Millennials have different values and mindsets than the generations that preceded them, causing employers to actively alter how they plan to retain their staff. Companies now recognize that a job and a salary can no longer ensure workplace loyalty, so they are beginning to implement programs that cater to Generation Y’s needs. While this is a strong start, 57 percent of Millennials feel as if their employer is not striving to build programs that better meet the needs of their generation.
33 percent of Millennials say their companies have enhanced their focus on employer-employee communications around job expectations in the future in the last few years. For example, companies have put greater emphasis on expected job progression when hiring Millennials, as one of the main reasons Generation Y job-hops is because of an impatience to succeed. Gone are the days of paying one’s dues and slowly moving up the corporate ladder; Millennials want to thrive and they want to thrive now. Setting expectations about the future of a job will appease young workers and give them a goal to work towards. 52 percent of Millennials say that opportunities for career progression makes an employer attractive, and 65 percent say that personal development is the most influential factor in their current job. This means that if a Millennial knows that they will progress and grow as a valued employee, they will be more likely to remain at their current position for a longer period of time.
28 percent of Millennials say their companies have increased their focus on flexibility and work/life balance, offering options such as taking sabbaticals and the ability to work from home. Generation Y recognizes that their work does not define them and therefore crave strong work/life balance. While 38 percent of Millennials say they would like to work mostly regular work hours with some flexible working, 32 percent say they would prefer mainly flexible hours. Work flexibility has long been desired, but with nearly a third of an entire generation saying they favor working this way, employers are now wisely taking note and implementing programs that cater to these desires.
23 percent of Millennials say their companies have instituted stronger benefits in terms of compensation and bonuses. While Millennials are not solely driven by money (33 percent actually say they prioritize social media freedom over salary), higher wages and better benefits can still be a strong incentive. Employers know this, and are willing to spend more money to raise their retention rates. 31 percent of Millennials say strong packages that include pensions, healthcare, and other assorted benefits make an organization attractive, yet 37 percent of Millennials in the United States have had to take a lower salary than expected at some point in their short careers. Employers find themselves in a difficult position: how can they offer more flexibility and stronger benefits packages? Many choose to pick one, but those that find a compromise will ultimately be the most appealing to Millennials.
Lastly, 17 percent of Millennials say their companies have enhanced their focus on mentorship programs. When taken in context with Generation Y’s desire to grow professionally, these sorts of programs make a lot of sense. Millennials value opportunities to add new skills to their repertoire. In fact, 35 percent of Millennials listed “excellent training and development programs” as a factor that makes organizations more attractive. Companies who recognize this will be providing their young employees with valuable skills that will last a lifetime. This cultivates gratitude amongst workers early in their careers and makes them easier to retain. Even still, 17 percent is a low figure with much room for improvement. Organizations should really be working to provide as much of a symbiotic relationship with their Millennials as possible: they provide the skills that Millennials are desperately craving, and in turn those young workers will reward their employers with loyalty and hard work.
These statistics along with others detailed in our new eBook, “Job-Hopping: The New Norm,” give greater insight into the motivation and goals of the generation that has become the obsession of talent acquisition departments everywhere. Download the eBook to learn more about what motivates Millennials to switch jobs, the employee-related initiatives they want their employers to focus on, and more.