Every generation brings its unique perspective and talents to the workforce. Making up almost 30% of the American workforce, it’s important to understand the needs and expectations of Millennials (born between 1975 and 1995) and Generation Z (born between 1995 and 2010). By developing the right environment and providing key benefits, employers can tap into a new pool of top talent. Let’s dive into what inspires and empowers this new generation of workers.
Retirement is a priority
Growing up during the uncertainty of 9/11 and the Great Recession, Millennials and Generation Z are doing what they can to control their own futures. As supporters of the Tiny House movement, they are happy to live on less if that means retiring early. They believe social security won’t be around for them, so they rank retirement plans with a match program as a key benefit.
70 percent of this technologically savvy generation ranks giving back and being civically engaged as their top priority. Many would even take a pay cut to find a job that matches their values. Look at how your organization impacts social and environmental problems in real ways. Top talent wants to work where they can make a difference.
Flexibility and feedback
Work life balance is of utmost importance. Employers should offer flex time and telecommuting as the norm, not a special privilege. Research is finding flexible work schedules increase productivity and employee satisfaction. Be sure to carefully define expectations and provide feedback on a regular basis. Even if it’s negative input, they want to know where they stand. Make sure it’s clear and specific so they can adjust accordingly.
Some of these changes might seem overwhelming if you’re also balancing the needs of other generations within your organization. That’s why an increasing number of small businesses outsource their HR with a professional employer organization (PEO) to advise them on proven best practices. Previously unavailable to smaller companies, MidwestHR, a Chicago PEO, helps companies offer key benefits, like 401K plans and HR guidance. By 2022, Millennials will make up 40 percent of the workforce. Give us a call 630-836-3000 and we can discuss how to best engage and inspire the next generation.