First, get them in the door.
Millennials aren’t looking for the same perks and benefits previous generations sought. Pensions and retirement plans are barely a blip on their radar. This is a generation used to being affected by economic swings that resulted in parents’ layoffs and employment uncertainty. Therefore, their outlook on career goals is less on creating a comfortable lifestyle à la their parents, and more on making a difference in the world around them.
Companies wanting to recruit younger workers should focus on offering benefits that appeal to them. They want mentoring and ex- perience-building opportunities. They want flexibility in their work envi- ronment and in the work itself. They want to know that what they do matters and they’re allowed to contribute to the big picture. They want to work for a company whose values reflect theirs.
If you can offer them more than just a paycheck, you may reap a workforce filled with energy and passion for helping you grow your company. And, supplying the kinds of opportunities they’re looking for just may switch off their seemingly inborn predisposition to move on. Showing them you support their convictions may be the impetus they need to stick around and become a key person at your company.
Next, get them to stay.
Once you entice them to say yes to a job offer, it’s up to you to make staying with your company something they want. Remember, you’re investing in their employment, so it only makes sense to try to give them the experiences they seek.
Playing into their wants for fair compensation (many leave college with thousands of dollars of debt2 ),
setting up a Private Bonus Plan for them could be another motivation to buck the trend of job hopping. A Private Bonus Plan pays your top employees bonuses on a regular schedule as incentive to stay on the job long-term. A typical Plan pays key employees on an every-five-year schedule. Funding the plan can be done with life insurance.
You can include or exclude employees at your discretion. Once you determine who your valued employees are (and, with luck, some could be the Millennials who didn’t even know they wanted to stay!), you can communicate your Plan.
Dangling the right carrot (bonus) in front of your younger workers just might convince them that maybe career longevity is the change they’re looking for.
Federated Insurance can help you decide if a Private Bonus Plan is right for your business. Contact your local Federated representative to learn more.
1
http://www.forbes.com/sites/jeannemeister/2012/08/14/the-future-of-work-job-hopping-is-the-new-normal-for-millennials/ 2
http://www.kenan-flagler.unc.edu/executive-development/custom-programs/~/media/
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This article is for general information and recommendations regarding risk prevention only. The information is accurate as of January 2017 and subject to change. This article should not be considered legal advice. Qualified counsel should be sought regarding ques- tions specific to your circumstances. © 2017 Federated Mutual Insurance Company. All rights reserved. Reprinted with permission.
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