Millennials will make up almost half (46%) of the national workforce by 2020, so it’s time to talk about the attributes they can bring to your business.
Here are 5 reasons to add millennial hiring to your business plan:
40.2% of Millennials are non-white compared to 27.5% of previous generations according to an infographic published by the University of North Carolina Kenan-Flagler Business School. Diversity in ethnicity can also lead to diversity in perspectives, as everyone comes from a different background. This can benefit your business by encouraging the creation of well-rounded ideas for development, improvements and company culture.
Bottom line: your business is gaining new, diverse perspectives.
The infographic created by Online Schools cites that 63% of working millennials have a bachelor’s degree or higher, which makes them the most educated generation to date. This education can lead to innovation to help move your business forward. From R&D to company culture, this generation will bring new ideas to the table to keep your business significant in a changing economy and client base.
Bottom line: your business is staying relevant from the development of new ideas.
Millennials yearn to engage with and learn from their employers. According to the same study by Online Schools, 80% have said they’d prefer to receive timely performance feedback, and 75% would appreciate having a mentor to learn one-on-one from. Their dedication to lifelong learning and self-reflection make them a powerful force for your workplace, and they’re ready to absorb whatever you have to offer.
Bottom line: your business is using existing leadership to train future leadership.
It’s important to pay individuals what they’re worth. However, millennials say that flexible compensation in the form of creative benefits, such as retirement options (88%), tuition reimbursement (64%), well-being support (61%) and skill-building opportunities (58%), are more important than traditional benefits such as health and dental according to according to a study conducted by Virgin Pulse. In fact, these creative benefits matter more than traditional high salary offers, but we’ll talk more about that in point five.
Bottom line: your business is saving money.
It’s more than just a job to a millennial, they are eager to make a difference! In fact, outlined in the Online Schools study, 58% of millennials would accept up to a 15% pay cut when changing jobs if the company reflects their own values, and 45% would do the same if the company offered superior environmental or social impacts, such as using alternative, clean energy or being free from social media regulations. Additionally, 65% of millennials cite personal development as the most important factor when accepting a job offer, as reflected in the aforementioned infographic by the University of North Carolina Kenan-Flagler Business School.
Bottom line: your business is gaining employees who are invested in your collective success.