Representing one of the largest segments of the workforce, millennials are the next generation of leaders.  Ambitious, this group come with their own set of values which must be understood if HR departments are to effectively recruit and retain them. Here Andrew Firth, CEO Wealth Wizards, gives us the low-down on what organisations need to do to attract the younger generation, and what will motivate them to stay.

According to The Deloitte Millennial Survey 2016, forty-four per cent of Millennials say, if given the choice, they would like to leave their current employers in the next two years.  The findings identified a perceived lack of leadership-skill development and feelings of being overlooked which are compounded by larger issues around work/life balance, the desire for flexibility, and a conflict of values. Generation Y hold different values to their predecessors, and employers need to take note. Personal finance plays an extremely important part in their lives; this is a more cautious and risk-averse group.  Conscious of current economic conditions, they are long-term planners, eager to save enough to own their own homes, put their future off-spring through university, and enjoy a comfortable retirement. According to a number of recent studies, they show far more interest than older generations in the selection of employee benefits on offer.  Eagerly seeking high levels of financial security, they are looking to potential employers for a benefits package that will help them to achieve this.

Millennials’ expectation of organisations to provide financial guidance is further supported by research conducted by Wealth Wizards, the UK’s first online pensions adviser.  Seventy-three per cent of 18-24 year olds said they would be more likely to stay with a company that cares about their financial health and offers advice. This is a strong indication that the younger generation are counting on their employer to understand and to prioritise their values, but also to take on responsibility for supporting them with advice. Furthermore, seventy-one per cent went as far as to claim it is irresponsible of companies not to provide employees with advice on pensions. When job-hunting, nearly half (47 percent) of 18-24 year olds claimed they actively look for employers that provide access to financial advice.

So what can organisations do to appeal to the values held by the younger generation, in order to bring them on board and keep them engaged in the business?  Providing a compelling employee benefits package is essential, and will demonstrate the responsible business behaviours that millennials seek out. HR professionals should consider the inclusion of the following: flexible working, childcare vouchers, income protection, health insurance, and access to financial advice. Flexible working is valued highly by younger employees as it enables them to strike the work-life balance they are looking for. Many large companies already operate a flexitime system, allowing staff to commute to and from work outside the traditional rush hour times and also work extra hours to build up ‘flexi days’ where there is no need to go into the workplace.

Providing access to financial advice and support has also become increasingly important for organisations, and can now form a core part of an employee benefits package.  The young are asking for their employers to take responsibility for providing guidance in matters of personal finance, and with the introduction of pension freedom reforms and auto-enrolment it has never been more relevant. Online advisers (or robo-advisers) can offer employees access to expert financial advice through online web apps or wizards for a fraction of the cost of face to face advice. Wealth Wizards, for example, offers fully regulated advice through their ‘Pension Wizard’ and takes full responsibility for fund selection, removing the liability from the employer. Working side by side with organisations, they can deliver white-labelled technology solutions that are bespoke to their employees. Combining real financial planning experts, with smart software technology and algorithms, users are able to get full and personal advice for their retirement and pensions in just 10 minutes.

Ambitious, innovative and digitally-savvy, millennials can be invaluable for organisations looking to succeed into the next decade and beyond. In order to attract and retain the young, businesses need to demonstrate that they prioritise their people.  This can be done by addressing their needs; focusing on displaying responsible behaviours, and providing benefits packages that appeal to their values, including providing online tools and platforms, such as Pension Wizard, that they are familiar with using outside of the workplace. Providing the right access to financial advice, support and guidance is the key to engaging this generation –  our future business leaders – for the long-term