Millennials.
This mysterious new generation of employees scares HR managers, because their values seem hectic – to say the least.
This generation has been more loved and pampered than all previous generations. Every milestone was marked with celebrations and praise. They may carry a sense of entitlement about them and have an expectation of frequent positive feedback. They feel they are here to solve world problems that older generations have failed to solve. They may claim they want privacy, but they also crave attention.
And, most importantly – they are the backbone of the current workforce.
Consider this, if you will: millennial turnover costs the U.S. economy $30.5 billion annually and at the same time, engaged millennials are 64% less likely to switch jobs.
This begs the question: how can you keep them employed, motivated, attentive, and willing to give their 100% at all times, when paychecks alone are not enough?
Easy – you offer them more than just money.
To make your life easier, you can look at these best-in-class examples of leading companies who know that showing how much they care about their employees is equally as important as the salaries they’re offering.
Mars – for pet lovers and not only, Mars’ workplace has an incredible advantage – you can bring your little one to the office where it can play with toys, eat comfort food, and interact with other furry creatures. You might not know this, but Mars also produces and sells pet food. So we believe this unconventional perk is more than well-thought.
This way, the employees can carry on with their jobs, without worrying about their pets’ well-being. Moreover, playing with a pet boosts one’s morale, keeping your employee motivated through the entire workday.
J.M Smucker Company – besides offering goody packs for their employees (and in-office leisure activities such as bowling and softball), the company supports its employees in getting their Bachelor’s degree – offering to cover 100% of their college fees.
It seems like, on the long term, it’s more cost effective to pay for your employees’ education, than to search and hire new staff members.
Besides, this approach makes the employees feel valued and translates to a high retention rate.
Mattel Inc is 100% about the employees’ children. This toy producing company offers numerous benefits for parents – such as 16 hours of paid leave in case of emergency PTA meetings, or simple family trips. Moreover, it offers its employees the opportunity to join an NGO meant to support couples who wish to adopt.
This approach encourages the staff to cut their leave of absence short after they have children, while also helping both parents to keep their employment – without having to worry about missing out on quality time with their children.
Patagonia believes wholeheartedly in the physical health of its staff. Whether the employees want free products from Patagonia’s production line, swimming classes, or surf competitions, this sports company encourages its staff to lead an active life. Not only this, but the most active employee of the month gets a financial bonus on their pay day.
There is no point sugar coating it. A 9-to-5 office day is hurting your employees more than you think. Sedentary life is the curse of the 21st century, but Patagonia knows how to deal with it.
This perk has a direct influence on the employee’s general health and well being. This means long term employment with the minimum amount of leave of absence possible.
Oshkosh Corporation encourages their staff to go on a lifelong quest of self-improvement. The employees can go to trainings or conferences on the company’s expense, while also getting the financial support needed if they want to finish their studies.
This makes sense when we think about an employee’s cost-per-hire and how the costs grow exponentially with the employee’s skills. It means that, rather than searching for pros to join your team, you can encourage each and everyone one of your employees to advance and become a better version of themselves.
These are but a few examples worth mentioning.
The bottom line is: only 29% of millennial employees report that a high salary is the biggest contributor to their loyalty.
According to North Dakota’s Young Professional Network, the secret to attracting and maintaining millennials is in the perks:
- Pampering perks (i. e. free food, office decor, tickets to monthly events)
- Community perks (i.e. organized volunteering, department retreats, book clubs)
- Lifestyle perks (i.e. reduced schedule during the summer, casual dress code, infants at work programs)
- Convenience perks (i.e. on-site fitness facilities, employee library, discounts on the company’s products)
- Culture perks (i.e. transparency in communication, challenging work environment, encouragement and feedback).
As you can see, ideas are easy to find. You just need to think outside the box and show your employees how much you value and respect them.
