Millennials

A woman on a laptop researching workplace benefits to retain millennials

5 Employee Benefits To Attract and Retain Millennials

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Millennials now comprise the largest portion of the workforce and are in high demand as companies seek younger, tech-savvy talent. 

With record-low unemployment and a crowded recruiting field, how can your company stand out from the crowd and attract millennials? 

Take it from a millennial—here are five employee benefits that will capture the attention of your millennial candidates.

 

1.) Health Care 

Believe it or not—health care continues to top the list of the most coveted employee benefits, even among tech-savvy millennials. In fact, 85% of surveyed millennials rated health insurance as ‘absolutely essential’. Even more compelling, when presented with the option between a 10% raise or better health care coverage, a majority of respondents indicated that they’d prefer better health care. 

This might seem surprising, but the data speaks for itself. Employee Benefits News found that 27% of millennials don’t go to the doctor because they don’t want to incur medical debt and 50% of millennials have received a health care bill that they had not budgeted for. And, as millennials move into their 30’s, many are getting married and starting families, which is all the more reason to seek a robust health care plan. 

A slice of avocado toast a day won’t keep the doctor away, so keeping your health benefits front and center will catch the attention of this coveted demographic. 

Just because a trendy brunch item won’t impact personal health doesn’t mean you can’t shape your health care programs to meet the demands of the millennial workforce. ‘There’s an app for that’ applies to health care too! Consider offering a telehealth program as an alternative option for seeking medical treatments. And, offering both high deductible and PPO options can better meet the health care needs of a diverse population. 

2.) Remote/Flexible Work 

Life happens, and it doesn’t always take a break between the hours of 9 a.m. to 5 p.m. This is exactly why many companies are embracing the remote/flexible work movement. 

A study by PriceWaterhouseCooper revealed that 64% of millennials would like the option to occasionally work from home, and 66% of millennials would like the option to shift their work hours. 

Remote work options also offer several other surprising benefits: higher engagement, increased efficiency and productivity, decreased operating costs, larger hiring pool—the list goes on and on. And employers are clearly taking note; the remote work population has increased 140% since 2005, which is nearly 10 times faster than the rest of the workforce. 

Of course, a shift in work hours or a change in physical workplace might not be an option for your individual workforce. If it’s not, consider other creative ways where you can allow for more flexibility with scheduling and work hours in the workplace. 

 

3.) Student Loan Repayment Assistance 

There’s no denying that stats around student loan debt are grim. As of 2019, 44.7 million Americans owe over $1.56 trillion in student loan debt (yes, trillion with a ‘t’). Yikes. And, more than 11% of student loans are more than 90 days delinquent. The average student loan payment sits at almost $400 per month, which can be a considerable chunk of change for employees in the beginning stages of their career.

Student loan repayment assistance has been a hot topic over the past several years, as more companies are beginning to adopt this innovative employee perks. However, there’s plenty of room to grow. Currently, only about 4% of organizations offer any type of loan repayment program, which means this benefit is still in its unicorn stage—highly coveted and rarely seen. 

And, if you’re curious about the demand— it’s there. 56% of workers with loans indicate that they worry about repaying their loans either ‘often’ or ‘all the time’. And, from a retention perspective, the same study revealed that 86% of employees will commit five years to a company in exchange for student loan repayment help. How’s that for investing in retention?

 

4.) Generous Paid Time Off

Often known as the “experiential generation”, it’s no secret that millennials prefer to invest their money on experience versus physical possessions. The catch? Enjoying amazing life experience requires the time to do that, which means millennials are keeping a close eye on their paid time off allowance. 

Most corporate companies offer a standard 10 paid holidays and 10 additional paid days off per year. Many companies require employees to work a certain amount of time before they are PTO-eligible while others only allow PTO to accrue from day one. And, many companies have a tiered structure where employees are eligible for more time based on tenure. 

 

To capture the attention of millennials, you’re going to have to go against the status quo by offering a more robust and generous PTO policy. Here are a few ideas: 

  • Make employees PTO-eligible on day one (vs a waiting period)
  • Front-load PTO on day one (vs accrual over time) 
  • Lump all PTO into one general category versus individual buckets (ex: vacation days, sick days, bereavement days, etc.)
  • Offer unique PTO days, like a free day off for a birthday or dedicated time off for volunteer opportunities
  • Offer more total PTO days than competitors
  • Include part-time employees in your PTO plan 
  • PTO ‘donation’ program where employees can donate unused days into a general pool

If a complete revamp is on your radar, consider the pros and cons of unlimited PTO and whether this could be a good fit for your organization and resources. 

 

5.) Retirement Savings and Financial Wellness

‘Kids these days… just starting their career and already planning for retirement. How millennial.’ 

After you’re done cursing the clouds, remember that Social Security benefits are slowly declining and many millennials want to have a solid base for retirement—even if they aren’t quite sure how to get there. 

A Northwestern Mutual study revealed that, while millennials are excited about their retirement future, 82% feel that their financial planning needs improvement. And this problem isn’t exclusive to millennials—that same report revealed that 1 in 3 Americans has less than $5,000 tucked away for retirement. 

Get your millennial recruits thinking about their future—preferably their future with you—by giving them confidence that you have their long-term financial success in mind. 

Currently, about 40% of private sector millennials do not work for a company that offers a retirement plan. And even for employees that do have access to a plan, many aren’t participating because other expenses (see also: student loans) are a bigger priority. 

Help your millennial workforce meet their long-term financial goals by investing in them—literally. Offering a retirement savings plan is a great step but providing an employer match is even better. 3% tends to be the standard match, so can your company do better? What about a 4%, 5%, or 6% match? 

From there, focus on educating employees on the reality of retirement—how much they will  need to retire comfortably, how much they should be contributing, etc.—and incentivizing and rewarding good behaviors. Decision support and other interactive tools can be invaluable in quickly and effectively educating employees and driving better contribution decisions.

 

How are you changing your benefits plans and programs to better attract and retain top millennial talent? 

 


This guest blog was provided by Meisha Bochicchio with PlanSource. Based in beautiful Charleston, South Carolina, Meisha works as the Content Marketing Manager for PlanSource. With over 20 years of benefits experience, PlanSource provides innovative technology solutions for a better HR experience. You can connect with Meisha on Twitter at @MarketingMeisha.

A woman on a college campus

How Innovative Companies Win at Campus Recruiting

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Campus recruiting has many advantages for employers in today’s competitive hiring environment. It’s an opportunity to get the best and brightest right out of the gate. You can pay college students lower salaries for entry-level positions although many of them make excellent employees. Students are comfortable with technology, and you don’t have to deal with correcting any bad habits that candidates have learned in other jobs.

A Streamlined Assessment Process

Our assessment process could be compared to behaviorism – it gets results without complicated analyses. We interview your top performers for each position that you’re trying to fill and perform an assessment as if they were job candidates. That allows us to develop a “Success Profile” of what to look for in applicants. We can make highly accurate estimates of who will be a good fit or a bad fit based on real-world data that are specific to your company. Our turnover rates for recommended hires an average of 10 percent or less. Other assessment companies have turnover rates near 50 percent.

Building Campus-based Recruiting Partnerships

An article posted on Shrm.com reveals the benefits of building campus partnerships to recruit college talent more effectively. These partnerships might include alumni organizations, college placement programs, key professors, and student organizations. Job fairs, mobile marketing, and social media are also excellent resources for hiring college students.

It’s possible to hire several students from a single appearance at a job fair or college recruiting event, but these are one-time events. Building relationships with campus professors, departments, alumni, and job placement professionals can provide ongoing referrals for many years. You can update these resources about changes in your industry, and recruit your partners to promote special recruiting events or job openings.

Regular visits to college campuses allow your recruiters to stay in touch with student opinions and new recruiting methods. Your company’s physical presence helps to build your brand and enables you to respond quickly to evolving trends. College recruiting is really marketing, so you should involve your marketing department in planning and promoting campus events and maintaining content with your on-campus recruiting partners.

There are many on-campus options for recruiting – both college-sanctioned and extracurricular. Your company can attend job fairs, conduct on-site interviews, establish an internship program, or arrange phone or Skype interviews. Some colleges might allow college credit for internships. Establishing partnerships with on-campus resources can prove extremely valuable to your recruiting efforts.

How to Recruit College Candidates Successfully

Careerbuilder.com reports that about 74 percent of all employers plan to hire college students. However, just showing up at a stall for a campus career fair no longer works effectively for recruiting plugged-in students. Your website is at the core of your recruiting efforts, and 64 percent of people looking for employment check out business websites. [2] The best methods of recruiting successfully at colleges and universities include:

Make Your Website Hiring-Friendly
Write effective job descriptions that include information about the company’s culture, outside activities, community involvement, and opportunities for advancement. Provide links for candidates to get further information, which helps to build your hiring database.

Recruit Students at Off-campus Sites
Determining where young people with your targeted student profile hang out is valuable information. Recruiting off the campus works in both physical and virtual locations. You can recruit on social media, at the local McDonald’s, or during sports scrimmages. Local hangouts, eateries, off-campus organizations, and community fairs and festivals are just a few of the possibilities.

Develop a Candidate Pipeline

You can take a page from the coach-recruiting book for intercollegiate sports. Identify your dream candidates based on data and recruiting technology. Building a pipeline of ideal recruits allows you to target each candidate more effectively. You can recruit remotely using the communications method that each candidate prefers such as mobile phones, social media, chatbots, text messages, etc.

Use Technology to Narrow Your Choices

Technology can screen your choices effectively based on keywords, work experience, college majors, etc. Using technology for preliminary screening allows recruiters to focus more attention on establishing personal relationships with the best candidates. You can further streamline the process by conducting the initial interviews using remote videos or Skype.

Think Digitally
Students and millennials are very comfortable using digital technologies. You need to think digitally to win the campus recruiting wars. You can attract students by posting general information on Facebook such as videos, behind-the-scenes views of the company, and recruiting updates. LinkedIn is your best site for searching resumes, networking, building your company’s brand, and generating leads. Twitter is very effective for posting new jobs, promoting your blog, and weighing-in on news stories that affect your industry.

Appear on Campus Frequently

You can’t make multiple trips to every college campus, but those schools that are effective sources of new hires are worth more than a single visit each year. Interacting with students regularly on campus can provide invaluable recruiting insights, build your brand, and impress job candidates with your commitment to campus visits.

Host Fun Events
Hosting engaging campus events – such as hackathons, contests, and meet-and-greets – can subtly inspire students to think more about career development.

Provide Internships
Providing summer internships for students is an excellent way to recruit. Students gain professional work experience, and you get uninterrupted opportunities to promote your company.

Establish a Student Referral Program

Student referrals can provide a steady stream of word-of-mouth candidates. You can offer incentives for referrals that lead to a hiring decision such as tickets to campus athletic contests, etc. You can involve professors, job placement staff and friends and families of likely candidates.

Build Your Brand
Your company’s culture is more important than you might think when recruiting college students. A recent HR study found that students ranked a company’s branding and sourcing efforts as the most important factor when choosing an employer.

          Strategies for branding your company effectively for student candidates include:

    • Using your best communicators to engage students
    • Taking recent new hires from the college to on-campus recruiting events
    • Showcasing the work that alumni, interns, and new hires have done at the company
    • Keeping your recruitment content updated on your website
    • Interacting with candidates on social media
    • Making the application process simple – at least for preliminary contact
    • Focusing on real-world issues instead of providing free stuff

Recruit to Diversify Your Staff
Diverse workplaces are important to most students, and your efforts to recruit a diverse workforce can build your brand among student candidates.

Student Recruitment Is an Ongoing Process

Your student recruitment efforts can’t be an afterthought if you want to win at recruiting. Students are savvier than ever about investigating potential employers and researching a company’s work culture. The more genuine your recruiting efforts, the more effective your hiring process will be. It takes a combination of technology, digital connections, referrals, and personal visits to attract students.

By the same token, hiring inexperienced students is a gamble. Training and hiring expenses are high. You want to choose the best fit for each job, and third-party assessments can give you the tools to hire confidently.

 

 

College students

Best Practices for Hiring College Students

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A growing amount of the labor force is comprised of recent college graduates. From sales jobs to specialized industries, college students and graduates are looking for all types of opportunities in their job search, and they are often more flexible than those already in the workforce. Read on to learn the best practices for recruiting and hiring college students and other young talent.

Post on College Job Boards

LinkedIn, Indeed, and Ziprecruiter are a few of the most common job boards. To set your job openings apart, try posting on college job boards. An extra step is to look beyond your local colleges when you post on job boards. One survey revealed that 77% of new graduates would be willing to relocate for their first job – and a significant 29% would be willing to move anywhere.

Attend College Career Fairs

Campus recruiting involvement typically means attending a college career fair. Career fairs are a great way to meet a mass amount of college students at once. Meeting face-to-face gives you an extra perspective on their level of interest.

After the career fair, plan on staying in the area for a few days. During this time, meet with any promising candidates who approached you at the career fair. This is a great way to show immediate interest, stand out from the other companies at the career fair, and streamline your process for hiring college students.

Connect with Relevant Campus Organizations

Getting in touch with student organizations on a college campus is a great way to connect with engaged students. Are you looking to fill a marketing position? Try connecting with the college’s local AMA chapter to speak at a meeting. Most, if not all, colleges have a list of their student organizations along with the President of the organization with their contact information. This is a great way to provide value, advertise for your company, and meet involved and engaged potential candidates.

Extend Your Social Media Outreach

Look beyond simply posting on LinkedIn. Try sponsored ads on Instagram, Twitter, and other social media platforms to meet college students where they’re at. Social ads also allow more creativity than a typical job posting, which helps your brand shine and show off your culture. Check out these creative Instagram job ads for inspiration.

Ensure that your company shows off your culture on social media platforms when possible. In fact, 75% of millennials say they would take a pay cut to work for a socially responsible company.  76% consider a company’s social and environmental commitments when deciding where to work.

Try New Platforms

As the labor market tightens, job boards are getting more and more specialized. The job boards below are intended for recruiting college students.

Handshake: Enables you in recruiting and hiring college students from their 650 university partners, ranging from Carnegie Mellon University to Princeton to Michigan State. Handshake features multi-school posting, career fair management, and an integrated network.

Tallo: Allows talent seekers to engage with over 500,000 students who are either in high school or college registered on Tallo, perfect for companies who may not require a college degree to get started. Tallo features direct messaging capabilities, lets you know when students have viewed your company’s profile, and lets you search based on career interests, experience, location, and more.

Aftercollege: Features 2,970 schools with registered users and lists job and internship opportunities. Utilizes machine learning rather than a keyword search. Job postings go on the website and are distributed to relevant university career networks.

Consider Soft Skills Over Work Experience

While college students may have some summer internship experience, volunteer roles, or extracurricular activities, but not all students have had those opportunities. Taking soft skills and passion into account can be more important than their experience.

An effective way to test for soft skills is through a pre-hire system or predictive hiring solution. One great predictive hiring system is  Sprockets’ Applicant Matching System (AMS). These tests are able to identify the personality traits and mental makeup of a candidate and determine whether they are a good match for your company.

Develop an Effective Talent Pipeline

If your company doesn’t already have an internship program, whether paid or unpaid, it is an effective talent acquisition pipeline for finding job candidates when full-time positions open up for hiring college graduates. Also, consider adding internship opportunities during the school year if you are close to a college campus. Many students have flexible schedules or days off during the week, making them able to add on an internship.


Learn how Sprockets’ predictive hiring solution can help you identify matches based on soft skills, streamline your hiring process, and onboard the best team members.

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4 Tips for Social Media Recruiting

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It’s the 21st century: The Information Age. Millennials and Gen Zs have become the largest generations in the workforce. As their love of technology continues, it is important for businesses to embrace innovation in the hiring process. A large portion of that is “social recruiting.”

Online social networking has been around since the 90s. However, early platforms like Myspace and Friendster were not designed for online reputation management and were not typically used for social media recruiting.

As we’re moving into the 2020s though, social sites have become more professional and normalized. Everyone and their mom is on social media. It’s too large of an opportunity for recruiters to ignore. Where else do billions of people deliberately create an account and list their personal information?

So the big question is, how do you use it (and not look like a stalker)?

 

Tip #1: Know What You’re Looking For

Before you start messaging all your social media followers with private messages about how great your job opportunities are, take a moment and assess the situation. What job openings do you have? Where are you in the hiring process? Are you looking for someone to create their own position? What skill sets are you looking for in a potential employee? What is your company culture like?

Assess your needs.

Defining your purpose in hiring will give you an ample idea of who you are seeking and what that person needs to be able to bring to the table. While this does not help you pull a face out of a sea of names and profile pictures, it does give you a better idea of where to start looking and how to tailor your posts.

If you are bent on sending out private messages for social recruiting, look through your top commenters. What kinds of engagement do they offer? Are they helpful to other customers? Do they care about your brand like you do? What kinds of hobbies do they have according to the type of content they post?

Learn the content your consumer engages with. If they seem like a good fit from there, reach out.

 

Tip #2: Be Creative

In order to engage people, you have to create content that is going to inspire them.

When it comes to building an interesting Facebook or Instagram page, every successful business knows they need to post creative content. Blog posts that answer niche questions—a blog post like this one—are extremely popular for engaging people in your targeted demographic. This concept can be applied to screening for a job search as well.

Asking a question that only your targeted recruit and potential candidates would be able to answer is an easy, fun way to engage them. For example, if you are a company that produces a beauty magazine and you’re looking for a beauty advisor, you could ask, “which concealer is better – Brand A or Brand B? Explain your answer.”

Not only will all the fashionistas be geeking out about a chance to express themselves, but you’ll get to see the reasoning behind their choice. Maybe there is not an actual right answer to your question, but simply seeing the way a person’s mind works through their words is a powerful tool for searching out high-quality ideal candidates.

Another way to do this is through Instagram. Hold a photo or graphics contest. Encourage your followers to come up with a unique photo or graphic within the realm or the topic you’re looking for. If you’re looking for a new designer for your next big charity partnership, give them some basic design guidelines and a single tag line about the charity. You can give as many or as few details as you want, but just see what people come up with. While you won’t be able to legally use the results in your marketing—unless you onboard the winner—you will get a great look at your talent pool so you can handpick who to reach out to in the future.

Additionally, hosting polls and contests is a fun and inexpensive way to boost your social media marketing presence and employer branding among your normal followers. A consistent presence is key when it comes to making a positive impact on your brand on social media, whether there is an open position or not.

 

Tip #3: Be Consistent

To effectively execute social media recruiting, it’s important to use a company social media account that is consistently active. Showing your recruits that you are established in offering quality content is crucial. Your consistent presence on social media sites tells recruits that you’re easy to reach, you’ll respond in a timely manner, and it shows the trend of your work ethic.

Investing in some posting timers will allow you to backlog posts for weeks and months at a time. You can schedule these posts to release on ideal times and dates to reach your target audience. While you need to be creating content on a regular basis to keep your funnel active, the convenience of media timers is a great time saver in the long run.

Another way to remain consistent online is to create a posting plan. This is essential whether you’re recruiting or simply looking for more client engagement. Knowing when you’re going to use certain hashtags, what your next 10 blog posts will be about, and what infographics you’re going to use to illustrate your statistics are key to helping you balance your online representation.

Using a wide range of media is also fantastic for reaching different demographics in your target audience. Some people are visual learners who love infographics. Others are audio learners, so podcasts are great. Facebook live, blog posts, and other mediums of outreach engage your followers and recruits on multiple platforms, allowing them the luxury to choose when, how, and what they want to learn.

Tip #4: Pick the Right Channels

Every social media platform reaches different demographics and has different connotations. LinkedIn is specifically designed for recruiting and job seekers. Here, you’ll find both your candidates who are actively looking for work and passive candidates who are willing to take a better offer. Instagram is where your young Millennials and older Gen Z-ers hang out. If you’re looking to hire younger creative minds, social media is a good recruiting tool. Twitter has become all about new headlines and image communication through hashtags. This is a great place for your polls and your quippy questions. Lastly, Facebook has become the world’s largest address book. You can literally find everyone and their mama’s mama on Facebook. My great grandfather is 98 years old and guess how we keep in touch?

Knowing what your social site is designed for and the main demographic is important in marketing for your job opportunity. Having 2-5 social media accounts is a good way to keep tabs on all of your different demographics in mind. Just be sure you have enough unique content to spread between them. Nobody likes to see repeated posts on different social sites.

Ultimately recruiting online takes research, just like any other form of marketing. However, social media—at its core—is meant to be fun and relaxing. Enjoy the questions you ask and the comments you interact with. At the end of the day, you want to be able to have fun with your next hire just as much as you want to work well together.


About Sprockets

Sprockets’ predictive hiring solution matches candidates to your best employees. Sprockets decreases the number of screening interviews you conduct, allows you to conduct unlimited surveys, and reduces turnover through increased employee engagement. 

Millenials in the workplace

10 Statistics for Recruiting and Hiring Millennials

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Millennials recently etched their name in as the biggest generation in U.S. history and, in the process, overtook Baby Boomers, becoming the largest demographic in today’s workforce. Millennials are uniquely their own and hold their own ideas of what work and a workplace should be. Hiring millennials also takes a unique approach.

Below are statistics about millennials you need to familiarize yourself with before recruiting and hiring.

Important Statistics about Millennials

  • 95% of millennials say work-life balance is important to them, while 70% say that it’s very important.

  • 19% say that flexible working hours is the benefit they would most value from an employer, compared with 4% who said they preferred higher wages.

  • 64% of millennials say they’d rather make 40k a year at a job they enjoy than 100k at one they don’t.

  • 87% of millennials say professional development or career growth opportunities are very important to them in a job.

  • The opportunity for personal development was the factor that most influenced their decision to accept their current job, cited by 65% of millennials.

  • 52% said career progression was the main thing that attracts to an employer, ahead of competitive salaries at 44%.

  • 75% of millennials believe that their organizations could do more to develop future leaders.

  • 59% said that an employer’s provision of state-of-the-art technology was important to them when considering a job.

  • 36% said the reputation of the organization influenced their decision to accept their current job.

  • 82% of millennials believe it’s easier than ever to start a new business.

Millennials are smart, technologically advanced, connected, and driven. They will liven up your workforce with fresh ideas but perform best with flexibility, fun, and a strong cultural fit!


Sprockets helps companies hire more top-performing people. Our assessment discovers the shared characteristics of your best people and sees that information to predict a new hire’s likelihood to succeed in a position before they’re hired.

Sprockets decreases the number of screening interviews you conduct, allows you to conduct candidate assessments, and reduces turnover through increased employee engagement.

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