The business world is obsessed with Millennials right now – and for good reason: In less than 10 years, they’ll make up 75% of the workforce. Known for being bright and adaptive, it makes smart business sense to target this next generation.
But merely offering trendy perks like paying for female employees to freeze their eggs or hosting booze-fueled karaoke nights won’t work on this crowd. They’re a statistically savvy bunch who will likely see through shallow attempts to entice them.
Here are a few values that we’ve found are vital to hiring and retaining the right people for our company (many of whom happen to be Millennials).
Put the Why in Work
Apparently, businesses these days are simply not making their purposes known to their people: only 31% of surveyed workers said they know what their company’s mission is!
State your ‘why’ loud and clear – that way you can attract people who feel just as passionately as you do about your business.
A purpose-driven company attracts purpose-driven people… like Millennials. Sixty-four percent of this demographic say that “making the world a better place” is their top priority. Get these employees connected to your company’s higher purpose and prove you’re ready to help them achieve their bigger-picture ambitions, too.
Encourage the #LikeABoss Mentality
The people behind the current startup boom are often in their early 30s or younger. A recent study showed that 44% of Millennials were ready to leave a job because they didn’t have the skill development opportunities they wanted and two-thirds wanted to be their own boss.
Clearly, this generation values control over their own destiny. Companies that hand over decision-making power are likelier to engage Millennial employees with an entrepreneurial spirit. Netflix NFLX +1.91% allows staff to expense things without approval – only asking them to act in the company’s best interest. Yammer and Ask.com have “take it as you need it” vacation policies.
Our rockstar employees are the ones who make innovative decisions in our flexible, autonomous environment. These are the ones who work their way up the corporate ladder or into first-time business ownership. We encourage this kind of professional development and we’ve even given them their own name: “EntryPreneurs”.
Find a Fine Balance
One of the things this young generation desires most is work-life balance.
Improving quality of life both in and out of the office – with social events, benefits and flexible schedules – will appeal to people looking for more than just a salary. It’s what progressive companies are doing , and it’s no coincidence that Millennials are flocking to them rather than traditional 9-to-5 businesses.
Above all, the most important thing you can do to attract people that gel with your culture is to be real. If you’re looking for Millennials, know that your core values have to align with theirs. Companies that are natural fits for this generation understand you can’t rely on superficial bells and whistles to get them in the door – they’ll smell it from a mile away.