Every generation has its key characteristics that it is known by. As for millennials, they’re known for being very interconnected in a tech-savvy world that grants them the resources to endless amounts of information. This allows them to stay up to date with the most popular trends and opportunities. Everyone wants to participate in the latest fads and millennials job hop for the same reason. When it comes to working, millennials are known for job hopping quite often, staying at firms for no longer than a year or two.
Unfortunately, this is also why it may be so hard to retain young, talented employees. According to Gallup’s research, as of right now, this generation changes jobs more than any other generation. Much of this phenomenon can be accredited to the fact that today’s job market is so competitive that it is easier to jump ship for another job that has better fringe benefits than it is to stay at one company and gradually work your way up to receiving them.
So what can companies who are struggling to get and keep young workers do? Offer an employee benefit that workers of all ages can’t resist, millennials especially. One of America’s largest financial problems today is student loan debt because it affects consumers all across the board. From fresh talent who just graduated college to a semi-pro up through seasoned veterans who are trying to help pay their kids through college because they know an entry level job for a recent graduate doesn’t stand a chance against student loan’s relentless interest, almost everyone faces student loans one way or another.
By providing a benefit like student loan repayment assistance, employees can now be incentivized to stay at a company because they are indirectly granted financial wellness and stability, an attribute that many young lifestyles today do not possess. Likewise, the recruiting process for your company changes completely with the addition of a revamped benefits package. Instead of empty promises and unlikely positions fillings, companies who offer student loan benefits experience decreased employee turnover and elevated productivity because research shows that employees prefer working for an employer who shows that they care about their employees.
So, instead of exhaustively trying to appeal to millennials through pop culture and other meaningless endeavors, captivate young and ambitious employees by offering something that lands closer to home and provides real value in their everyday lives.