Most working Millennials I know don't think about health insurance as an employment benefit until they turn 26 and lose their ability to be on their parent's health plan. Why would they pay out-of-pocket for something they can get for free? Yet over 80 percent of Millennials working today say they're experiencing a form of acute pain. In fact, it's so bad that employers who can offer an employee benefit to help Millennials feel better in this area could use this perk to attract and retain better talent. The best part? This benefit will also make your Millennials more productive and successful.
New employee benefit = health care for their careers.
Millennials are craving, screaming, and downright begging for professional development opportunities at work. Having been coached their entire lives, they expect on-the-job coaching, too. Unfortunately, the average employer isn't equipped to deliver the level and style of coaching this generation desires. As a result, over 50 percent of Millennials today are contemplating looking for a new job after just six months of employment. Without guidance, Millennials experience pain from a job that doesn't feel fulfilling, purposeful, or on track to help them reach their career objectives.
Gallup study proves it's a smart business move.
But don't just take Millennials' complaints into consideration. It's time to take a closer look at the root cause of their unhappiness.
In March 2014, in partnership with Purdue University and the Lumina Foundation, Gallup launched the first ever nationally representative sample of college grads in the U.S.
Gallup sorted out those college grads who rated their lives the highest and found six emotional and experiential factors that predicted their likelihood of having a better job and life. They were:
- Professors who made you excited about learning;
- Professors who cared about you as a person;
- A mentor who sat and thought about your future with you;
- Having been extremely involved in extracurricular activities;
- Had a project that took more than a semester to complete;
- Had an internship or job where you could apply what you'd been learning in the classroom.
These seem like fairly obvious opportunities. But when we ask what percentage of college grads are actually having these experiences, only 3 percent have had all six.
Which means 97 percent of Millennials are coming to you out of college unprepared to manage their own career success and satisfaction. Millennials, through no fault of their own, are arriving to their first jobs professionally immature. It's no wonder they are seeking help!
A two-for-the-price-of-one Benefit (to help with recruiting AND retention).
By offering career coaching as an employee benefit, you will not only help retain your existing Millennial talent, you can also use it to market the advantages of working for your company to new prospects. Essentially, you'll be leveraging it as a recruiting tool. Why? Millennials care about companies that care about them and their futures.
And if you feel you've given your Millennial staff some great professional development opportunities, and they still aren't succeeding...
One of two things could be going on:
1) You aren't communicating with them properly. (This Inc. article on Millennial-speak explains more.)
2) You're failing to leverage their strengths. (This video series on Millennial development can help.)
Either way, you need to address your ability to tap their potential. Millennials can be amazing assets to an organization when given the right professional development.