Millennials can seem like a hard group to please. In fact, about two-thirds of employers say their organisations struggle to manage millennials, according to a study by Bentley University. Today, it might seem as if employers believe that ping-pong tables and fancy, tangible benefits is the way of attracting “Generation Y”. It turns out, however, that they aren’t very different from the older generations. Let’s take a look at the 7 intangible benefits that millennials actually want, according to a survey by MindTickle.
1. Professional Development
Training Development is the most coveted work benefit to millennials. When offering training, it’s important to communicate the purpose of your training content. Understanding the strategic context behind what happens internally in the organisation increases motivation. 95% of millennials report working harder when they understand the company’s goals.
No one likes a micromanager. Give your young workforce some freedom, and chances are they will reward you with high quality work. Doing this can increase the sense of ownership over a task, which helps make the employee feel personally invested in the task.
3. Shared Achievement
Millennials like to collaborate, and have a sense of being a part of something bigger than themselves. You can make your Generation Y employees feel like a part of the company by, well, literally making them a part of the company. Offer shares in the company as a benefit.
4. Flexible Schedule
Who doesn’t like the thought of working away from the office once in a while? Offering flexible in-office hours to the workforce is a declaration of trust; find a way to measure change in output to identify the employees that can handle working away from the office – and the ones that can’t.
5. Creative Freedom
Deloitte’s third annual millennial survey found that 78% of millennials are influenced by how innovative a company is when deciding if they want to work there. It’s not enough just to say that your company is innovative; prove it. Create a culture of innovation, and talented millennials will be more inclined to want to work for you.
6. Aligned Values
A survey by Net Impact, undertaken in 2012 in the US, discovered that 58% of workers would accept a 15% pay cut to work for an organisation with values that are aligned with their own. Find out what your employees care about, implement CSR initiatives and stick with them. Done right, it can greatly increase employee loyalty.
7. Challenging Opportunities
While millennials have been scrutinised for bad work ethics by employers, millennial life coach Megan Abbot says that older employers should “accept and strive to understand what drives this new generation.” She elaborates, “Older generations tend to glorify hard work as a virtue in and of itself, but millennials typically only value work insofar as it creates the results, or the acknowledgment or the growth they desire.”
So there you have it, the 7 intangible benefits that millennials crave. For more information, see the presentation below. [Top image: Shutterstock]