Benefits Strategy

4 Ways to Attract and Retain Millennials

Written by Amber

Millennials are predicted to make up a whopping fifty percent of the workforce by 2020, and they are looking for more than just a larger paycheck from their employers – they’re looking for a great employee experience! In order to keep up, companies are trying new and interesting benefits packages. Here are a few ways to help you attract and retain a millennial employee:

If you are curious, here are a few tips to retain your employees, in general. Here are a few tips to attract, and retain generation Y.

1) Flexible Schedules

Flexible work schedules are extremely important to the Gen Y employee. In a survey conducted by the Intelligence Group, 74% of participants stated that they wanted a flexible schedule. This can be difficult to implement in more conservative industries but it’s doable. Allowing employees to choose their schedules ahead of time allows for regularity. Many times giving an employee the ability to leave an hour or two early for an important personal occasion means that employee is going to be willing to put in an extra 5 hours when the company needs them most.

2) Invest in Them

In a recent survey, 63% of participants stated the opportunity for personal development was the most influential factor in their current job. Furthermore, 70% of employees who are seeking new jobs state that it’s due to the lack of leadership development at their current job. Promoting within the company as well as sponsoring skill training is a great way to show employees that you’re in it for the long haul. Investing in your employees also yields higher productivity and a more capable workforce. You need to make your employees feel like they truly matter!

3) Create a Sense of Purpose

Six out of ten millennials consider a “sense of purpose” when accepting a job offer. Furthermore, almost half have rejected a job offer solely due to contradictions of personal value. One way you can fulfill this longing for sense of purpose is to create a clear company mission that employees can identify with. Furthermore, hosting company events that support a cause such as food drives or group volunteering shows millennial talent that you like to give back. Similarly, investing in comradery and team-building also creates a sense of purpose and value in the team and it’s mission. Part of this also means that you may need to detox your workplace for better employee engagement, and using some of these employee engagement strategies.

4) Offer Lifestyle Perks

The right company perks can create a supportive and welcoming office culture. Most millennials want “work-life integration,” which means they want to blend their personal life and work life more. There are tons of ways you can support a happier, active and healthier personal life. Invest in employee health with wellness programs such as Incentfit, or support their home life by offering paid time off for their kid’s school events.

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Many of our customers show how much they care for their employees by implementing IncentFit Rewards. It shows milennials that the company does more than provide lip-service for employee health and happiness, that they actually incentivize it with real money. The value created for recruitment and retenion is invaluable.

Most millennials see their careers as more than a source of income. By creating an intimate work environment corporations will be sure to have a motivated and driven employee, willing to give their company their all.

Corporate Wellness Benefit Managers having a discussion while looking at an electronic tablet.

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