Years ago, employers held their breath as Millennials entered the workforce. How would this young, opinionated generation respond to things like deadlines and responsibilities? Which companies would they gravitate toward, and how could employers appeal to outstanding talent? Gratefully, Millennials have effectively become a contributing part of the workforce. While the impact of the Millennial-meteorite sent ripples throughout workforce culture, planet earth stayed fully intact. Today, Millennials make up over 25% of the United States and 83% of management-level employees. We’ve been able to observe the Millennial workforce long enough to find several interesting insights. Which companies have Millennials gravitated toward, and what has attracted this young talent?
According to Fortune Magazine (in partnership with Great Place to Work), here are are the top 5 places to work for Millennials:
It may be surprising to see the sectors these companies are in: investment management, engineering, and software; there’s not a coffee shop or outdoor adventure company in sight. However, dig a little deeper and you’ll see commonalities in the ways these top-five companies treat their employees and the perks they offer:
Unlimited (or at least plentiful) vacation days – Everyone loves paid time off. This is especially true for Millennials. They appreciate the work-life balance this flexibility provides. The more companies trust their employees to get the job done, the more freedom Millennials feel. Similar perks like allowing employees to work remotely are also appealing to young talent.
A culture of mentors vs. managers – Millennials with a mentor are twice as likely to stay for more than five years than those without. This is especially significant considering the average Millennial stays at any one job for just two years. In fact, 61% of Millennial employees see mentorship as valuable in furthering one’s career.
Advocacy for community and equality – Millennials care about the values a company holds. They want to work for companies that actively encourage community service and equality. Whether that advocacy is manifest in the form of a Chief Equality Officer or paid time off for community service, Millennials want to see principles in action.
Collaboration at all levels – Millennials want consistent feedback. They want to know what they’re doing right and what they’re doing wrong, and they want to know it now. Millennials are 50% more likely than any other generation to want feedback. It’s important to remember that nowadays, employees believe they work with you, not for you.
Beyond those perks listed above, things like tuition reimbursement and loan forgiveness programs have been implemented and have almost become commonplace. An open floor plan and friendly environment can do wonders at keeping young employees happy.
The impact of Millennials on workplace culture–new management models and incentives–has been felt throughout every generation. Companies that have been reactive have succeeded in attracting the best talent. Now, Gen Z is just beginning to enter an entirely different workforce than Millennials first encountered. This new generation will no doubt continue to influence employment practices. The world post-Gen Z workforce promises to be an equally interesting place.
For more insight into Millennials in the workforce, check out Jeff Fromm’s article on Forbes.