By 2030, millennials will account for 75 percent of the workforce. Is your organization in the right position to attract some of this upcoming talent?
Millennials are looking at myriad factors when deciding whether an employer is attractive.
Millennials with the right skills will be in high demand in the years to come, according to PwC’s the Future of Work report. However it seems many organizations have yet to adapt to this new worker.
With that in mind, here are top 5 most important factors that U.S. millennials consider when looking at employers.
- Competitive Wages
Millennials are interested in a lot of different things at work, but millennial workers in the U.S. are most interested in receiving a competitive wage and are looking for other financial incentives. More than half (57 percent) of U.S. millennials surveyed by PwC say that competitive wages are the most important factor in an attractive employer.
According to ADP, the benefits that millennials are most interested in are financial wellness programs.
- Opportunities for Career Progression
Millennials want to know that they have a future and want to know that they have growth opportunities at work. According to PwC, 51 percent of U.S. millennials consider these opportunities an important factor for employers.
Mentorship programs and increased training opportunities can help accommodate millennials, according to the Duke CFO Global Business Outlook.
- Good Benefits Packages
Good benefits packages including pensions and healthcare are a factor that 36 percent of U.S. millennials believe makes an organization an attractive employer.
As a bonus, employers with good benefits make for more loyal employees; according to a report by Aflac, 64 percent of millennials say benefits are extremely or very important to employer loyalty.
- Flexible Working Arrangements
Flexible working arrangements can help employers attract talent from a diverse pool. According to PwC, 26 percent of respondents said having flexible work arrangements available would make an employer more attractive to them.
Given the option to telecommute, 35 percent of millennial respondents to a FlexJobs survey would take a 10 percent or 20 percent cut in pay, or even forfeit vacation time (27 percent).
Having a reputation as an employer of the best and brightest people is seen as an important factor for 25 percent of U.S. millennials, PwC says.
A company who treats their employees well – regardless of whether they’re a millennial, Gen X or baby boomer – will start to get a good reputation online and through word of mouth, which is critical in attracting good talent.