By definition: Millennials (or sometimes referred to as Generation Y) are a demographic cohort who are typically born between 1980 and 2000. They represent an increasing share of the workforce and are expected to exceed a third by 2020.
The majority of millennials are expected to work longer than generations before them such as Generation X and Baby Boomers, due to having different motivations for working.
Is your company hitting the mark? How can you be sure you’re catering for today’s generation?
Thanks to advanced technology, many jobs are able to perform anywhere that has a Wi-Fi connection. Millennials who experience high flexibility in their jobs are more likely to remain with their companies for longer.
Not only does high flexibility report greater productivity and personal wellbeing and health, but it makes for higher employee retention and loyalty to the employer. Millennials want to be reassured that the employer is understanding and accept that they don’t want to be stuck working in the office, but can be trusted to do the job in the comfort of their home.
Career development and progression
Millennials want to work for companies that will give them the skills, knowledge and support in order to grow and climb up the career ladder. By doing so, it can satisfy their appetites for new opportunities without them going elsewhere.
Mentoring is a key way to invest in young people, by giving them valuable advice, opportunities to train through courses and workshops and showing that you are willing to invest in their future within the company and as an individual.
Holiday and travel
They say you should travel while you’re young, and Millennials
Whether it’s for a week-long holiday, or it’s a 2 month trip around Thailand, 70% of Millennials say travel is their principal reason for working. Therefore, it’s no surprise that the majority of millennials prioritise holiday/time off in their top five priorities when looking for a job.
Employers who do well by enabling their Millennial employees with their travels, whether that’s encouraging agile working patterns, flexible locations, offering bonus holiday days or giving them a discount towards their holiday.
Millennials have grown up in an era surrounded by messages of the importance of mental health and wellbeing, therefore more than ever, millennials expect similar support from employers.
And if a millennial is working in an office, which requires them to sit down all day, they’re physical and mental state is important to them. Offering discounts on gym memberships are an easy way to manage both physical and mental wellbeing.
Discounts and perks are very appealing to millennials.
Providing your millennials and other staff an employee reward scheme like Perks of my job, your millennial employee will be ecstatic over the concept of having access to over 100’s of perks and discounts. Particularly, if your millennial is a recent graduate, they will be pleased to know that they can still get discounts after initially saying goodbye to their student/NUS discounts.
From discounts on coffee, cinema tickets, food and drink and travel and holiday perks, there is something for every millennial to enjoy – and in the longer run, you as an employer will experience the benefits too.
Are you catering for the millennials in your team? If you’d like to discuss ways you can reward your employees with over 100’s of perks and discounts that will suit everyone in your team, we invite you to come and speak to us. Call today: