What Millennials want: How to attract and retain millennial talent
Almost every modern business sector out there is employing Millennials, from tech to R&D and including healthcare and retail. However, how many of them are really paying attention to what this particular generation expects from their employer? Very few, Start-ups do a much better job in this regard.
The needs of a Millennial are very particular, what they consider important and not varies significantly from the previous generation of workers, and if you want to be able to attract and retain their talent in your company you should read on and pay close attention.
We all know that Millennials are individuals born in the digital age, driven by curiosity and ambition. However, did you also know that they care about recognition as much as they do about money? That´s right, fostering the loyalty of Millennials is a complicated task for most companies and Start-ups, because their values and preferences are sometimes counterintuitive with respect to what we are used to.
Very successful Start-ups, like Cooltra (European leader in e-scooter renting), have already embraced that understanding what Millennials want is key for businesses to thrive: “We must give particular importance to meeting the staff, listening to what they have to say and giving value to their opinion – their feedback is the most valuable to improve as a company and team”, Tiago Santos, Chief People Officer (yes, this is his real job title) at Cooltra says.
As you can see, recognition and being heard are big in the Millennial community. This generation is heavily invested in themselves, and as such, they want to be part of the core values of the company. However, recognition is not the only thing Millennials are after.
A healthy work-life balance is also crucial for them. As a result, the Millennials In Tech report, developed by ForceManager, reveals that ‘60% of surveyed Millennials would accept a 250€ pay cut per month (3.000€ a year) in exchange for the possibility to find a better work-life balance and organize their time in a more autonomous, independent way’.
Listen to what Helena Torras, CEO and cofounder of B-Wom and member of the Board of Directors at Barcelona Tech City has to say on the matter: ‘People want to work in startups for the projects they offer, the autonomy and the possibility to make decisions about their daily work’. It´s unavoidable, this generation of workers wants control over their lives and their job is no longer their only concern.
Did you know that 71% of the respondents of the Millennials In Tech report admitted they were looking for flexible working hours? Also, 49% of them valued working from home. In addition, 42% would like to be part of a Start-up ‘to be part of an interesting project’. The results of the report are eye-opening, which should help your company be more attractive for this generation.
An astonishing 82% of the surveyed want to work in an international environment, and 37% consider the availability of advanced technology to be essential for their jobs. One particular outcome of the report stands out: 57% consider themselves entrepreneurs.
This goes to show that, even when they work for a company, they want to feel it as partly theirs, they need to connect with the core values of the projects and they need the company to care about them as if it was theirs. It´s very clear, Millennials are very aware of what they expect from an employer and, if your Start-up is interested in employing that talent and all its potential, you should start looking at ways to make your companies a lot more Millennial-friendly.
Here’s where choosing the right location for your company could go a long way in attracting and maintaining Millennial talent. The Canary Islands in Spain tick many (if not all) of the boxes you need when looking for Millennials to be interested in your Start-up.
The Spanish archipelago, as we all know, offers incredible weather all year long and is filled with natural wonders. This means that all the hours your Millenials aren´t working they are spending them in paradise. In addition, commutes are short and connectivity is excellent (with hundreds of direct weekly flights to Europe), which adds many points to the quality of life aspect.
What about an international community? An incredible 10% of the Canary Islands population is formed by expats! This is not only appealing for your Millennial employees, but also for you as an employer, since you have access to loads of foreign-speaking talent. Lastly, the benefits of the Canary Islands aren´t only directed at the employee, the employer also gets a ton from being based in the islands, because they have the lowest corporate tax rate in the EU and one of the lowest turnover of staff rates in the European continent. You know it´s true; your Start-up would be more attractive to Millennials if it was calling them from the Canary Islands.