You’ve probably already noticed, but the workforce is changing. Baby boomers are retiring, and young people are graduating high school, trade schools, and college every year—and heading straight into the workforce. Millennials, those born between 1981 and 1996 made up more than 35% of the American workforce in 2017. And this number is growing. By 2025, this group will represent 75% of the workforce.
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Statistics aside, what does this this all mean? With older generations still holding leadership positions and holding decision-making authority, there is a potential disconnect between the employer and the employees. It also means that employers have an opportunity now to get to know millennials, and to create a workplace that attracts the top talent from this growing generation.
Here we outline several worthwhile lessons about millennials, and some ideas of employee benefits that can keep members of that generation engaged in your business.
Lesson: They Want Things On-Demand
This generation prefers Netflix over any other TV platform, and they’re more likely to purchase groceries online than other generations. There are plenty of examples of millennials wanting what they want, when they want it, and the takeaway is just that: millennials value convenience and having the world at their fingertips.
Benefits to Consider: Flexibility and Convenience
If your company offer flexible working hours and conditions, this can allow millennials to feel in charge of their own schedules. We can’t leave concierge services—like those offered by Omega—off this list. Bring a little of that on-demand spirit to work by giving them access to employee concierge services.
Lesson: They Demand Work-Life Balance
Unlike other generations who might define success by their salary or job title, millennials are more likely to define success as a healthy work-life balance. Millennials not only value work-life balance, but they are also prepared to quantify it to their employers. Which employers will be the ones to step up?
Benefit to Consider: Unlimited Paid Time Off
While this may sound like a worker’s fantasyland, more and more employers are offering unlimited paid time off. You can still hold your employees to high performance metrics, but the unlimited time off makes them feel in control. What’s more, there’s no cash value to the time off, so you don’t carry time off on your books.
Other facts about millennials include:
- Most will have many dozens of jobs over the course of their career, and their likelihood of staying at an employer depends on their experience there.
- They are transient. Millennials will jump to the next best thing or to the next great city at the drop of the hat.
- This is worth repeating: millennials are close to becoming the most populous generation in the workforce, so their ideals and demands are only going to increase.
Employers who seek to understand millennials and create environments that accommodate this generation will likely find the greatest ability to attract and retain its talent. What are you doing to draw millennials to your company?
To learn more about Omega’s Employee Concierge services, click here. Or give us a call to start the conversation about offering your employees a unique benefit: 985-264-6214.