As labor pool demographics naturally shift, millennials — those born between 1981 and 1996 — have taken their place as one of the largest segments of the American workforce.
In fact, millennials have overtaken baby boomers as the largest living generation, according to Pew Research Center. After growing up during major cultural moments like 9/11 and the 2008 recession, millennials bring unique values into the workplace.
But what are they? Employers seeking to attract and retain millennials can’t afford to ignore these three insights.
1. Purpose is a must
According to Deloitte, younger generations “want to work for companies with a purpose beyond profit.” For millennials, this means their job is more than just a paycheck; it’s an opportunity to feel empowered to make a difference.
While fair pay matters (we’ll get to that), most millennials want to find purpose in their work. This desire plays into their selection process as they evaluate prospective employers on factors such as community involvement.
Because millennials are more likely than any other generation to participate in activities that give back to their communities, they seek companies that do, as well. That includes offering frequent opportunities to engage in meaningful initiatives where they work and live.
In a recent Deloitte study, 35% of millennials joined or volunteered for a community organization, charity or nonprofit in the last two years, while 55% reported donating.
One reason Paycom has been so successful in attracting and retaining millennials is the way we’ve clearly stated — and demonstrated through action — our five corporate values:
- We innovate.
- We win.
- We care.
- We serve.
- We believe.
When these values resonate with a candidate considering a role with Paycom, it’s easy for them to imagine taking an active part in the organization.
2. The quality of compensation
While millennials desire purpose, this doesn’t mean the numbers on their paychecks don’t matter. As it turns out, those numbers matter quite a bit. Per Deloitte, 38% said day-to-day finances create stress, while 46% found their long-term financial future stressful.
With financial concerns looming large on millennial minds, earning a competitive salary is just the beginning. An organization that also encourages growth and development can ease doubts about money.
At Paycom, the training program Basecamp identifies high-potential employees and provides them resources and tools to strengthen their skill set. That way, they’re equipped to transition into future leadership roles.
Millennials aren’t just worried about their own pay. The greater concept of pay equity is also an important factor. They expect employers to offer pay structures and advancement opportunities equally to all employees, regardless of any demographic differences.
Organizations can communicate a commitment to pay equity by offering clear metrics on employee diversity. For example, at Paycom, women represent approximately half of the workforce and hold more than 47% of management positions.
3. Innovative and unconventional benefits
Benefits are an important consideration for job seekers of any age, but millennials want more than the “classics” of health insurance and 401(k) matching.
American Psychological Association research found 35% of millennials are likely to report receiving therapy from a mental health professional, compared to 22% of baby boomers. Therefore, a commitment to holistic wellness — not just mental, but also physical, emotional, social and financial — demonstrates a company is forward-thinking.
Full-spectrum wellness programs that include on-site counselors, affordable medical benefits and healthy lifestyle opportunities — such as fitness centers and healthy eating options — are more likely to appeal to the holistic sensibilities of millennial job-seekers.
Paving the way for future generations
Driven by a strong need for purpose and a desire to see everyone enjoy factors like fair pay, equal job opportunities and relevant benefits, millennials are helping organizations redefine the way work and life intersect.
Are you a millennial looking for a new opportunity? Here’s how Paycom supports the needs of our workforce:
- clearly articulated values evidenced by in-house efforts and philanthropic initiatives
- competitive pay with equitable workforce policies and robust professional development and training opportunities
- innovative benefits, including on-site mental wellness programs, discounted child care options, $1 per-pay-period health insurance plans, pet insurance, healthy meal options and more
Learn more about opportunities at Paycom at paycom.com/careers and apply today!
