When I was looking for a job change, I had two offers in hand, one was for a managerial position, with a handsome salary, 6-day working, but a toxic environment with zero work-life balance, whereas the other was for a senior position, with less salary, but 5-day working and with a very fun-loving, learning and a cheerful work- environment, where work seems like passion.

Looking at the options above, which one would I have gone for?

If you are me and are also thinking of going with the second one, congratulations you are one with the millennial mindset.

“Nearly 40% of millennials have chosen company sustainability over handsome pay. Less than a quarter of Gen X respondents said the same and 17% of baby boomers.”

After every few years, a new generation rules the workforce mechanism, bringing their own skills, capabilities, ideas, and working patterns. This is the millennial era, meaning this generation will have a large percentage of the company’s workforce. So, keeping them happy and content is a must. Right?

According to Forbes, 92% of millennials are considering changing their jobs.

So what’s the ‘mantra’ to keep them engaged and happy? The main question here arises, what do millennials want from their employers?

We have picked out the top 5 points for you to understand what millennials are looking for:

1. Offer Work-Life Balance and Flexibility

While Baby Boomers report a work-life balance score of 79%, Millennials fall short by 6 percentage points. 75% of the population prefers a job that allows them to work whenever and wherever they feel like

Millennials can literally work for minimum wages if they get flexible working hours, work from home, and have unlimited vacations. And, that’s how they value you, based on the quality and amount of work-life balance you allow them to have.

Offer millennials - a work-from-home-based job, and you’ll see they are here to stay.

2. Competitive and Deserving Pay Structure

Does your company appreciate the employees in terms of monetary benefits for their extra hard work? Is your pay structure competitive in terms of the latest market trends? Do you include perks and benefits along with necessary allowances?

If you answer YES, to all the above questions, you are one step ahead to keep your millennials engaged. Unlike every other human, millennials also prioritize money, they believe in a fair pay structure that they deserve based on their skills and experience, getting overtime pay, and benefits that include a robust retirement plan.

#TIP: Though you can use the money to attract them, it’s definitely not enough to retain them.

4. Offer Career Growth Paths

87% of millennials, according to Gallup say that professional growth and development opportunities are their top priorities.

Therefore, growth opportunities like promotions, incentives, professional development, and company involvement play an essential role in retaining the millennials. A major percentage of millennials are family people, this forbids them from switching jobs quite frequently. 93% of millennials tend to stay longer if the company’s interests lie in favor of their career-growing paths.

5. Set Clear Expectations

People want and dream of working in an inclusive workplace where they feel valued and respected but at the same time, millennials like their meat raw not sugarcoated.

According to a study by SHRM, the average cost of losing an employee can be 6 to 9 months of their salary.

It’s only because they feel unsettled and are kept in the dark about their work performance. Unlike any other generation, millennials lack clarity which isn’t a ‘could-have’ but a ‘must-have’. Setting clear directions, expectations of work, and feedback gives them a clear picture of growth, giving them a purpose to excel and outperform in their roles.

Wrapping Up!

Retaining millennials is a complex puzzle, not an impossible one. As they rapidly become the majority of workers worldwide, their impact on the job market will be substantial and long-lasting

Along with all the above points, employers should be open to adapting to their needs and wants, only then can you master the mantra of retaining this fanatical generation called, ‘The Millennials’

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