Nine months following the close of World War II, “the cry of the baby was heard across the land,” as historian Landon Jones would describe the Baby Boomers trend. Some 3.4 million babies were born in 1946 – more than any year before in the US. This rate continued over the next two decades, until Boomers numbered some 76.4 million, making up nearly 40 percent of the nation’s population and dominating the workplace.
But their numbers are falling and by 2019, Millennials, defined as those aged 18-35 in 2015, are expected to surpass Boomers. Soon, Millennials will be the nation’s largest living adult generation, according to population projections from the US Census Bureau. And already, they’re proving a substantial force in Corporate America.
“Millennials truly care about their work, and they care about it beyond being a means to a paycheck,” wrote researchers in a recent study by 747 Insights, a research firm that helps businesses better understand and engage with Boomers, Generation X, Millennials and Gen Z. A common misconception paints this age group as entitled and woefully unprepared for the real world. However, Millennials actually are highly conscientious and positive minded workers with a strong drive to contribute to the greater good.
Apex HCM recommends to payroll and human resources providers these 5 tips for attracting and keeping top Millennial talent:
- Millennials Want a Different Suite of Benefits
According to software maker iCIMS, 94 percent of Millennials say that nontraditional benefits make employers more attractive. In a similar study by MetLife, 76 percent of Millennials surveyed reported that customizable benefits increase their loyalty.
- Career Development is Important to Millennials
In a Boston College survey, Millennials said that career advancement was the primary factor in workplace selection. A study by research software maker Qualtrics showed that 90 percent of Millennials would choose to stay in a job for the next decade if promised upward career mobility and annual raises.
- Of course, Money Remains Crucial to Millennials, Too
In an Oxford Economics survey 68 percent of Millennials said compensation was the most important aspect in choosing a workplace. Further, nearly half – 46 percent – of Millennials asked for a raise sometime in the past two years, and 80 percent of them got one, Bank of America says.
- Millennials are Planning for Retirement
Though they’re still quite young, Millennials already are concerned about retirement prospects. The TransAmerica Center for Retirement Studies reports that 47 percent are afraid they’ll be unable to meet their families’ basic needs when they leave the workforce. And according to Willis Towers Watson, a global multinational risk management, insurance brokerage and advisory company, more than half – 60 percent – of Millennials say they’d willingly take a pay cut in return for a more secure retirement.
- Millennials Value Flexibility and Quality of Life
Research by financial consultancy Deloitte shows that three fourths of Millennials would prefer to work from home, the coffee shop or another location where they feel far more productive than at the office. Media giant MTV found that 81 percent of this age group believes in freedom to set their own hours at work. In fact, 43 percent of Millennials said they’d switch jobs for greater flexibility. In perhaps a self-gratifying move, online grocer PeaPod asked Millennials whether they agreed with the statement, “If I found or was offered a job at another company with better perks, including availability of snacks, I would take it.” Sixty-six percent of them gave a resounding, “yes.” And similarly, Banfield Pet Hospital’s survey concludes that Millennials are more likely to stay put with an employer who implements pet-friendly policies – 60 percent compared to 39 percent of elder generations.
No matter which generation of potential employees your payroll and HR clients are targeting, Apex HCM offers a full suite of solutions designed to help them effectively recruit, develop and retain top talent, from a worker’s first day on the job through retirement. Call 877-750-2739 or request a demo online.