A Federal News Radio survey shows that millennials would have more passion for their work if employers offered benefits and opportunities to develop their careers.
Millennials who participated in the survey indicated that loan repayment programs are attractive to them, as the majority of college graduates have student loans. However, funding for those programs has dropped in recent years, heightening the likelihood of job switching. Employers can use them to attract millennials, but they won’t stay if the benefit fades.
“Sure, Uncle Sam pays lip service to recruiting young employees,” wrote one survey respondent. “But when push comes to shove, the money’s not there for student loan repayment or employee training. And recruiting talented college grads to do administrative work for the first five years of their career is a recipe for high attrition rates.”
Within the last year, 21 percent of millennials left their current job for another one — a rate three times higher than it has been in past generations. According to a Gallup report, millennials are the most likely generation to change jobs, especially if they feel misunderstood by their employers or lack good benefits and opportunities.
More than ever, employers must work to make positions appealing for millennials who are searching for jobs to fit their needs.
In addition to loan repayment programs, millennials also value personal interest in the job, chances for advancement, overall compensation, an environment that encourages creativity, and — most importantly — opportunities to learn and grow.
Employee engagement overall has declined in recent months among all ages, employers are learning that it takes different tactics to keep millennials engaged than their older coworkers. Millennials need to know that their job matters and that their careers can grow. They enjoy focusing on creativity and growth as they work. Overall, millennials desire to make a difference and inspire change in the world.
“The idea of working 30-plus years for a pension, which I’ve paid a substantial amount into, does not motivate me,” another survey respondent wrote. “At the end of my career, I don’t want to feel like my biggest legacy is a cleaned-out cubicle.”
