Much has been written about the high turnover rate of millennial employees, relative to other generations, as they seem to be in constant pursuit of the ultimate job. According to HR innovator, Jim Geier, “A major reason why millennials don’t stay is because their compensation package is mostly based on money and money is not always their lead motivating factor relating to their job satisfaction and longevity.”
Geier observes, “Most companies need to develop an innovative, more creative compensation strategy to meet the needs of the workers of today.” Below are 5 compensation package features, Geier recommends:
- Flexible schedules – and not just coming in and leaving an hour or two early. Flexible can mean 10 hour days with Fridays off. Or Fridays off in the summer with longer mid-week hours. Or work from home opportunities.
- Work as a life hub – People joke about it, but by offering such benefits as snacks, relaxation rooms, games, gyms and more…employees actually spend more time at work and even look forward to being there…collaborating.
- True, it was promised that our healthcare insurance system would improve, but it has become even more elusive and expensive. Although offering robust health benefits may buck a current trend in business. By providing a superior program is often valued higher than money compensation, even to young millennials.
- Continuing education. In today’s world, having a college education is often just the beginning. Employer support for continuing education is a valuable perk. Even more creative, instituting a program to help employees pay down their college debt keeps them loyal while providing a valuable benefit.
- Appreciation among peers. Although it’s true, millennials like to be appreciated just for doing their jobs, but why not? Let them know they’re doing a great job with individual acknowledgement (thank you) for achieving personal and company goals and for achieving company goals.
According to Geier, “Everyone likes to make the most salary they can, but millennials have a uniquely healthy perspective on compensation and work’s position in their lives. Employers that enhance the work experience and compensate in other ways besides money will be more successful in retaining satisfied employees and keeping turnover to a minimum.”
For more information on how Human Capital Consulting Partners can assist you in developing your company’s recruiting process, contact us.