Last updated on March 2019.
What are millennials? The definition of a millennial varies; however, the general consensus is that millennials are born between 1981 and 1996. Most likely, this generation grew up experiencing the 9/11 terrorist attack and the 2008 presidential election. These adults saw the turn of the century and onset of the digital age. Even more, the majority of millennials felt the weight of the 2008 economic recession. These are just a few milestones that millennials witnessed. Now they’re creating a milestone of their own.
Millennials are the largest generation in the U.S. labor force. According to the Pew Research Center, millennials account for about 35 percent of America’s workers.
Often referred to as ‘Generation Me,’ millennials have different priorities than their predecessors. They are often compared to the civic-minded G.I. Generation. All things considered, millennials are incredibly socially conscious.
With this in mind, companies should reconsider how to interact with millennials. According to Gallup, millennials have a reputation for job-hopping. Six in ten millennials are open to new job opportunities. Even more, only 29 percent of millennials are emotionally and behaviorally engaged in their job. Each year, these statistics have resulted in a high turnover rate that costs the U.S. economy $30.5 billion.
As such, it’s important for employers to adapt their communication methods for millennials. Focus on civility and self-care.
Here are the forward-thinking companies that incorporate a millennial mindset, recognized by BestCompaniesAZ:
- Voya Financial
- Spear Education
- Charles Schwab
- Rocket Media
- Farmers Insurance
- Freedom Financial Network
- Quicken Loans
- Mod Pizza
See how a few of these companies are evolving into millennial-friendly workplaces.
Best Companies For Millennials
With a commitment to transparency, employees work together so that every person has a voice. GoDaddy’s Auguste Goldman stated, “we know when our workforce has ownership, we collectively shape our culture and create uncommon outcomes for both our employees and our customers.”
As a great example, GoDaddy’s Exceptional Teams program allows employee voices to be heard. During the Exceptional Teams workshop, a group of employees discusses: “What can we do together that we couldn’t achieve on our own?” To improve collaboration, this workshop combines expert advice, tools, techniques.
GoDaddy’s dedication to diversity and inclusion, cool workspaces, and community involvement also appeals to millennials. Plus, the epic annual party? Delicious icing!
Just like their motto “Own Your Tomorrow” suggests, Charles Schwab is determined to help its customers and employees own their future. Employees, affectionately known as Schwabbies, receive financial services and advice from their employer. Perfect for millennials who are conscious of their financial future!
Contrary to their moniker “Generation Me,” according to a study, two-thirds of millennials won’t consider taking a job if the organization does not have strong corporate social responsibility values. In response, Charles Schwab capitalizes on this quality with Schwab Volunteer Week. The week is dedicated to volunteer projects within local communities. In recent years, Schwab has logged thousands of service hours, worth hundreds of thousands of dollars in labor.
To applaud this company initiative, Charles Schwab was recognized as one of America’s 50 most community-minded companies in 2017 by The Civic 50.
USAA understands the unique perspective that millennials provide the workforce. As a result, USAA implements initiatives that spark innovation.
“It was important to me that I work in a collaborative, rather than competitive, work environment. I wanted to work for a company that I could take care of, and a company that took care of me. USAA is that company.” – excerpt from Why is USAA a Best Workplace for Millennials? Melissa’s Story
Uniquely, USAA hosts several mentoring, diversity and inclusion programs. Additionally, the finance company also offers competitive benefits, such as parental leave and tuition assistance.
USAA has strategic programs and benefits to attract millennial talent. Because of this, the company is on the list of the Best Workplaces for by FORTUNE® and Great Place to Work®.
Quicken Loans is tapping into its youthful roots to cater to a growing millennial workforce. In fact, in a national survey conducted in 2017 by FORTUNE magazine, the finance company came in third place as one of the “100 Best Workplaces for Millennials.” Needless to say, Quicken Loans knows what it takes to be a millennial-friendly workplace.
The finance company identified three principles that attract hard-workers to its company. These three principles include:
- Company culture
- Professional Development
- Company Responsiveness
For many, working in the food industry is a right of passage into the workforce. Mod Pizza is shaping the employee experience of millennials for this new workforce. This fast-casual restaurant isn’t like any corporate office or pizza parlor! Have you seen another pizza joint on the Best Workplaces for Millennials 2018 list?
If we take care of our employees, they’ll take care of you, and our business will take take care of itself. We call it Spreading MODness.
The company is emboldened and motivated by its people-first mission. This “MODNness” mission states, in short, that taking care of its employees -affectionately known as the Mod squad- comes first. That means paying their MOD squad above-industry pay, providing comprehensive benefits and hiring a diverse workforce. In addition, providing an opportunity for professional growth.