered that 67% of millennials said that it’s important that they remain loyal to their employer. If you want to keep them, you have to remain loyal to them too.
There is a fear of missing out they experience when shopping, but this mentality also translates to their fear of missing out on a career as opposed to a 9 to 5 where they have no chance of growing within the business. They want a place where they can relax and work comfortably for years — hopefully all the way to retirement. If you want millennial employees to commit to your company, you have to commit to them. It’s that simple.
You can encourage these types of workers to stick around by letting them know that there is room for growth within the company. When you pass this along, you must be sincere. If they feel like you’re just feeding them a line to get them to stay, they are more likely to start looking for a new career because they don’t see a future with your company.
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The best way to encourage employees to stay longer is by giving them mentoring so they can learn new skills, work new positions, and become more valuable within the company. One survey called the “Deloitte Millennial Survey” found that if an employee had a mentor available to help them grow within the company they would state that they are much more likely to stick with that company.
There’s even more good news. If you keep employees around for longer, you’ll save money in the business. You’ll be hiring and training less, save on onboarding and recruitment, and much more. This is one benefit for millennials that truly inspire growth and confidence.
College Debt Assistance
We have all seen the memes talking about how millennials are burdened with more college debt than the older generations can even imagine. It turns out, they’re not wrong. In fact, 62 percent of millennials owe more in debt (including student debt) than they have in their bank accounts right now.
As it stands, millennials are still having a hard time keeping up with their bills, student debt, and living their life. It’s this reason that many millennials are waiting to buy a house or start a family. As a business owner, you can help take the burden off of your millennial employees by giving them an option to put payments towards their student debt.
The manifestation of this method is occurring in multiple ways. Most commonly, employers will set up stipulations like 1. Work for the company X amount of months. 2. Show financial documents showing the loan, including the name of the company. 3. Show evidence that the borrower is attempting to pay back the college loan.
If all of the stipulations are met, the employers will offer to pay between 100-200 dollars a month towards the loan to help ease the employee’s burden. If the employee doesn’t have debt, the extra money can go towards buying a house or a future goal that they have been putting off.
Conclusion
Millennials are eager to enter the workforce. If you’re looking to bring these talented, hardworking individuals into your company, you have to offer them the proper incentives.
These tips will give you something to think about if you’re contemplating ways to get lifelong employees out of your new or potential hires. Employees are looking for a job that they can work at for the rest of their lives. As an employer, you want people who are willing to give you 110 percent every single day.
If you’re willing to work with millennials and show them that you’re on their side, they will work for you. By offering incentives like college loan repayment while helping them with their finances, you’ll find that millennials are far more likely to want to work for your company.
Bring in a strong, young workforce by applying these programs to your company. Start small, and as your business grows, you’ll see results as potential new employees apply due to the excellent incentives you offer through your company. Never forget — you take care of them, and they will take care of you.