5 Ways to Nail Corporate Culture to Attract and Retain Millennials
80 percent of Millennials examine culture fit with potential employers before applying to and accepting jobs.
You’re only as strong as the team that supports you. And many of today’s corporate teams are made up of Millennials.
When it comes to recruiting and retaining Millennials, there are three factors that matter most to this generation–growth opportunities, retirement benefits and company culture–and approximately 80 percent of Millennials examine culture fit with potential employers before applying to and accepting jobs.
Millennials want a strong culture, one where company values are clearly demonstrated and the work environment is fun but also allows them to perform at their best level. Here’s how you can make your culture a good fit for Millennial job seekers.
1. Give them purpose.
For older generations, their purpose was their families, so they needed a good enough paycheck to support them. But most Millennials don’t have families to support. And even if they do, money isn’t the main driver getting them to be engaged and productive. Rather, their work has to have meaning. They want to work for companies that have a clear mission and purpose; one they believe in and that lets them fully use their passions and talents to support.
2. Provide guidance.
A controlling boss or a distant boss who stays in his big office doesn’t attract Millennials. This generation prefers having managers who coach them, someone who guides them along the way but still gives them trust and freedom to work things out on their own. People say Millennials are impatient and entitled. If that’s the case, provide the guidance they need to overcome these. Have managers who nurture Millennial workers, who act as their mentors and who value them as people first and then employees.
3. Feed them continual feedback.
Millennials are used to constant communication through texting and instant messaging. They need those same ongoing conversations in their work life. They also want more frequent communication from their boss or manager than any other generation–up to 54 percent more based on a national study. Unfortunately, while this is what they want, just 19 percent of Millennials claim they get routine feedback, while only 17 percent say that feedback is meaningful. Managers aren’t the only ones to blame, though, as many Millennials want this, they don’t always ask for it. So what can you do? Be the initiator. You know they want clear, meaningful and actionable feedback, so hold weekly meetings with them. These meetings don’t have to be long, but you need to show them you care and are willing to make time to talk with and listen to them. According to Gallup, these kinds of regular meetings more than double the probability of engagement.
4. Offer flexible work schedules.
A recent study from the Intelligence Group found that 74 percent of Millennials want flexible work schedules. That shouldn’t be surprising since this group of workers was raised with advancing technologies. They know the technology exists that allows them to be able to work from home or the local coffee shop, and not just in the office from 9-5. Sure not every position can work whenever or wherever is best for the individual, and there will be times when an in-person client meeting is better than having a phone call or video chat from home. But when you can, give employees a little more flexibility with scheduling, which will give them a sense of control while reducing their stress and increasing their loyalty to your business.
5. Supply the right benefits.
Millennials want more than a good salary. Del Sol has found that their employees really appreciate managers who recognize and reward their employees. In an Inc Best Places To Work corporate survey taken in March of 2017, Scott Brady, VP of Communications said, “I would recommend this company as a place to work because of the recognition and rewards our employees receive for a job well done.”
Besides having a generous compensation plan, performance-based bonuses and weekly monetary recognition rewards, Del Sol also goes above and beyond to attract and retain their Millennial-aged employees by handing out several annual “Live Your Dream” rewards. These rewards, which equal $2,500, are given to outstanding employees to pursue or fulfill a lifelong dream.
Essentially, if you give Millennials what they want in corporate culture, they’ll give back to your company tenfold.