What job-hunting millennials want most
The one thing millennials are looking for more than anything else comes down to this: "Money," said Anthony Melendez, director of technology at Genius Web Marketing, who hires for a small Southern California computer firm. "They have an 'I'm worth it' attitude. And more money lures them away." He said the average employee at his company stays less than three years.
And that's a long time, said Bruce Elliott, manager of compensation and benefits at the Society for Human Resource Management (SHRM), the world's largest society for human resource professionals. "You're lucky if you can hold onto millennials for 12 to 18 months," warned Elliott. "And with unemployment ticking down, more and more employees of all generations are going to be pushing the button."
Just plain greedy? That may be the popular image, but it's not really true, said Elliott. Roughly defined as the generation that hit the marketplace in 2000 and after, millennials have encountered a slack employment market until recently and crushing personal debt. Student loans have ballooned to $1.3 trillion, and nearly three-quarters of all college graduates retain about $35,000 in loans outstanding, not to mention the interest due.
A job flipping burgers doesn't begin to pare down that bill, and as a result, only 37 percent are up to date on their payments, while 17 percent are in default. Not surprising because "45 to 60 percent of their income is already eaten by debt," said Elliott.
Lazy? Not really. Driven to succeed is more like it, says the SHRM manager. But clearly what they're looking for in a job -- at least a job they want to keep -- is different than the generations that preceded them and especially the baby boomers, many of whom stay with their job for 20 to 30 years and originally thought they would have start-to-finish employment.
So what do millennials want? Cash and bonus are the obvious answers, as is immediate access to a 401(k) plan. Benefits such as family leave are less appealing because most have put marriage and children on hold -- at least until they escape mom and dad's house. Group life insurance is a nonstarter.
But they really want some other incentives, according to the SHRM, and smart employers know how to appeal to them. Paying down that ballooning student debt is one, and both Fidelity Investments and PricewaterhouseCoopers have plans to eliminate big chunks of it -- provided the employee stays put.
Traditional medical and dental benefits aren't a big allure for a generation that seldom sees doctors, but smart millennials looking to the future want increased contributions to a Health Savings Account (HSA), said Elliott. That's because they can be banked and go with the employee tax-free. The HSA will also pay for COBRA coverage should they decide to strike out on their own and start a business.
Millennials are seeking the next opportunity, so a smart employer will offer good professional development services right up front, said Elliott. These include tuition assistance with graduate degrees, professional certifications and easy access to a firm website that apprises them of opportunities within the company.
"Millennials get a bad rap," said Elliott. "They're often called pushy, narcissistic and entitled. But they're anything but lazy. They're incredibly hard-working, productive and always looking to expand their horizons."
But no one fits the total stereotype. Carol, a baby boomer pharmaceutical rep, and her son, Evan, a millennial, both recently changed jobs.
Carol switched because she liked the leadership -- and corporate culture -- of the new company, which gave her a better work-life balance.
Evan, who had accumulated student loan debt that was tough to pare down as a golf caddy, was excited to enter the corporate world and is now an assistant store manager for a supermarket chain. The money helped him pay his bills, but like his mother he also wanted a balance in his life.
"I don't want to miss out on my 20s," he said.