Via Forbes : Trying To Attract Millennials To Your Organization? It’s All About The Benefits
Millennials (those born between 1980 and the early 2000s) now represent the largest generation in the U.S. workforce, according to Pew Research Center. Not only are millennials the fastest growing workforce, but also they are becoming the new “sandwich generation,” often taking care of younger children and aging parents simultaneously and within the same household. In fact, a record 64 million Americans live in a multigenerational household.
The result is that millennials who have kids and parents under the same roof are going to be carefully considering companies that offer great benefits not only for themselves but for their dependent family members. The numbers are staggering: Pew’s analysis of data from the U.S. Census Bureau revealed that last year, 56 million millennials were working or looking for work — that’s more than the 53 million Generation Xers who make up a third of the workforce.
Appealing To The Millennial Generation
While a lot has been written about millennial traits, a critical look at millennials you know, especially those in the sandwich generation, will likely point you in the right direction to address benefits that are of interest. The millennials I know are technologically savvy, motivated by a variety of tasks and a flexible work schedule, prefer to work in a collaborative team culture and want to work for an environmentally friendly company that gives back to the community, nation and planet.
It will take a commitment from every department to be sure that you offer the right benefits, which can include time off for charity work, paternity and maternity leave, and ridesharing, to name a few. The way you document and share this information can have a significant impact on recruiting and retention success.
Communicating Your Benefits
Your company’s HR and marketing teams must be able to create internal and external content that clearly articulates all your benefits. Most of those benefits are easy to explain. If, for example, your company offers a club/gym membership or has a workout facility on-site, it is pretty straightforward to understand and document. Conversely, selecting the right health care option is complex, impacts the employees’ paychecks and is one of the most important benefits to the sandwich generation.
Helping millennials understand high-deductible health plans (HDHPs) and HSAs should be at the top of the recruiting and new-hire orientation list. Why? Because according to another study by Pew Research Center, 1.2 million millennial women had their first baby in 2016, raising the number of millennial moms to 17 million. Additionally, Visa’s recent presentation at the 2018 ECFC symposium featured research showing that only 35% of millennials own a health savings account (HSA). A great health plan will become a key factor when millennials make a career move or decide to stay with their current employer.
Educating Millennial Employees
Having a great health plan is not enough. It’s important that employers understand these benefits so they can better educate their employees — something I often coach fellow business executives on. Employees need to understand that to have an HSA they need to have an HDHP, which is a plan with lower premiums and higher deductibles than a traditional health plan.
With an HSA, millennials can save money today and set aside money for the future. And when the time comes that they need that money for medical bills, they can have peace of mind knowing that funds are available. Here’s what millennials need to know:
• Money in an HSA can be an investment. Mutual funds, stocks and bonds are often available through a brokerage account. Simply stated, an HSA is a type of retirement account.
• HSA money can be carried over every year. It isn’t like paid vacation time where you “use it or lose it.” It’s important that millennial employees understand this, especially since health care costs typically increase every year.
• The tax advantages are significant. Contributions are pre-tax, free from Federal Insurance Contributions Act (FICA) taxes and grow on a deferred basis. And when millennials need the funds for approved medical expenses, withdrawals are not taxed.
There are a plethora of insights and options to share when it comes to HSAs; this is where your organization can stand out through transparent discussions and resources that can answer questions and provide clear documentation. Here are a few key points to include in HSA communications for millennials:
• An HSA is similar to a regular savings account but with an annual limit.
• In 2019, the HSA contribution limit for employees under the age of 55 will be $3,500 for an individual and $7,000 for a family.
• Employees can also contribute to their HSA outside of payroll, such as through a credit union or bank.
• If the HSA is paired with an HDHP, provide information on whether your company offers a wellness program that can help people stop unhealthy habits like smoking.
• HDHPs with HSAs are usually the least expensive health coverage option for employees.
• Your HSA stays with you during your entire career; it can go with you when you leave the company, or you can open another one.
If your organization puts the time and effort into understanding millennial employees and their evolving family needs, you will be in a great position to recruit and retain a strong workforce. By educating millennials about the investment features an HSA provides, they can make informed decisions about this vital employee benefit not only for themselves but also for their dependent family, all while also planning for retirement. There is a lot at stake.
Via Business Of Fashion : Insider Insight on How to Excel at Job Interviews
According to Musa Tariq, who reached the C-Suite by the age of 35 following roles at Burberry, Apple and Nike, job applicants should not strive to be perfect, but instead strive to be personal. Here, he tells us how.
NEW YORK, United States — Just as workplace dynamics are shifting to account for the impending millennial dominance in the working population by 2020, so too is the process of getting a job.
That’s why BoF has partnered with Musa Tariq for our latest exclusive online course, Build Your Dream Career. Tariq had an impressive career trajectory which saw him appointed chief brand officer of Ford Motor Company aged 35, following senior leadership roles at Nike, Burberry and Apple.
“I want to make sure you are aware of the change in culture and change in time that allows you to be slightly more personal when you’re going through interview processes,” Tariq explains. “Interviews are my most favourite part of the job application. It’s an opportunity to get to know someone.”
BoF sat down with Tariq, to hear about the “tips and tricks on things that I find useful in interviews” and how to differentiate yourself in a competitive market place.
What conversations topics are important to prepare for a job interview?
I’m a big fan of people who have done their homework before they come to an interview — not just on the company, but individuals. When you’re going for an interview, ask the recruitment team, or HR, for a list of the number of people you’re meeting. Spend time doing your homework on each one of these. This is something that’s really simple to do, but you would be surprised by how few people tend to do it.
You should also think about the stories you can tell that make you sound different. It may not be relevant to working in fashion, or in advertising, or marketing, but at the same time, when you take that story and talk about what you learned, it just makes you more human. It just gives you a perspective so that person interviewing you thinks, “Right, this is an interesting person, and someone I could get along with.”
As an interviewer, what do you look for especially in your interviewees?
When you are sitting in the hiring position, you are recruiting people that you will have to spend maybe 6 to 12 hours a day with. I need to know I get along with you. I also need to know that you’re a right cultural fit and that you are as smart as your resume says you are.
I’m not just interviewing you for what you can do, I’m interviewing you to recognise whether you and I can get along together. The more that you and I relate, the more likely I am to feel you are right for the job, that you’re a good cultural fit, and the more likely you are to get the job.
The interview process is also really a way of both them interviewing you, but you interviewing them. If they are not comfortable with the way you behave, the way you talk or the way you dress, then the job is probably not right for you.
In your experience, what interview question are people least prepared for?
The number one question people prepare the least for is: “So tell me about yourself.” In all interview processes I want to get to know you, I want to hear about your story, and we tend not to prepare for this question because fundamentally, we think that’s the bit that we know the most about.
Trying to craft your story is really important. Trying to think about how you’re going to tell that narrative is really important. You are more than just your resume or the number of companies that you’ve worked at — you have a personality. There are stories that will make you well-rounded as an individual.
What advice would you give applicants for after the interview process?
A guaranteed part, towards the end of any interview, is when the interviewer asks if you have any questions. It happens a lot when people say, “No,” and walk out. This is an incredibly missed opportunity and it either means that that person was not listening, that they are not curious enough or they haven’t prepared for this moment. Think about the questions you are going to ask at the end that will have the interviewer thinking differently.
How should you approach an interview that has gone badly?
A terrible interview is not the end of the world. Chances are, if an interview has gone horribly, it is because you did not mesh with that person. This is actually a positive sign because you have recognised that you and the person do not necessarily get along or do not think the same way. You do not want to take a job where you are not going to get along with that person. It will only end up as a bad thing later on.
People aren’t expecting you to be the most perfect candidate for that role. They are looking for someone who is willing to learn because everyone wants people to come into an organisation and learn, and they want you to bring your expertise. It’s that combination that most people are looking for in a role.
Via Indeed : What’s the Difference Between a Resume and a CV?
While reading job postings, you may have noticed some employers ask for a resume, others ask for a CV and a few may ask for a “resume/cv.” While both resumes and CVs are used in job applications (and some employers may accept either), these two documents have a few distinct differences.
To help you make sure you’ve prepared the right document for your job applications, here is some clarification on the difference between a CV and a resume.
What is a CV?
A CV (abbreviation for the Latin word curriculum vitae, or “course of life”) is a detailed document sharing not only your career history but also your education, awards, special honors, grants or scholarships, research or academic projects, and publications. A CV may also include professional references, coursework, fieldwork, descriptions of research projects or dissertations, hobbies and interests and a personal profile that lists your skills and positive attributes. Generally, a CV is chronological and starts with your educational experience.
What is a resume?
The term resume originates from the French word résumé, which translates to “abstract” or “summary.” This document should summarize your career history, skills and education. A resume may also list relevant professional associations or volunteer work and may include an objective statement that shares your professional goals.
Often people list their professional experience on a resume in reverse-chronological order, starting with their current or most recent job. If you are a recent graduate with little or no professional history, you would start with your education and then list any relevant internships or apprenticeships.
CV vs. Resume: What’s the Difference?
While there are certainly areas of overlap between a resume and CV, here are a few of the key differences between the two documents:
- Length: While most people strive to keep their resume as concise as possible, and ideally only one to two pages, a CV can run several pages in length. That’s because a CV includes more information than a resume.
- Experience / career type: Often, CVs are used by people in academic roles. You may have a CV if you are currently applying to or have graduated from a masters or doctoral program, or if you work as a professor or researcher at an academic institution.
- Ability to customize: A CV is a static document that does not change. You may add new information to a CV throughout your professional career, but the information will not change based on where you’re applying. A resume, on the other hand, is often tailored to highlight specific skills or experience relevant to the position or industry.
- Geography: In other regions of the world, such as the UK, New Zealand and parts of Europe, employers use the term CV to describe both CV and resume-style documents and don’t use the term “resume” at all. In South Africa, Australia and India, the terms CV and resume are often used interchangeably. But, in the US, a resume and CV are two distinctly different types of documents.
Should I use a resume or a CV?
If you’re unsure whether an employer requires a resume or CV, ask yourself the following questions to help determine the best document:
- What kind of job are you applying for?
If you’re applying for a job in academia, especially as an educator, teaching assistant or researcher at a college or university, then you’ll probably need a CV. Some post-secondary institutions have guidelines for what to include in a CV, so be sure to check the school’s website for this information before you apply.
- Where is the company based?
Depending on where the company is located, CV may refer to a standard resume, or it may refer to the longer form, highly detailed document explained above. To determine which you should send, first consider the type of job. If it’s an academic or research position, the employer is likely seeking a traditional CV. However, if it’s a position you’d use a standard resume for when applying in the US, then the employer is likely seeking the shorter form resume-style document.
If you’re in doubt about whether you should send a CV or resume, reach out to the recruiter or hiring manager and ask for clarification.
If you have a resume but not a CV (or vice versa), it may be worthwhile to put one together. A CV is, in many ways, a more detailed version of a resume with a few additional pieces of information,so creating one from the other shouldn’t require a great deal of work. Having the right document for a job application is crucial, and keeping both options on hand will ensure you’re prepared no matter what the job posting requests.
Via Biz Journals : How to communicate your employee benefits plan to millennials
Is your organization struggling to communicate effectively across the multiple generations in your workforce? Have you tried face-to-face meetings, glossy printed booklets, emails, apps, games – and still feel like you come up short?
Rest easy: you are not alone. I’ve heard repeatedly from senior leadership and benefits managers alike: we’re trying, but we just can’t reach our millennials.
What was once a balancing act with your budget and your time is now a juggling act that takes even more resources and talent to execute effectively. Employee benefits comprise roughly 30% or more of the total rewards package at most companies. It’s vital to help employees understand and appreciate the value of benefits programs that provide financial, physical and emotional security to them and their families.
Not only is it important to you, the employer who is footing the bill. It’s important to your employees as well. Decisions they make today will impact their lives for decades to come. In many instances, they lack the knowledge and experience to analyze benefits offerings effectively and make good decisions. They are counting on you, the employer, to not only provide the needed programs, but also deliver the tools to evaluate them and make the best choices. You face pressure on both sides of the equation – an unenviable position.
Most employers remain befuddled by their millennial cohort. This group, currently ages 24-36, comprises up to 24% of the workforce at present. They embrace technology and crave interaction. They are the most educated and multi-cultural generation in history. Yet they rely on their parents and friends for financial advice and routinely demonstrate their distrust, if not disdain, for financial and other institutions. While they are tech savvy, and very skilled at seeking the information they need, they deeply desire personal relationships – in their families, their communities, and their workplaces. They value authenticity, creativity, celebrity – and connect intensely when all three are merged. They connect to their philanthropic causes and support them in both words and deeds.
Will the real millennial please stand up?
Millennials have been negatively impacted by the turbulent events in their youth: 9/11 and the Great Recession are likely to be enduring memories. The after-effects of these events have been far-reaching for all generations, but particularly so for millennials, who early on struggled to find employment and “launch” their careers and their lives. Now, the economy has strengthened, and the job market has opened up.
Millennials are finding greater opportunities for financial success, as well as the personal fulfillment and meaning they value so much. Their story is still being written, but employers need to carefully consider how to communicate with millennials and address their deep desires for consequence and connection in the workplace, as well as the world beyond.
Millennials report that they save more money than their seniors. 81% of millennials say they save money regularly, compared with 74% of Gen Xers and 77% of baby boomers. But their perceived levels of financial savvy don’t match their actual knowledge base. According to a George Washington University study, only 8% of millennials demonstrate a high level of personal financial education and 25% comprehend the basics. However, 70% of millennials believe they have a high level of understanding of financial products and services.
Think about your company’s retirement savings program. Is half of your millennial population saving for retirement? Nearly 50% of millennials report they are accumulating for retirement. If true, this means more than half are not. These young people state that they are hamstrung by debt: student loans, car loans, credit card debt. How will you communicate with them, motivate them to start some level of retirement savings now, and help them understand the important value proposition your organization provides in helping them to build for their futures?
Millennials don’t trust the mail
To whom do millennials turn for financial advice and assistance? This is a bit of a surprise: Family and friends are their main sources of information and insight. They do not trust information from financial institutions. Their preferred communication channels are, in order: email, text, a website they can interact with, and, of course, a mobile app that functions across multiple devices.
Please do not waste your money sending them materials in the mail. It will most likely end up in the trash. Online apps, text message reminders, games and competitions, these are the tools that resonate with today’s younger population of workers.
One strong advantage these tools offer is the ability to track usage and generate reporting for your senior management. This type of data can show your leadership that your efforts are working and that millennials – and other generations as well – do participate and better engage with your programs.
So how do your providers communicate with your employees? How do you assimilate information from multiple service providers, and then present it, so that all of your employees will understand? Clearly, fancy paper packaging does not appeal to the millennial cohort of your employee population. And the safe, sound financial institutions into whom your silent generation employees place so much confidence will not gain the interest, much less the trust, of millennial employees, without thoughtfully repackaging all educational material into some type of technology interface.
Via Summer of Tech : Five Reasons Why You Need an Internship: advice from Summer of Tech Intern Nanda Hibatullah
The experience you gain from an internship is crucial in guiding you through the rest of your career. Gaining experience through an internship shows future employers that you are capable at the skills you claim on your CV which will give them a better idea of who you are. It show that you have the people skills to score an internship and will generally make future employments, especially a grad role, easier.
You learn on-the-job skills that would have never been taught at university. The main point of university is to teach you how to learn. Most courses brush on things and force you down a direction of ‘memorising’ things for an exam. This is not the case in the workplace. You learn things that interest you and things that progress you further in the field you are in. Most of all, you get rewarded from your learning much better than at university through peer acknowledgement, self satisfaction in your work, and you also get paid.
An internship introduces you to new people. This is awesome if you are on the extroverted side of things but don’t worry, this is also good for those of you on the introverted side. With a bunch of new people in the company, there is a high chance for the diversity in the people there, that means there will surely be someone you can connect with. Most people are very friendly and approachable and are there to help. They know you are new and that’s okay. Meeting new people also expands your personal network. This is beneficial for meeting potential new employers that you might want to work with in the future, or if you want someone to geek out about Stranger Things with.
Like I said earlier, an internship will guide you through the rest of your career. It pretty much is the start of your career. Some companies in Wellington will offer you a permanent full time role after your internship and that ends up being your grad role! This is the case for myself. Some companies might keep you on part time if you still need to study until you are done and can work full time. Some might not do any of these things but will open so many doors for you in the future. You might even decide that the field you intern in is not for you. That’s okay, in fact, that’s good! You get that opportunity to experience that with pretty much no consequences and shift the direction of your career if need be!
YOU GET PAID! Time to start earning some money and stop being a poor student. For most of you an internship will be your first real job. With Summer of Tech putting strict rules on a $20/hr salary, you get to live the good life. Over the Summer at least.