Get ready, because 2017 graduates are about to enter the workforce. Is your company prepared to offer these Millennials what they want? You may think that the new ping pong table or beer on Fridays is all it takes to attract these graduates, but you’d be surprised to know that a majority of them would rather receive feedback, work for a socially responsible company or even a company that has a better work-life balance over the fun office stuff. We’ve compiled a list of 10 things that Millennials are looking for in their next employer. Take a look.
Constructive Feedback
Don’t be surprised by this. Millennials have grown up in an era of remarkable connectedness. They’re used to receiving instant, consistent feedback from parents, teachers and coaches. They’ve grown accustomed to having the immediate ability to ask questions, share opinions and provide commentary. Gallup reports that only 19% of Millennials say they receive routine feedback and an even smaller percentage of Millennials (17%) say the feedback they do receive is meaningful.
Tweet This: Maybe you’re giving #millennials feedback, but is it meaningful? Read these engaging tactics:
Take Action: If you have a performance management system or a real-time employee feedback system, you’re already ahead of the game.
Student Loan Help
This is like a dream for Millennials, but unfortunately most graduates won’t end up working somewhere that offers this. A few organizations are offering this benefit, but only about 3% of employers offered student loan assistance in 2015, according to SHRM.
Take Action: You can tell prospects that you’re offering this by announcing it through Facebook Jobs.
Technology
Graduates use their mobile devices for just about everything. It only makes sense that 76% of Millennials believe digital advancements will have a positive effect on their work. As a generation that has grown up with technology, it’s clear that it’s important that a company makes this a focus to attract and retain this generation.
Take Action: Showcase your paperless onboarding program or your online gamification system to attract candidates through your social networks.
Positive and Engaging Atmosphere
Companies that have an atmosphere that’s inviting, positive and engaging will have an edge on the competition when it comes to attracting new graduates. 74% of recent grads would choose to work at an organization with an engaging, positive social atmosphere over one that isn’t.
Take Action: Find someone in your office that would be willing to promote this on your company’s Instagram account. The best way to give them a peek inside is by actually promoting a behind-the-scenes look!
Social Responsibility
Socially and environmentally responsible initiatives can both increase revenue, lower expenses and attract and retain Millennials. All while making the world a better place. 92% of 2016 graduates said it’s important to be employed at a company that demonstrates some sort of social responsibility.
Take Action: If you decide that this is something that fits in with your employer brand, showcase a few of your outings on your careers page!
Long-Term Commitment
Graduates are looking for stability and a longer-term commitment from employers. Recent graduates seek full-time employment with an organization so they can start paying down their student loans, get the experience that they need and also to start receiving health benefits. Yes, the gig economy is booming, but these graduates are looking for a company that will give them the long-term commitment they need.
Take Action: When interviewing a candidate tell them about how succession planning works at your company. Giving them the story of how you worked your way up the ladder will give them the encouragement they need.
Work-Life Balance
This shouldn’t come as news to anyone, but recent graduates love companies that understand that they don’t want to be stuck in an office cubicle for 5 days a week. Companies that offer flexwork or give them options to work from home are strong contenders when it comes to graduates choosing a company to work for. Fidelity Investments reports that most young professionals would be willing to take an average pay cut of about $7,600 for a better quality of work life.
Take Action: The best way to showcase this offering is by promoting it across all recruitment channels, listing it on your careers page and mentioning it in your offer letters.
A Competitive Salary
This may seem a little contradictory to what we just said, but Millennials want to be paid fairly for the work that they are responsible for. 68% of Millennials say compensation is the most important aspect of their workplace and 41% of them say higher compensation would increase their loyalty and engagement with the company.
Take Action: Knowing industry rates for jobs that you offer is key. There are many apps and services out there that allow candidates to know their worth.
Professional Development
A 2015 survey by Universum found that Millennial respondents didn’t feel their leadership skills were being fully developed and they lacked professional growth from their organization. Those with one foot out the door often said that they felt “underutilized” and “undeveloped as leaders” as some of their top concerns. Consider starting a mentorship program at your organization to give them the development that they need. As said before, another great opportunity to develop your younger generation of employees is by providing them with constant performance feedback. This would be another great opportunity to place on your careers page and also to talk about during an interview.
Take Action: Have someone brand new learning a new skill? Post it on your social media pages!
Employee Diversity
Another survey by Universum reveals that 83% of Millennial workers define diversity not only in terms of ethnicity, gender, and age but also in terms of sexual orientation, religion, personality, and even work styles. Considering the fact that the workforce is becoming more diverse, it stands that employers need to communicate to candidates and employees that diversity is welcome in their workplaces.
Take Action: Encourage different people to take over your social media accounts for the day instead of the same group to bring diverse perspectives to your account.
As Boomers are leaving the workforce, GenX is taking more leadership roles and Millennials continue to enter the workforce, it can seem difficult for employers to keep up with all the changes and needs of each generation. If you need help discovering what’s working, what needs work and how to break down the data surrounding your employer brand, then contact us and we’ll get you set on the right track!