The Millennials aren’t kids any more.
The members of this demographic group born roughly between 1982 and the early 2000s are not only a growing part of the workforce at large, but they also are an increasing share of entrepreneurs, starting their own businesses and setting their own rules.
Their deeply ingrained sense of egalitarianism shows through, even in the way they approach traditional services such as employee relocation. Understanding what they’re looking for can help you be better positioned to respond to their needs.
So what do Millennials look for when they’re relocating?
They want flexibility.
The oldest Millennials are in their late 20s and early 30s. They may have young families, which means school quality and employment options for their spouses are a key consideration in their relocation.
Millennials in their early 20s, on the other hand, may need nothing more than a tag-along trailer to pick up their life and move it to a new city. You’ve got to be prepared to handle both. Adaptability is the best word to keep in mind for this group. Their needs will vary, and they value companies that respond to those specific needs.
As a technologically savvy group, Millennials value having access to online tools that enhance flexibility. Being able to access information about their relocations at all hours with the tap of a screen is something they may expect. Make sure your relocation provider has the ability to deliver these benefits.
They want to feel valued.
Millennials can have a strong streak of anti-corporate feeling when it comes to a traditional corporate structure. With many companies, the corporate structure is tiered, and that spills over into relocation packages — someone with this title gets this level of services, period.
But often Millennials don’t view the work world that way. Everyone is valued equally, from the entry level employee to the senior executives, and they each deserve as much attention.
That strays from the traditional relocation program as benefits are often tied to title. If your relocation benefits package is tied only to title, you and your Millennial employees may be missing opportunities to customize those benefits to make financial sense for the company and to fit the employee’s real needs.
They value work-life balance.
Perhaps more than previous generations, Millennials want balance. They want a move from Ohio or Missouri to be worth what they will give up in terms of cost of living or quality of life for a more urban market like Los Angeles.
A relocation advisor can help both the Millennial employee and the business owner adjust expectations in a new location. Rather than just assuming they will duplicate what they had in a less expensive market in a more expensive one, they may need help seeing that their new options might be different but not necessarily worse. Renting versus home ownership or choosing a townhouse or apartment versus a single-family home are some of those choices.
As your company hires more and more Millennial employees, keep these preferences in mind. Your relocation program probably doesn’t need an entire overhaul, but it could prove valuable to make a few tweaks here and there to adjust to a changing workforce. The basics remain true: you want your global mobility program to serve both your company’s as well as attract the best and brightest talent. As that talent’s priorities shift, so should yours.