Recruiting a younger crowd may mean different benefits
Cameron Dively’s friends prefer not to have cars. They also want to be near the action, choosing city to suburban life. And when it comes to work, Mr. Dively’s friends and peers are looking for something different in a job, so a meaningful job experience can be more valuable to them than money.
“The search for fulfillment is more prominent now,” said the 22year-old who will graduate from Carnegie Mellon University in May. “It’s the sense of fulfillment and reward rather than a paycheck.”
Understanding the motivations and job preferences of the millennial workforce can help employers attract and retain the best candidates at a time when job market competition can be fierce.
One factor in many millennials’ post-college choices is student debt, Mr. Dively said. To hold down expenses, many students will have roommates. They also prefer living in urban areas, close to restaurants and entertainment venues, but also because owning a car, with the expense of tires, repairs, parking and all the rest, is too high for people who are just starting out.
Millennial lifestyle choices would make reimbursement for public transportation a valuable job benefit as would subsidies to offset student loans, Mr. Dively said. Also coveted would be an education reimbursement for graduate studies, allowing younger workers to earn a living while continuing their education.
Many are looking for meaning in a job. For example, a friend turned down a lucrative job in artificial intelligence because the company had military clients, Mr. Dively said.
“I’ve been at Katz Graduate School of Business for 17 years and I see a shift with this generation of students coming into the MBA program,” said Dana Romano, interim director, Katz Career Management Center at the University of Pittsburgh. “They want a company that really wants them, even more than other generations.”
Many also prefer mentoring relationships in the workplace, which can translate into a preference for a more hands-on approach to management, according to Angela Scaramucci, director of career development at Point Park University.
Their interest in work-life balance and work flexibility are pieces for creative employers to make part of a job benefit package.
“No two students are the same, but students might be willing to take less money to gain more from learning and workplace relationships, being part of something bigger, wearing multiple hats,” Ms. Romano said.
Mr. Dively — who’s majoring in ethics, history and public policy — plans to work with a couple of entrepreneurs in an incubator space. He would like to continue living in Pittsburgh and he has an idea for a startup company that he wants to pursue.
Despite generational differences, some job benefit preferences have remained the same. Health insurance, for example, will be a priority for younger workers, Mr. Dively said, along with the understanding that changing jobs often — once known derisively as “job-jumping” — is integral to a successful career in the 21st century.
Frequent job changes, within reason, no longer raise the red flags for employers that they once did, especially if the candidate’s resume is attractive, Ms. Scaramucci said. Ten years ago, employers said they preferred longevity in a candidate’s job history, but no more.
“It’s amazing the shift in culture,” she said.