10 strategies to attract and retain Millennial and Gen Z employees
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Millennials and Gen Z are the driving force behind the future of your business. With their fresh perspectives, digital fluency, and innovative thinking, workers in these generations can transform your organization.
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Here are 10 strategies to help you attract and retain Millennial and Gen Z employees:
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Both generations place a high value on work-life balance and the ability to manage their work and personal lives. Promote a culture that respects personal time and implement flexible work schedules, such as remote or hybrid working, flexible hours, or additional time off.
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Millennials and Gen Z are attracted to companies that align with their personal values. They’re also more likely to be engaged in their work if they feel it has a meaningful impact. Highlight your company’s mission, social responsibility, and impact on the community. Show employees how their work affects your company and society.
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3. Modern Technology & Tools
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Because Millennials and Gen Z are digital natives, they are usually quick to adopt new technology and expect their workplaces to provide up-to-date technological tools. Enable younger employees to take leadership on technological innovation and advocacy in your business. Ensure your pension plan is digitally accessible, enabling employees to track contributions at any time, from anywhere.
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4. Competitive Compensation & Benefits
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Competitive salaries are important, as are benefits such as health insurance, mental health benefits, pensions, and student loan assistance. Set compensation benchmarks based on industry standards. Consider asking younger staff what benefits are meaningful to them and find ways to implement their suggestions.
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5. Inclusivity & Diversity
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Foster an environment that embraces diversity in all forms. Ensure your hiring practices, company policies, and leadership programs foster diversity and inclusivity.
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Younger employees want opportunities for learning and advancement. They’re also drawn to companies that will invest in their growth. Offer training, mentorship programs, and clear career pathways. Consider paying for professional development or other courses.
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It’s important to provide regular feedback to your employees, and to give them an opportunity to share their thoughts. Maintain open lines of communication and provide regular feedback. Use surveys or other methods to gauge employee morale and determine whether adjustments should be made.
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8. Workplace Wellness Programs
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Programs that promote physical, mental, emotional, and financial health are highly valued by both groups. Look into programs such as wellness challenges, gym memberships, or days off to focus on mental health. Highlight how your pension plan aligns with long-term financial well-being and reflects your commitment to supporting your employees’ futures.
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Having a strong employer brand on social media will help you attract employees. Highlight what makes your company a great place to work on platforms like LinkedIn and Instagram. Show behind-the-scenes pictures and include testimonials from happy workers.
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10. Innovative & Collaborative Culture
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Encourage a culture of innovation where ideas are welcomed and collaboration is the norm. Millennials and Gen Z thrive in environments that are dynamic and open to new ideas. Host workshops on financial well-being, including sessions on pensions, and allow employees to share their thoughts on retirement planning.
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If you’re just starting to implement these strategies, don’t feel overwhelmed. Begin by adopting one or two that align most with your company’s current goals. You can build from there. Get your leadership team on board and make sure you’re actively modelling the values you want your staff to embrace. As you roll out these changes, keep an eye on employee feedback, retention rates, and job satisfaction to gauge your success and adjust your approach.
Implementing these strategies can make your workplace more attractive to younger employees, leading to higher retention rates and a more vibrant, innovative culture.
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How to add employees in MyBusiness
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2. Enter your User ID (a 7-digit number that starts with 2, found in your verification email) and password
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3. Click "Manage Employees"
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5. Enter the employee’s first name, surname, Social Insurance Number (SIN) and email address
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Don’t forget to click on "Payment Method" in the navigation and make sure the employee’s payment is set up in the system.
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Need help getting your business set up?
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Get in touch and we'll help you and your employees get started with SPP.
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or call us at 1 (800) 667-7153
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