Top 5 Benefits Desired by Millennials and Gen Z Employees
The job market is tough for both employers and employees. Employees should have both hard and soft skills that companies require. However, employers also need to make sure they have the right offerings.
Often, big businesses with established employer brands trump small companies when it comes to attracting top talent. However, this doesn’t mean small businesses are unable to tap into the best talent pools.
The days when employees were willing to get in on the ground floor, toe the line, and work their way up with little recognition or encouragement are gone. These days, the best talent chooses to work where they will enjoy suitable workplace culture, competitive compensation, and growth opportunities. Employers willing to provide this kind of environment can attract and retain good employees—a strategy that can be key to their success. Remember, one of the greatest factors of a company’s strength lies in the quality and engagement of its workers.
Attracting Top Talent
Employers are noticing that the younger employees of today have better control of their careers and will choose to leave a company if they feel like the organization does not suit their needs.
A study done by LaSalle Network found that 75% of millennials always have their doors open to new offers, and the top three reasons that push them to explore new opportunities include seeking new roles, demanding better benefits, and deepening dissatisfaction in their existing career journey.
A Harris Poll survey conducted on behalf of CareerBuilder showed that only half of employees consider themselves as having a career, and about 32% of them plan to switch jobs very soon. It is also alarming that 29% of the respondents actively look for a job while still employed, and 78% of them are willing to jump into a new job if presented with an opportunity.
For small businesses, minimizing employee turnover is critical because it can help reduce costs for the company, from the tedious hiring process to onboarding and training new hires.
Why hire a younger generation of talent if the risk for employee turnover is high?
Millennials and Gen Z employees are the new workforce. Their work concept and principles defy those of the older generations, bringing companies fresh new perspectives and approaches that allow for innovation. All of these are crucial if organizations want to remain relevant. That’s why the key to success is to hire young talent with the skills that match the organization’s needs.
How to Attract a New Generation of Talent
Attract millennial and Gen Z applicants with the following perks:
1. Unlimited and Flexible PTO Plans
Initially practiced by Silicon Valley startups who wanted to attract top talent but could not afford their paychecks, unlimited paid time-offs (PTOs) was a flexible solution—a company policy that allows employees to take as many vacations as they want, provided they can complete their tasks. As many employees found the practice beneficial, it has become increasingly popular, particularly among workers seeking to spend more time with their families and loved ones. The flexibility offered by unlimited PTOs increased employee engagement to a great degree.
Offering unlimited time off reflects a company culture that places great value on employee happiness.
2. Flexible Work Guidelines
Change is inevitable, and companies need to become agile enough to address present and future changes. Some examples are telecommuting and compressed workweeks. Giving millennial and Gen Z employees the choice of working from home or working fewer days per week can help them achieve a better work-life balance. A study by McKinsey & Company found that flexible work hours are a deciding factor for younger employees when it comes to accepting a job offer.
3. Modern Work Processes and Technologies
The younger talent generation thrives on technology. In fact, millennial and Gen Z workers are considered to be born digital. They work better if they are presented with opportunities to use their time and effort better. Organizations should look into investing in technologies that streamline processes and operations. For example, robust and simple-to-use time clock software can remove the burden of manual clock-ins and messy spreadsheets. Plus, time clocks can also be integrated into payroll systems, further increasing efficiency.
Online collaboration tools also help employees remain connected, as they can stay “on call” while enjoying their unlimited PTOs.
4. Physical and Mental Health Benefits
More than physical wellness, organizations should also focus on providing benefits that encourage mental well-being. Millennial and Gen Z individuals are among the age groups that have the highest stress levels. According to the American Psychological Association (APA) report, Stress in America: Generation Z, 91% of Gen Z adults experience at least one emotional or physical symptom, such as sadness, lack of interest, and poor motivation due to stress. Unfortunately, only half of them believe they can manage their stress levels.
Different stressors may contribute to these feelings, however, many of them are current events. APA chief executive officer Arthur C. Evans Jr., PhD is positive about the awareness and acceptance of these young adults to address mental health issues.
Evans said, “The high percentage of Gen Z reporting fair or poor mental health could be an indicator that they are more aware of and accepting of mental health issues. Their openness to mental health topics represents an opportunity to start discussions about managing their stress, no matter the cause.”
Organizations heeding their employee’s mental health are sure to attract better talent to join their ranks.
5. Exciting Growth Opportunities
According to Gallup’s research, the younger generation of workers would consider applying for a job if it provides them with opportunities to learn and grow. Companies must understand that these younger workers often think of their present job as a stepping stone for career advancement.
Organizations that have a growth mindset and can provide continuing education and training, coaching and leadership examples, mentorship programs, and cross-training become desirable employers for millennials and Gen Z.
Are you retaining top talent within your ranks? If not, it’s time to look at whether you are offering your employees effective benefits and see what changes should be applied to attract and retain talent, and ultimately increase your company’s bottom line.