Why a specific wellbeing strategy could save your organisation recruitment costs and keep valuable IP inhouse
Age-specific wellbeing scores have emerged in new research conducted by Skills Consulting Group that suggest more than any other age group, Millennials are the greatest employee flight risk. For organisations, considering a specific wellbeing strategy for Millennials could be the secret to retaining them, saving money in recruitment costs and keeping valuable IP inhouse.
Skills Consulting Group publishes the annual Work Wellbeing Index. This year’s report found that while overall wellbeing scores remain steady in New Zealand, there were industry sectors, age groups and ethnicities that were struggling more than others.
Read more: Millennial women want three things from their employers
The ‘Millennial Misery Report’ found that although the 25–34-year-old workers wellbeing scores sit at similar levels to other age groups around the country, their overall wellbeing score has plummeted nine percentage points since 2021, by far the greatest decrease in wellbeing than any other age group. Employers who recognise the needs of this age demographic and develop programs that fit with their needs will see the biggest return on employee investment.
“The way millennials show up to work is, work is work, it’s a thing that they do,” explained Jane Kennelly, General Manager at Skills Consulting Group. “Supporting wellbeing comes from understanding what is important to employees and being aware how they change. There’s no doubt that millennials are quite interested in purpose, value, and community,” Kennelly continued.
What’s driving the drop in Millennial wellbeing?
The survey data breaks down the overall wellbeing scores and delves into specific areas that are driving the overall drop in millennial wellbeing; The company genuinely cares for my wellbeing, the company enables me to care for my own wellbeing, and the company provides me with wellbeing solutions that are specific to me had the largest percentage drops.
Read more: Millennial workers most likely to contemplate suicide
So, it seems the solution to retaining flight-risk millennials is a simple one, more than anything millennials want wellbeing programs tailored to their specific needs. So, what are those needs?
Millennials are motivated to get ahead – 70% of survey respondents aged between 25-34 said they were looking to get ahead and improve their position. Ensure that your millennial employees have clear career pathways and learning and development programs available to them that facilitate those pathways.
The option for flexible work is still increasing in relevance as a desired perk for millennials, they scored work life balance and flexible working of higher importance than any other age group did. Not surprisingly, reasoning for this is largely centred around juggling childcare duties with work.
Being supported by their organisation is of the highest importance for millennials. Respondents noted that managers being understanding of life-events and allowing time off or earlier finishes and leaders regularly checking in with them and their general wellbeing was most important.
The data shows that only 36% of millennials feel they have a job that makes them feel worthwhile, so they are less likely than any other age group to feel worthwhile in their work, but recognition of their work plays a big part in driving worthwhileness in millennials; one respondent noted that they often go above and beyond for their team leader because they were thanked everyday for all they did. Other respondents noted being trusted to do their job and senior staff recognising a good job done were the recognition they were looking for.
