Rewarding millennials: it’s not all about the paycheque
Published by: LifeWorks,
Attracting the best talent to your organization is a competitive business, but that’s just half the challenge. Recent LinkedIn research revealed that the average graduate now moves jobs four times in their first decade out of university and so businesses need to develop a smart strategy to keep their staff happy and engaged. If they don’t, all the signs are that they will jump ship pretty quickly.
Graduates move jobs four times in their first decade out of university.
However, the solution isn’t simply a case of throwing cash at the problem. Of course, a competitive basic salary is important, but today’s young workers approach employment with a very different set of values, attitudes and lifestyles compared to their parents.
Job flexibility, the opportunity for career progression and a company culture that aligns with their own values are all essential parts of the job package for millennials.
Technology in the past decade has revolutionized the opportunities and expectations of what a job looks like. Millennials don’t see employment as a static, office based, 9-5 sort of agreement. Instead, they are on the lookout for businesses that offer flexibility and the ability to manage work and life priorities in a fluid manner.
More forward-thinking employers are becoming less prescriptive about the hours they expect their staff to work, instead focusing on the outputs they deliver. This company culture could incorporate flexible working patterns, part-time work arrangements or telecommuting – the ability to work from a variety of locations.
The annual PWC survey on millennials in the workplace reveals that the opportunity for career progression is the most important factor when assessing how appealing a company is to work for. Indeed, 52% of millennials surveyed said career progression made an employer an attractive prospect, compared to 44% who cited competitive wages.
That said, for many millennials, pursing career progression shouldn’t come at the expense of their work-life balance. Indeed, the same PWC survey revealed that 15% of male employees and 21% of female employees would give up some of their pay and slow the pace of promotion in their careers in exchange for working fewer hours.
Company culture is key
According to research from Intelligence Group, 64% of millennials say it’s a priority for them to make the world a better place and 88% prefer a collaborative work culture rather than a competitive one.
In an effort to inspire their largely millennial workforce, Google, Facebook, LinkedIn, and Apple have all encouraged employees to spend a day of their week researching projects that are important to them.
Both Google Glass and the Google driverless car are the results of research born out of passion, enabled through a positive and beneficial company culture. When acting with a sense of purpose, millennials will go above and beyond for you and your business.
Making the world a better place is a priority for more than half of millennials.
Much has been written about the expectations of millennials and they certainly have a different approach to work compared to their predecessors. Offering generous starting salaries and regular pay rises might be a quick fix to a talent shortfall but in the longer term, the organisations who can truly align themselves with the needs and desires of millennials will be the ones to enjoy long term success.