Looking to hire millennials? Try paying off their student loan debt
With millennial workers growing in numbers and influence in companies across the world, industries are looking for insights and best practices to attract, retain, and develop their top-talent workers across this demographic. The following insights were gathered from the session “Engaging and retaining next-generation employees” at the annual IABC World Conference, led by Mike Mulvihill of Padilla CRT.
1. Pay my bills
In a recent survey completed by Padilla CRT looking at the major challenges facing the young workforce, student loan debt was top-of-mind and influenced decisions for those entering the job market. The survey found that more than half of millennial workers indicated that a company offering student loan debt repayment would increase their engagement. Companies like PricewaterhouseCoopers and Fidelity have recently launched programs offering student loan repayment assistance to employees who qualify. According to Mulvihill, debt repayment is among the top three emerging trends to improve engagement with millennial workers along with work/life flexibility and first-time home-buying assistance.
2. Offer autonomy
Millennial workers in today’s economy tend to prefer independence and autonomy over projects and processes. Successful managers give young professionals a destination rather than a map –allowing the worker to take ownership and drive business results with minimal direction.
3. Take an interest
Research from Willis Towers Watson points to another important engagement driver: Ensuring that millennial workers are shown that managers care about their well-being and professional development. In his presentation, Mulvihill cited that 38% of millennials surveyed by Willis Towers Watson said that their managers demonstrate concern for their well-being.
As millennial workers continue to grow in numbers across the country, companies will need to stay on top what’s driving decisions to retain top talent in their organizations.
Have a new trend with hiring and retaining millennial workers that you’d like to share? Add it in the comments below.
About the author
Brad Gorman brings more than 10 years of experience working in communication for the world’s largest marketer of home appliances, Whirlpool Corp. Brad is a passionate communication professional with experience in social media, employee engagement, change management, and diversity with inclusion. He’s a founding member of the company’s Employee Resource Group for millennials, the Young Professionals Network, and the former lead of the Whirlpool PRIDE network for LGBT employees.