If it seems like every company is talking about millennials — they are. And for good reason.
In 2016, millennials surpassed the baby-boom generation as the largest living generation in the United States. Millennials are moving into their prime spending years, and as the largest living generation, their unique experiences and preferences will shape the economy. The shift of spending power is forcing companies and brands to rethink both external and internal communication, in all forms.
A simple Google search on characteristics of millennials leads to a growing list of preferences of the first digitally-native generation. One characteristic we’re seeing of millennials is their desire for a better work-life balance and workplace culture. They want their employer to see them as more than just a worker. They want to be seen as a person.
Millennials also share an unwillingness to give up off-work time for financial reward, according to Forbes. This generation doesn’t hesitate at moving to a new job with a company that’s more accommodating of their wishes. Companies need to take this into consideration to recruit and retain this generation of employees.
A well-known example — Facebook.
The social media giant recently announced its new extended leave policy. Facebook publicly announced the new policy through its own platform, which has more than 1.23 billion daily active users. The new policy enforces the idea that companies should support families in all aspects of life and joins a long list of other benefits and perks of working at Facebook.
Not only are these great perks, but they’re very well-known and talked about — creating a highly-desired employer and employee experience. Public knowledge about the benefits at Facebook and the company culture builds Facebook’s reputation and helps recruit individuals whose beliefs and talents align with the company.
Other companies might find it challenging to create the same buzz and desire to work for their company — even with comparable benefits and culture. To draw millennials, companies need to increase awareness of their existing culture, or consider adjustments to improve their culture to fit the desires of millennials joining the workforce.
Remember, millennials will not hesitate to leave a company if they find its values don’t align with their own. So, a company should remain transparent and advertise a true reflection of its culture to the millennial workforce. Companies might consider a culture audit to gain a clear understanding of how their employees see the company day-to-day, and from this, improvements can be made to build an attractive and sustainable culture. A culture that promotes a work-life balance, flexibility, mentorship and opportunity to excel professionally will help attract and retain millennials.