Recruiting Millennials. Attractive salary or attractive work perks?
The events industry is one of the most fast paced, competitive and creative industries daring to challenge and design new ways to entertain, celebrate, market and sell millions of brands and people across the globe.
The industry is ever changing and key planners need to ensure they are up to date on current trends to ensure an event is engaging.
As a new technology is created and introduced to the industry, new trends are set and event production changes to adapt to new features. The same goes for up and coming locations, seasonal trends and the latest food crazes. If it's not current and engaging the audience lose interest, and the event planner loses a client.
What does this have to do with recruiting millennials?
Some might say the fast past industry and need to keep things new and engaging, works very similarly to how you retain your talent.
A successful event now has the power to engage its audience through different elements of production and modern technology. An event is more than just venues and catering and the expectation of the guests becomes more challenging as something new is introduced to the market.
It's hugely demanding for any professional, but for the right event expert is one of the most exciting aspects of the job.
What's important is that you're doing the same with your employees.
Simultaneously, the event industry is notorious for high staff turnover. There's an appealing facade to the event industry drawing in new graduates that think it's all parties, public relations and music festivals. When it comes down to the nitty gritty, research, planning, communications, drafting contracts and so on, people lose interest in the less glamorous side of the job.
Retaining staff is important. Attracting the right people in the first place is essential.
It's now quite typical for a brand to offer attractive small perks when advertising for a new position. These perks might include annual performance bonuses, small commissions, company cars, phones and so on. When looking for a new role it might be some or all of those perks that make the brand more appealing to the applicant.
So, are millennials looking for something more than just a salary?
Yes, they absolutely are. Millennials are looking for roles that are richer in experience with more meaningful brands, and 75% of those millennials would chose a role with better perks, a nicer office and positive team spirit rather than more than their salary expectation.
Staff benefits now reach far beyond the days of go-kart racing and Friday happy hour. Millennial research identifies that the brands recruiting more efficiently and retaining their staff for the longest are offering more valuable staff incentives and adopting a more structured corporate wellness program, including wellness or development classes, incentive travel, rewards, and a more eco friendly workplace. Brands such as Tesla and Google are prime examples of the modern workplace who offer 'stop smoking' classes or 'stress management' classes to motivate employees to improve wellness.
So, what keeps the millennials motivated and engaged at work? It seems it's not just the money.
Investing in team bonding and employee rewards as well as motivating and incentivising staff to reach goals both professionally AND personally, significantly increases productivity and job satisfaction in the workplace.
Ultimately, an employee values learning and development so much more than cash, and the investment in these programs gives so much more back to your brand.
So, where do you start?
Get to know your team. Understand what's important and what you could do to motivate and encourage your workforce. If your team feel like they're being taken care of they will take care of your brand.
- What keeps your team happy?
- What do they do in their spare time?
- What could you do to improve their typical day at work?
1. Schedule weekly language classes and learn a new skill. Do you have team members that manage your clients abroad? Help them to communicate with their partners and plan classes during work hours.
2. Promote healthy eating and have more healthy snacks available at the workplace. Many cities across the globe will offer fruit delivery services and deliver a fresh batch each week. If you offer lunch at work, change the menu and remove bad foods. You'll be surprised how much more productive your team will be after a nutritious and filling lunch.
3. Coordinate quarterly incentives and take the highest achieving employees on a trip. Give your sales team the motivation to reach higher targets by rewarding with travel or days out of the office. Inspire your team in inspiring locations - it will go so much further than giving cash rewards.
4. Host a BBQ on site and invite the company that work upstairs. Perks don't need to break the budget. Have team members manage the event and the CEO manage the burger flipping.
5. Celebrate team success and company goals with memorable events. Get the team excited about milestones and make them feel valued for being a part of it, by coordinating a team dinner event in St Pancras Clock Tower! (you can actually hire this venue and host the most amazing private dinner with a private chef and views over London - and it's still within budget!).
Like everything we do, we understand not one size fits all. Every team and brand needs to be assessed before understanding what stimulates the group and works for the company image.
If you need some advice or want to chat about some ideas for your brand, get in touch here.