There’s a lot of data that points to the importance of millennials to the small business landscape in Washington, D.C.
According to the U.S. Small Business Administration, there are over 68,236 small businesses in the District of Columbia — and there are over 234,000 employees helping those businesses run. Young professionals ages 24-37 are the fastest growing segment of D.C.’s population.
Discover what matters most to D.C.’s millennial workforce.
Of course, this trend isn’t limited to D.C. By 2025, millennials are expected to make up three-quarters of the national workforce. For businesses, it’s crucial to know what these workers expect and want from their employers.
To get a better picture of this, Justworks conducted a series of surveys, starting in our nation’s capital. What matters to D.C.’s millennial workforce? Let’s take a look at the results.
Want to dive into the data for yourself? Download the free report What Matters Most to D.C.’s Millennial Workforce today.
What Millennial Workers Want
We asked 1,000 millennials employed in D.C. a few questions about the benefits and perks they get — and want — from their employers. Of those surveyed, 58% work at companies with more than 300 employees, while 42% work for companies of less than 300 employees.
Let’s focus on the second group — those employed at small businesses. A whopping 93% of those surveyed said they were satisfied with their benefits. Overall, millennials in D.C. are pretty happy with what they have. However, there are certainly some areas where employers can do better.
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Most Desired Employee Benefits
Though we may not always think of them as benefits, salary and company culture are important drivers of employee satisfaction. Based on responses to this survey, it’s clear that companies who increase salaries and promote positive workplace culture will do a better job of retaining employees.
Beyond that, a few other interesting trends emerged. Many employees who don’t currently have access to student loan repayment options want them. Additionally, some of the employees surveyed said retirement funding options (i.e., a 401(k) or 403(b)) are extremely important when considering a job offer. These are just a couple of benefits D.C. employers could consider when trying to attract and retain Millennial talent.
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Don’t have the budget? About a third of respondents said being able to work remotely is extremely important when considering a job offer. Flexibility in this regard is something many kinds of businesses can incorporate into their work culture.
For additional insights into the benefits millennial employees want, download the full D.C. data report here.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.