There’s a lot of discussion in the business world right now about the millennial generation. Who they are, what they care about, how to recruit them, how to get them to stay. And all with good reason. According to the Bureau of Labor Statistics, millennials will make up 75% of workforce by 2030. That’s only 14 years away, so thinking now about the growth of your organization and how millennials can help shape that future is crucial to long-term sustainability.
Nonprofits have a key advantage when it comes to millennials. This generation has a vested interest in the social impact of their job, and believes there is a clear responsibility on the part of everyone to improve society. As a whole they want to work for organizations that have a transparent and forward-looking mission to achieve this goal. Who better than nonprofits to meet millennials’ expectations and fulfill their need for socially-conscious work?
Of course, a strong mission and dedicated staff aren’t the only things millennials need to be happy. No different from genxers and baby boomers, millennials want job enjoyment/engagement, to feel helpful, and authenticity in their workplace. On a mass scale, they are quick-thinking problem-solvers who value collaboration whether in person or via technology. And contrary to popular opinion, millennials aren’t “entitled” but rather eager and ready to grow in many directions. They will likely ask for advancement opportunities not because they feel deserved but because they want to continue learning.
With all that in mind, we have cultivated a quick “round-up” of recent articles and studies about the recruitment and retention of millennials. Below is a snapshot of common themes; but keep in mind that while its easy to view millennials as one giant mass of 20 and 30-somethings, they tend to highly value one-to-one connections with people who take the time to know them as individuals:
On top of all of this, compensation is still a major pull for millennials, as for most generations. Beyond salary, millennials are looking for great healthcare and other benefits to round out their total package. Nonprofits need to search for a solution that significantly reduces employee out-of-pocket expenses to pull in and retain top talent. Contact us for more information today.
Want to learn more about reducing employee out-of-pocket expenses?
Download The Nonprofit Executive's Guide to Partial Self-Insurance:
The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose