5 Facts HR Needs to Understand About Working with Millennials
Are you tired of hearing from other HR professionals, business owners and others about working with millennials yet? We hope not, because this army of young workers and associates will make up 50 percent of the U.S. workforce by 2030… that’s only 16 years away!
Just for clarification, the millennial generation was born anytime from the early ’80s through the mid-’90s. Because this was a boom time for work and personal technology, you can expect that these young professionals are used to working in a digital and techie like environment. The old office ways and norms simply won’t work as well with this generation as others in the past.
But there’s lots more to this group, and human resources and benefits pros who really understand millennials will have a better advantage in recruiting these workers.
Here are 5 facts about working with millennials and takeaways for human resources professionals — that are valuable to every organization with goals toward increasing growth:
1.) 50% of millennial workers evaluate their benefits options.
HR Solutions takeaway: Yes, they’re taking time and going through and reading your benefits communications. You want to make sure they’re appealing and favorable
2.) For their wins, 52 percent of millennials want individual recognition / awards.
HR Solutions takeaway: Group recognition may not do as well with this generation, they favor more personal recognition.
3.) They’re more miserly than their predecessors.
HR Solutions takeaway: Because they save and invest more than gen X and baby boomers, retirement programs, 401 K contributions and other programs are a must to attract top talent.
4.) Millennials expect competitive benefits packages and competitive salaries.
HR Solutions takeaway: Millennials believe compensation is more than a paycheck.
5.) Sixty-eight percent would like to be personally called out for their efforts.
HR Solutions takeaway: Rather than a brief email or message directly to them, millennials want everyone to know when they do a great job. Make it a public congratulations or recognition and you’ll keep top talent.