One common assumption of millennials is that they move freely from company to company as they wish, and more frequent than any other generations.
The 2020 Randstad Employer Brand Research revealed that one in four millennials changed their jobs in 2019, and 42% considered switching employers in 2020. Needless to say, this number has decreased due to the pandemic as people switch towards prioritising job and income security to be able to maintain their livelihood.
However, there will always be people who are looking for new jobs and employers. Reasons for resignation are always a combination of both push and pull factors. It is critical for companies to understand the reasons to be able to attract and retain their star employees.
meeting millennials’ expectations on salary and benefits
There is no denying that workplace demographics are shifting. There has been a significant amount of focus placed on millennials, as they are expected to assume leadership positions that come with extensive responsibilities very soon.
Millennials, also known as Generation Y and were born between 1981 and 1996, tend to look for employers that are known for their financial stability and attractive salary packages for not just income security but also to have the ability to attain a higher quality of life. A competitive salary would also impact their ability to accumulate wealth in the long run as most millennials are also starting to invest in real estate and financial markets.
However, while salary is always top-of-mind, it is also important for companies to not enter into a bidding war with their competitors. Employers should instead highlight the employee benefits that they offer, as well as attract talent to the exciting and innovative work they do. To a millennial, a job that offers diverse growth opportunities means that they will never get bored and that they can always continue to learn.
key highlights of the 2020 gen-y employer brand report:
- retaining talent through robust career development and training programmes
- creating work opportunities that are aligned with the Gen-Y’s purpose and values
- employee benefits that will help drive work productivity
If you’re hiring and interested to find out more about the HR solutions we offer, feel free to connect with us.
- top 3 reasons why you're losing your employees
- why great employee development is an investment you can bank on
- 3 tried and tested employee retention tips that boost employee satisfaction