The war for talent rages on as 80 million Millennials enter the workforce and begin stepping into leadership roles. Not only must organizations battle against competitors to attract the next generation but they must also overcome Millennial’s entrepreneurial aspirations. 70% of Millennials might reject traditional business to work independently. Here are three strong examples of companies attracting and retaining Millennials well.
1) General Electric rethinks feedback.
Millennials want feedback 50% more often than other employees.
Because of the recent surge of young employees, GE recently changed their 30 year old annual performance review process. The company now has an app that provides more real-time feedback. “The way Millennials are used to working and getting feedback...is more frequent, faster, and mobile-enabled,” said GE’s head of human resources. GE is well positioned to better attract and retain Millennials.
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2) PricewaterhouseCoopers leverages Millennial debt.
The average college graduate with a bachelor’s degree owes almost $30,000 in student loans.
PwC, the business consulting and accounting firm, is attracting and retaining Millennials by helping them pay off their student loans. Starting in 2016, PwC will be paying up to $1,200 a year in school loans for some employees. To be eligible for the “student loan paydown” program, employees have to have been with the firm between one and six years which is nearly half of PwC’s workforce. The Millennial generation who has the highest student loan debt ever will no doubt be attracted to this job perk.
3) Netflix prioritizes work-life flexibility.
83% of new moms are Millennials.
In an effort to compete and keep the most talented young professionals, Netflix recently announced they will be letting employees (moms and dads) take an unlimited amount of paid time off after becoming new parents. The offer extends through the first year after the child is born or adopted and includes the option of retuning part-time or alternating stretches of work with paid vacation. “Experience shows people perform better at work when they’re not worrying about home,” says Netflix’s chief talent officer, Tawni Cranz. The unlimited parental leave will be enticing to the Millennial generation who puts a premium on workplace flexibility.
Question: What other strategies do companies have for attracting and retaining Millennials?