Managing Millennial Prevailing Wage Workers: What You Need to Know
Heads Up, Prevailing Wage Contractors
Government contractors who employ prevailing wage workers that belong to Generation Y should be aware of a number of things about these millennials. As a business owner or an HR personnel, it will help you better deal with managing them if you know their unique attitude.
Here are some of the findings from a survey conducted by Capital Group that might help you out.
1. Millennial prevailing wage workers are already preparing for retirement.
Millennial hourly workers believe they are responsible for their retirement.
This is why around 90% of millennials are already investing for this phase of their lives. It is one of their top priorities for saving, ranking only 2nd to paying their mortgage or rent.
2. Millennial hourly workers aren’t scared to move money around.
It is easy for millennials to jump to another retirement plan just like how easy it is for them to leave a job for better opportunities.
3. Millennials expect human resources to offer retirement plans.
Human resources professionals who don’t prioritize retirement plans as part of worker benefits may want to reconsider. Eighty percent of millennial prevailing wage workers believe that employers should offer a retirement savings option.
4. Millennials are nitpicky with the investments of their plans.
They don’t want just any kind of retirement plan. They want investments that will do well. They believe that the success of their investments will help them greatly improve their lives. Having enough money will make it possible for hourly workers to have work/life balance, discover new things or change careers.
5. Their concerns for money are not for retirement.
Millennial prevailing wage workers are less worried than baby boomers about having enough money for retirement. What keeps them awake at night are current financial problems such as paying their loans, improving their income and paying their child’s education. Other hourly workers expect the success of their investments will help them take a time off to raise a family or support their aging parents.
6. Millennial hourly workers want employee benefits to be aligned with their lifestyle.
Aside from retirement plans, paid vacations and healthcare benefits, millennials also want benefits beyond the norm. Qualified tuition plans, flexible scheduling, telecommuting, and volunteering opportunities are some benefits that they are also interested in.
Contact ARCHER JORDAN for more HR Tips and Strategies
Any human resources professional would know how important it is to encourage prevailing wage workers to stay, especially those who perform well. Knowing the right benefits to offer will separate your company from the rest of the competition. Get in touch with us so that we can help you out!