A war for talent is being waged in this tight job market.
Companies are fighting hard to recruit, hire and retain millennials, who now make up more than one-third of the workforce.
Changing the way you recruit
Since 89% prioritize benefits over pay raises, “companies are having to change the way they recruit and offer new benefits,” said Paris Wallace, CEO, Ovia Health. She says employers should bet on these three benefits:
- Learning and development programs: Companies need to put in place the framework to help employees grow internally, said Wallace. These opportunities could include more formalized classes or tasking them with managing projects or leading meetings.
- Family benefits: “Having comprehensive family benefits – fertility, infertility, pregnancy, maternity and parenting benefits – can make one company stand out from the rest,” said Wallace.
- Lifestyle support: With a quarter of millennials in debt, this group is looking for student loan repayment programs, financial assistance and fitness discounts. “Flexible scheduling can also be a make-or-break benefit for young millennials,” adds Wallace.