Mar 04

3 ways to attract and retain millennial employees – The Business Journals

Is it important for small-business owners to know much about millennials?

Consider this fact. According to Upworthy.com, by the year 2020,46 percent of all U.S. workers will be millennials.

That generational shift is only four years away.

That millennial math should make small-business owners pause and think: What makes millennials tick? What keeps them up at night? Will I be able to recruit, retain and inspire this generation of workers?

Now is the time to learn more about these young professionals, born between the early 1980s and the early 2000s, before they’re hired by the savvy business owner down the street. Here are three strategies to attract their attention:

1. Benefits That Fit

When it comes to benefits, millennials want individuality. For some millennials, flexibility in work is key. For others, compensation and comprehensive benefits are crucial. It’s important to sit down with your employees to know their short-term and longer-term life goals.

Many millennials are interested in financial products like 401(k)s, Roth IRAs, health insurance, life insurance and disability income insurance. There are a wide variety of employee benefits that a small-business owner can offer to retain and motivate key employees.

All millennials want peace of mind — the confidence earned by learning and understanding complex financial concepts. Many small businesses bring in financial experts for “lunch and learns” to help employees learn about financial planning, saving for college, investing and more. Most financial professionals will pull together seminars at no cost to the business owner.

Consider the ways that you can connect your millennial employees to professionals and products that meet their unique needs.

2. Mentor Magnets

Millennials are constantly seeking connections. Beyond social connections on LinkedIn, Facebook, Twitter and other networks, they also crave career connections and understanding through mentorship.

A great mentor can help new key employees acclimate to an unfamiliar company culture, understand career paths and believe in the business. As a result, he or she may be better able to deliver on a company’s mission early in the role.

The opportunities don’t have to be one-sided. A millennial mentee can help a small-business owner to understand issues and opportunities in the workplace and the marketplace.

Consider launching meaningful mentorships or employee resource groups in your small business to engage millennial employees and exchange expertise across generations.

3. Unity in Community

Millennials want to feel like they are part of something much bigger than themselves. They want to be a main character in your business’s compelling narrative. They want a mission that they can believe in — and purpose-driven pursuits that bridge their work life and personal life.

For a small-business owner, it’s smart to invest time and energy into employee engagement. But to engage millennials, you need to go beyond a mission rooted in sales. You need to commit to community service.

During the interview process, we spend time with each new recruit talking about our careers and our causes. We ask questions about the charities and challenges that drive them at a personal level — and help connect new staff to exciting volunteer opportunities.

It’s essential to engage your millennial employees through service. Consider the ways that your office can make it easier for key staff to get involved and give back together.

Source: 3 ways to attract and retain millennial employees – The Business Journals

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