A recent report from Deloitte found that the top five priorities for millennial job seekers were money (no surprise there), security, holidays/time off, great people and flexible working. The ability to learn a new skill was another, with a large proportion of millennials increasingly valuing further development opportunities, according to Gallup.
Let’s look at each of these in more detail:
Money: Unsurprisingly, 92% of millennial job seekers value money and remuneration. As a reflection of skill and ability, a fair salary and pay-related incentives are extremely effective in recognising and motivating Employees. But it’s not all about the offer on the table now – opportunities to increase earning capacity in the future are also a key factor, as are generous perks.
Time off: This can also be interpreted as work-life balance, which was found to be the next priority to salary. Although interestingly it isn’t just about more holidays that millennials most want– a whopping 84% expect to have significant breaks during their working lives, whether it’s to care for children or relatives, travel, relax, support a partner or undertake further study. This suggests the traditional ‘career ladder’ offer is no longer as appealing as it once was.
Security: Employees want job security, but not in the traditional sense. 87% of millennial workers want to know that a job will enhance their career prospects, keep their skills relevant, and help them maintain their standard of living – in other words, they want ‘career security’. Employers would therefore be wise to focus on how the job will secure Employees’ overall career, rather than just the next ‘step up’.
Great people: Fellow Employees are particularly important to 80% of millennials. If they’re going to be spending so much of their waking life in work, it should be with people they enjoy working with and fit in with. Which is why developing a strong company culture and involving current Employees in your promotional activity is so vital. It doesn’t have to mean hosting Friday drinks or providing free cake (although, who doesn’t appreciate some cake!); creating a culture of openness, providing opportunities and rewarding success are other valuable ways to create harmonious team working.
Flexible working: The Deloitte study also found that 75% of Employees would like to work from home and believe doing so would improve their productivity. 88% want more flexibility around start and finish times as well. It makes sense - with increasingly busy lives and a multitude of responsibilities to juggle, offering flexible working can have a big impact on Employee satisfaction.
Office Environment: when in the office there are a number of factors associated with the office environment that Employees appreciate as highlighted in this infographic by Raconteur with 85% of Employees agreeing that the design of their workplace is important.
Development opportunities: An impressive 87% of millennials rate "professional or career growth and development opportunities" as important to them in a job – 69% of non-millennials who are at a different life stage also say the same. Employees want to know that you care about their personal growth; offering a variety of opportunities and clear career progression are some of the ways you can outcompete those who neglect to offer such opportunities.
As if all that weren’t enough, millennials are now increasingly looking for jobs that provide them with a sense of purpose. Employers whose values align with theirs and gain their trust by being transparent, socially responsible and supporting causes close to their hearts, are the ones who can truly tip the scales.
In short, if you want to attract and retain the best Employees, you need to make your offer one that meets as many of the modern job seeker’s requirements as possible. Taking the factors outlined here on board will help you to grow and safeguard your business’ talent and avoid the high costs of replacing dissatisfied Employees.
Our Recruitment team has helped many of Oxfordshire’s businesses attract the talented Candidates that they need and can advise you on how to best secure those Candidates with an offer and package that works for both of you. Why not speak to us and find how we can help you today.