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Everyday, there erupts more proof that Millennials are, in fact, misunderstood.
Now, debunking the common myth that pay doesn’t motivate Millennials to work, a new study reveals that compensation does, in fact, have a great role in encouraging these young staff.
According to Staples Advantage Workplace Index, nearly one third of Millennials (29%) reported that higher salary is the biggest contributor to their loyalty, compared to only 20% of all U.S. officer workers.
The Index, conducted with workplace expert Dan Schawbel, also uncovered several unconventional benefits Millennials are looking for in the workplace – from break times to eco-friendly practices and trust in leadership.
Here are five unconventional ways to attract and retain Millennial talent, according to the study:
1. Flexibility where and when they work: Over half of Millennials report they work from home after the standard work day is done, compared to only 39% of all U.S. office workers.
Given this, it is no surprise that Millennials say more flexibility will improve their happiness (49%) and their productivity (59%).
2. Office perks promote positive culture: Office perks, such as a gym on site, a well-stocked breakroom, and free lunches, are valuable to Millennials.
One in five (21%) define a good work culture as a place that offers incentives and perks, and nearly half (46%) say more office perks would improve their happiness.
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3. Eco-friendliness appeals to altruistic Millennials: Eco-friendly practices in the workplace can provide benefits not only for the environment, but for recruiting Millennials as well.
When making an employment decision, half of all Millennials say an eco-friendly company is important, compared to only 35% of the broader workforce.
4. Improved break room and encouraged break time: Over a third of Millennials (34%) say they feel like they can’t take a break because of guilt, compared to only 22% of all U.S. office workers. However, over half of Millennials (62%) say having a break time to refresh would increase their productivity.
Millennials also say a well-stocked break room leads to happier employees (57%), less stress (35%), more productive employees (35%), and a more social environment (33%).
5. Trust in leadership and relationship with direct boss: Millennials that are not expecting to change jobs note that trust in leadership and trust in their direct boss contributes to their loyalty. In addition, one in five Millennials report that their direct boss motivates them to do their best work, and over a third (35%) note that strong leadership defines a good work culture.
Feedback from their boss is also important to this generation. Nearly one third of Millennials (28%) say feeling appreciated contributes to their loyalty and 26% say recognition motivates them to do their best at work.
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