These workers’ views of workplace flexibility often clash with the structured 9-to-5 workplace. They crave flexibility and work life balance. Gen Y learns more on a trial and error basis, and they can be more comfortable in front of a computer instead of in person. As the workforce moves towards more millennials (Gen Y) and Gen Z the workplace will shift:
- Leaders will be those capable of processing the most information.
- Job titles and money may be of less importance.
- The best presenters will no longer be the ones rewarded.
- Work schedules will shift to consist of flexible hours.
- Recognition rewards will increase to make them more loyal
Six tips below to boost your recruiting and retaining strategies for millennials:
- Emphasize employer brand. Your client’s employer brand can make or break its workplace reputation.
- Promote a fun work environment.
- Be present on social media.
- Clarify career paths and opportunities.
- Stay up to date with technology.
- Offer easy to reach recognition within your organization.
Why are the above important?
Millennials tend to want to work somewhere they feel fulfilled, where they can make a difference, and somewhere they are proud of, hence the workplace reputation. A fun environment doesn’t have to mean meetings in a ball pit, fun can be lunch time clubs within the workplace, company sponsored ice cream socials, or company games and competitions.
Have you ever been at a job where you’ve wanted to move up the ladder but don’t know how? That’s a no-win situation with this generation. They want to work toward moving up, and the path to get there should be clearly spelled out and available to all employees. If the plan to move up takes 3-4 years know that many will move on to their next job. The technology they crave is a good tool for this, even have the plans, policies, etc. on a company intranet site with keep them engaged.
Recognition isn’t just a “job well done” email to this generation. In a 2019 survey sponsored by DaVinci Payments, a payroll technology firm, 25% of those surveyed said they would use substantial recognition rewards for everyday or emergency needs. Have a program in place where all individuals are eligible for company recognition, such as achievement awards which have a monetary value (recognition can be cash, gift cards, etc.). Be sure though that if this is run by management, all managers participate, or certain teams may start to see higher turnover. A well thought out recognition program can become a negative for teams where managers don’t participate. Better yet, allow peers to recognize other peers for their hard work.
Washington has established a state-operated public insurance program to pay for long-term care services through House Bill 1087 and Companion Bill SB 5331, The Long Term Care (LTC) Act. This email provides further information on the upcoming Act, payroll requirements, and benefit & qualification information. Employers should watch for further guidance on the payroll tax requirement from Washington’s Employment Security Department. This benefit will be funded through a monthly payroll deduction of 0.58%. Self-Employees individuals would need to opt into the benefit contribution.
In the Know:
- All Washington W-2 workers will contribute to this benefit through payroll. Self-employed workers may opt-in.
- Starting January 1, 2022 there will be a required contribution of 0.58% (58 cents per $100 of income).
- Benefits begin January 1, 2025.
- Anyone 18+ years of age who is vested who then requires assistance with at least three activities of daily living access this lifetime benefit coverage of $36,500/person (as adjusted for inflation).
- The vesting period is 10 years without a break of 5+ years.
- Anyone who moves out of Washington for 5 years forfeits the premiums and the benefit.
- An opt-out procedure for those who have private LTC insurance will be available, however, currently once you opt-out you can’t opt back in at a later date. Under an upcoming bill that is waiting to pass in the state legislature, there would be a limited individual exemption for employees who have long term care insurance as of July of 2021 and apply for an exemption during the specified period.
What Benefit Does the Long-Term Care Trust Act Create?
- The Long-Term Care Trust Act sets up a new benefit that allows people to contribute a little bit over the course of decades to gain relief from expensive bills at the moment they need care.
- The benefit could be utilized in part or as a whole covering long term care needs over months or years.
- The Long-Term Care Trust Act is projected to save Washington taxpayers $19 million in the first year of operation by helping people pay for care before they impoverish themselves to receive Medicaid.
- The lifetime benefit maximum is $36,500 ($100/day), indexed to inflation, which will make a significant difference in helping people preserve their savings, while paying for essential long-term care services.
- Families would be able to decide how to spend the benefit, which could pay for in-home care, nursing home care, and other approved long-term care services and supports like respite, a wheelchair ramp, meals on wheels or rides to the doctor.
- Workers would pay into the fund for a minimum of ten years. There is also a safeguard for unexpected crises, allowing people to use the benefit if they have paid in three of the previous six years.