Building Millennial Loyalty: Helpful Strategies to Attract and Retain Millennials

Millennials are the largest generation today, set to dominate the workforce by 2030. 

This is why it’s important to understand their preferences to attract and retain them, especially given their reputation for rapidly switching to other jobs.

For most millennials, a satisfying workplace goes beyond salary and job titles. Instead, many value engagement, meaningful projects, and the opportunity to make an impact.

In this article, we’ll explore how to understand and foster Millennial loyalty. Let’s delve into key insights about Millennials and what motivates them to stay with an employer.

The Key Insights About Millennial Loyalty

In order to properly retain and gain Millennial loyalty as employers, we‘ll first learn what makes them tick and how they view their employers and colleagues. These insights will help you maximize their effectiveness as employees and future leaders.

So, let’s delve into some key insights about Millennials! While data on them can vary across sources, we’ve gathered the fundamental facts here to gain a better understanding of this cohort.

The Age Range

Millennials are today's 20- to early 40-year-olds, typically born between 1981 and 1995, though sources on exact age boundaries may differ slightly.

Known as ‘Generation Y’, Millennials are the first generation of digital natives. They’re tech-savvy, always connected, and rarely without a smartphone or tablet. With more formal education than any previous generation, they’ve honed their multitasking skills through early exposure to various media.

The current workforce also includes the following generations:

• Traditionalists: Born in 1945 or earlier

• Baby Boomers: Born between 1946 and 1964

• Generation X: Born between 1965 and 1980

• Generation Z: Born in 1996 or later

Population

Millennials are a significant demographic, comprising around 1.8 billion individuals globally, roughly a quarter of the world’s population. Pew Research shows us that in the United States alone, there are 72.1 million Millennials, outnumbering the Baby Boomer population.

Millennials as Employees

They approach employment as discerning consumers, seeking roles and organizations that facilitate their best performance. If you’re a manager or a team leader, you’ve got to understand their expectations regarding job roles, management, and company culture to retain them in your company.

Tech-Savvy

Millennials are known for their digital fluency, feeling right at home with technology like smartphones, tablets, and laptops. They heavily rely on the internet – in fact, according to Gallup, 85% of Millennials access the internet through their smartphones and expect to have access to work-related tasks on their phones as well. 

Purpose-Driven

Another important thing about Millennials to keep in mind is that they prioritize purpose in both their consumer choices and career decisions. They seek companies whose values align with their own, with 75% willing to accept lower pay if it means working for a company that shares their values.

Urban Population

According to Financial Times, Millennials are highly urbanized and have a strong inclination towards city living. This mirrors a global trend seen especially in developing countries, where urbanization rates have surged over the past few decades.

Attract and Retain With 6 Employee Benefits For Millennials

If you want to attract and retain Millennial professionals, you should focus on employee benefits that reflect their values—particularly in diversity, equality, and inclusion (DEI), employee well-being, and flexible work arrangements.

Here are some key employee benefits for Millennials for you to know.

1. Flexible Work Options

Millennials value flexible work hours, remote work options, and alternative schedules that help them achieve a better work-life balance. For instance, 71% of working Millennials want the chance to work abroad during their career, and 31% prefer a four-day workweek.

2. Recognition and Rewards

Millennials appreciate being acknowledged and rewarded for their contributions. Programs like performance bonuses, public recognition, and employee of the month awards, in the form of gift cards or something else, are highly valued, as Millennials seek regular feedback, encouragement, and validation.

Want to know more? Learn the impact of implementing employee recognition programs!

3. Balance Between Work and Life

With 95% of Millennials emphasizing the importance of work-life balance, it’s a good idea to consider benefits like flexible scheduling, telecommuting options, wellness programs, and on-site gyms. These help Millennials maintain a healthy balance between their professional and personal lives, which in turn helps them stay productive and loyal to their workplace.

4. Career Growth and Learning Opportunities 

Millennials are dedicated to continuous learning and career growth. In fact, a survey by PwC shows that professional development is their top choice of benefit. Employers offering training programs, mentorship initiatives, and tuition reimbursement are more appealing to this generation – so keep that in mind! 

5. Health and Wellness Programs 

Wellness initiatives that support physical fitness, mental health, and overall well-being resonate strongly with Millennials. Gym memberships, meditation apps, and wellness challenges are popular – with 73% of Millennial employees expressing a desire for digital workout access, according to a Les Mills survey.

If you need inspiration, here’s all you need to know about health and wellness in the workplace.

6. Diverse and Inclusive Work Environments 

According to research, 83% of Millennials are more engaged when they feel their workplace is inclusive. So, one employee benefit for Millennials is working in an inclusive environment. Initiatives like employee resource groups and bias training can foster a diverse environment.  

LGBTQ+ inclusion is especially important, as a sense of belonging can boost performance by 56%, yet 35% of LGBT individuals still hide their true selves at work due to fear of discrimination.

In Conclusion..

A key focus to draw Millennial loyalty is providing your employers with benefits such as flexibility, recognition, and continued learning.

By aligning benefits with Millennial values and priorities, you can create a supportive work environment for this key segment of the workforce! 

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