Employers struggling to provide incentives they believe millennials, Gen Zers want
- Employers say they're struggling to attract and retain millennial and Gen Z workers, in part because they can't provide the incentives they believe these demographics want. More than 1,000 senior-level HR professionals responded to a survey by Allegis Group on the state of millennials and Gen Z in the workforce, and almost half voiced this concern. Most say they believe this failure will negatively impact their company by slowing growth, reducing productivity and increasing hiring costs.
- What’s keeping them from enticing these generations into the fold? More than 70% believe outmoded work practices, sketchy career paths and limits on advancement, development and mentoring are impacting attrition. Flexible work schedules, wellness programs, fast-track promotions and other perks were identified by 69% of respondents as problematic.
- Millennials, the study suggests, are looking for more than salary and benefits; diversity and inclusion rank high on their employment wishlist, as does strong corporate social responsibility (CSR). Yet only 12% of businesses believe their D&I programs help attract talent, and only 13% believe CSR does.
Millennials, the generation that will dominate the workforce at an estimated 75% representation by 2025, comprise 35% of workers in the U.S. today. To attract and retain this demographic, employers may have to do some serious surveying and listening.
Priorities may vary from workplace to workplace, and generational stereotypes can create problems. PwC, for example, saw that its millennials were clamoring for flexibility and leaving when they didn’t get it. It conducted a survey and, naturally, found that “millennials want more flexibility, the opportunity to shift hours — to start their work days later, for example, or put in time at night, if necessary. But so do non-millennials, in equal numbers.”
Allegis Group's findings about diversity and CSR may well apply to other generations as well. Studies have found that diverse teams are more innovative, and employer branding — including a persona as a good corporate citizen — can go a long way with employees of all generations.