Welcome to the new world of employee recruitment as Millennials are replacing Baby Boomers. Work-life balance is the No. 1 priority for Millennials, especially those who are parents.
So new recruitment strategies are needed. In fact, a 2015 EY study reveals Millennials are so concerned about work-life balance they’re willing to relocate to get it from employers.
But, there’s more. As Millennials get older, many are frustrated because it’s been getting hard to find employment that provides a work-life balance. Why?
Seventy-eight percent of them have working spouses with children and they’re being promoted into management with more work responsibilities.
Thirty-eight percent of this demographic say they’re open to moving abroad for more work flexibility.
Many are also willing to pass up promotions and better-paying career opportunities.
It might surprise you to learn Millennial men are more vocal about it than women.
It’s fairly common knowledge that non-financial rewards motivate employees. However, recruiting the best Millennial candidates requires ingenuity.
What can you do about this conundrum? You can do plenty if your cash flow is good.
… Millennials are so concerned about work-life balance they’re willing to relocate to get it from employers.
You can enhance your recruiting with 12 perks:
1. Offer student loan repayment reimbursement
Employers, including government agencies, offer student loan assistance.
2. Keep an open mind about a remote work environment
Evaluate each of your business traditions to see if you can contemporize them from the perspective of Millennials. This works for optimal morale of self-driven employees.
For example, in leveraging Podio or Skype, can you have virtual participation at meetings or does everyone have to be present in-person?
Flexible work scheduling is more difficult for management. But it’s possible to manage flexible work scheduling.
3. Evolve your remuneration holistically
Look for ways to modify your compensation and benefit packages as a whole so they can meet your candidates’ concerns about work-life balance as young parents. That includes parental flexibility and leave and paid health insurance for employees and their families.
4. Develop a culture providing meaningful projects
Target and solicit customers who need significant help. Millennials want to make their mark in society by making an impact.
They also can be a powerful weapon for high performance. Take steps to motivate employees to offer profitable ideas.
5. Provide a platform to give employees a chance to be influential
In a sense, Millennials have become entrepreneurial. Such employees enjoy autonomy and being allowed an impactful voice.
Let candidates know they’ll be valued for their contributions …
6. Advance and maintain the values of your culture
Millennials are interested in more than working for a paycheck. They desire to work for what they consider to be their ideal company – one that addresses their concerns about family.
Fashion and maintain your culture to prevent growing pains and threats.
Let candidates know they’ll be valued for their contributions – that their individuality will be appreciated in a collegial environment. They’ll be happier when they go home.
7. Keep your staff in mind while effectively market your business
Millennials want to work for a relevant, cool company – they want to brag about their employer and about their work.
So position your organization to be an enviable place to work. For instance, enter your projects into contests to receive awards and then generate positive PR. Don’t forget to use tools of social media from an HR perspective to enhance your reputation.
8. Provide stellar training
Millennials prefer strong training programs that are effective and fun. After a training module, provide access to a mentor who is helpful but not overbearing. Don’t give the sense that you’re micromanaging.
9. Provide reimbursement for professional activities
Millennials are motivated to enhance their skills. If they attend a networking group or a conference, reimburse them.
By elevating their skills, you’ll also benefit from the buzz they create from being proud to work for you.
10. Offer food and flexibility
Assuming you’ve hired dependable, motivated employees and to encourage top performance, consider the Google approach with free food and flexibility.
Free lunches and flexibility in work schedules are benefits they appreciate.
11. Organize a top-shelf social committee
Hold company events staged by a group of your employees. Candidates will appreciate knowing employees are given a voice in creating activities – from charitable to sporting events.
12. Offer travel assistance to work abroad
For employees who can telecommute on projects, consider work abroad days to prevent burnout. You don’t necessarily have to pay for the full travel costs, just a portion to create memorable opportunities for your employees to freshen their perspective.
Obviously, recruitment is more expensive with Millennials replacing baby boomers. If you have the budget to implement these perks, you’ll get a competitive edge for decades to come.
From the Coach’s Corner, see these related articles:
HR: Overcoming Tech Trends, Boomer Retirements — There are ominous implications for human resources departments — from the same tech trends that have empowered consumers to force businesses into the digital age.
Write Better Job Descriptions to Attract Best Talent – 16 Tips — To inspire the best candidates to apply for your opening, there are at least 16 strategies to incorporate in your job description.
HR – Do you Partner with IT for Top Online Recruiting? — If you’re talented in recruiting the best talent, talented applicants will appreciate your talent. That underscores the need to partner with information technology in online recruiting.
HR Trends in Talent Management Using Technology — Despite all the talk about the use of technology in talent management, the majority of human resources departments are behind the curve. Why? A study shows 72 percent of HR departments reveal they’re not using such tools.
Hiring? 4 Pointers on Negotiating Wages with Job Applicants — Some employers have had difficulty in successfully extending job offers to applicants, especially Millennial professionals. It’s not uncommon to interview applicants who aren’t shy in negotiations with their inflated egos and salary expectations. Of course, that wasn’t the case in the Great Recession.
“Liberty is the right to discipline ourselves in order not to be disciplined by others.”