Talent is the most important determinant of success in the 21st century. Talent is scarce and the competition for the most in-demand skills is fierce. Retaining your best employees is harder than ever before. Attracting and retaining world-class talent has become a critical aspect of companies’ futures.
According to a Pew Research Center analysis of U.S. Census Bureau data, more than one in three working Americans are millennials; more than any other generation in the labor force. By 2030, an estimated 75% of the workforce will be millennials. In order to stay competitive, you must engage with them now.
But, what are millennials looking for in companies today? Let’s take a look at some key aspects:
A recent study done by PWC found that “millennials work well with clear instructions and concrete targets.” They want freedom to work remotely, and complete tasks from places that increase to their personal productivity. Companies that want to attract millennial talent should cater to this.
Modern company managers should create a deadline for a task and focus on whether or not they submit high quality work on time, instead of where they complete the task. Increasing flexibility will surely attract millennial talent, as they are newer to the workforce and have things outside of work that they want to make time for as well.
2. Modern Onboarding
Millennials grew up with technology. Therefore, they expect 24/7 access, real-time feedback, instant approvals, remote work, data accessibility, and mobility.
Right off the bat, your HR department is their gateway to the company — the very first thing they interact with. HR automation is critical in the modern business world. HR handles many tedious, but important, tasks that keep companies organized and competitive. They are responsible for finding, attracting, and retaining skilled talent. If new employees are looking for technologically advanced companies, their first taste is the onboarding process.
Not only do modern onboarding processes make it easier on the HR department, it gives the new employee more flexibility. Instead of waiting on a certain manager to continue the processes, employees complete steps at their own pace. This reduces stress on both ends, and ensures that the new employee understands each topic before moving on, reducing the chance of error.
3. Benefits and Perks
The millennial workforce really values benefits and perks at work. In fact, 89% of young employees age 18-34 prefer benefits and perks over a pay raise, compared to 70% of employees age 45-54 and 66% of employees age 55-64.
It’s an amazing statistic, so let’s take a look into what specific benefits millennials are looking for. Many younger employees are prioritizing healthcare insurance and performance bonuses, along with tuition reimbursement and paid time off/vacation.
40% of employees said they value healthcare insurance over a pay raise, simply because of the peace of mind that comes with knowing they are covered in the event of a serious health issue.
Bonuses help motivate employees to work harder and produce better quality work. It also gives employees a sense of control over their work life, and a sense of accomplishment when they receive a performance bonus.
This is very important to younger employees trying to combat student debt. Putting themselves through school is costly and many face the decision to work (ie. make money) or continue their education (ie. lose money).
Tuition reimbursement combines the two, allowing the employee to work and continue schooling without having to drain their savings. Offering tuition reimbursement to employees is a great way to attract and retain young, hardworking talent.
PTO and Vacation Time
This is another priority for millennial employees. Millennials want the flexibility to work from anywhere, and many want to travel to new places while they are young. Not only does vacation time allow them to do that, but there are a plethora of health benefits associated with taking vacation.
4. Vacation Friendly Culture
Vacation time is the #2 benefit that employees look for when weighing job offers. Millennials, in particular, are more likely to work for companies that care about their overall health. They strive to have a good work-life balance, and are more likely to work for supportive companies.
According to the closely watched Allianz Travel Insurance Vacation Confidence Index, as many as 25% of millennials are nervous about requesting time off from their employer and 48% of them are not using all their paid time off each year. If this is the case in your company, you have a “vacation shaming” culture. Fight this by stating the health benefits of taking vacation. To name a few, it lowers the risk of heart disease, depression, and anxiety, and increases productivity.
Your company needs to create a vacation friendly culture so that employees are more likely to make use of their paid time off. Not only does this affect individual productivity, it also increases the overall quality of work.
As mentioned earlier, millennials are looking for companies that can provide 24/7 access, real-time feedback, data accessibility, mobility, and more. Companies need to automate more than just their onboarding process. Other tedious HR tasks like vacation requests, timesheet submission, travel reimbursement requests, and shift modification requests need to become simple, streamlined, and easy to use. Complex processes add unnecessary stress to employees’ workdays, but digital processes make them easier than ever.
Digital HR functions show applicants and new employees that your company is focused on success in the modern world. This will attract talent with the same goal in mind, and help your company stay competitive as more organizations switch to modern processes.
6. Human Interaction
Yes, millennials are looking for automation, but they’re also looking for companies that have a strong sense of community and teamwork. Millennials do not want to work for impersonal companies that don’t interact with their employees. They want to collaborate with their peers to create better quality work, and want their bosses who are invested in their personal growth and development as an employee.
So how can we balance human interaction and automation? The two go hand-in-hand more than you realize. Automation makes every-day tasks easier and less time consuming. This allows employees to increase customer engagement, and fosters a collaborative environment between coworkers.
When an employee takes advantage of the simple vacation request workflow and takes leave, coworkers that don’t usually work together must step in to make sure projects don’t fall behind while they are gone.
How frevvo Can Help
frevvo uses modern business technology to help automate your business processes. The software creates visually appealing forms that are incredibly easy to use. Using frevvo, companies drastically cut down paper waste without spending extensive time training employees to use the software.
Some key features of frevvo include:
- No coding — no need to hire experienced programmers to implement it.
- Automatic validation — the system immediately brings mistakes to your attention before you submit the form.
- Built-in mobility — software is accessible on any device and you can build, fill-out, and approve from anywhere in the world.
- Integration with SQL databases and other business systems – significantly reduces manual data entry.
- Workflow – the system automatically routes forms to the proper users and roles without emails, phone calls, and wasted time.
Attracting skilled talent is critical to a company’s success. Optimizing your company for the 21st century should be priority #1. Automated processes attract the best millennial talent, and the ability to retain that talent gives your company a huge advantage. Start modernizing processes now, and watch as world-class talent flocks to you.