Great news: the fountain of youth has been discovered! The global workforce is drinking from it, so much so three-quarters of workers will be millennials in ten years. This influx of millennials in the workforce wouldn’t pose too much of a challenge to employee retention and engagement if Gen-Y employees were looking for the same workplace values as their predecessors. Unfortunately, they aren’t.
Young Talent Gets Antsy
Only 9% of job-seekers under the age of 40 expect to stay at their current job longer for more than three years. If employers don’t want employee turnover rates and expenses to skyrocket, they better find out what these young workers look for most in a job. Once they’ve found it, they better know how to communicate it clearly and personally so their employees have no doubts about what they’re getting from their employer.
“Being Part of Something” Matters
The new generation of workers isn’t satisfied to just go into a job, sit behind a desk, and keep to themselves. They want to feel like they’re contributing to something, and their personal values are reflected in their work environment. In fact, over half of millennials in the workforce would actually take a pay cut to work for a company that shares their values. “Share” is the key word here. Using an on-demand total compensation statement solution, employers can share in the values of their employees by creating compelling, unique total rewards statements that use non-monetary employee rewards to illustrate the company’s greater mission and vision.
Millennials Believe the Sky’s the Limit
It may seem like a no-brainer, but young job-seekers want to work for a company offering opportunities for advancement. No matter how bright their future looks at a company, it won’t matter if they can’t see it. Employers can use total rewards statements to cast a vision of their employees’ future, showing them just how bright it is and why they should stick with their current company.
What about All the Other Workers Out There?
The workforce is getting younger and employee values are changing, but that doesn’t mean an innovative total rewards solution caters exclusively to millennial talent. Total compensation statement software communicating non-monetary rewards goes a long way in engaging and retaining workers of any age. Sign up for the free edition of TotalRewards’ new online total compensation platform to find out for yourself.
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