Millennials are hard fish to catch for many employers. However, this generation, which includes people born between the early 1980s to the mid-1990s, is a large part of why the current professional landscape is changing. Now, more than ever, it’s important to understand how to craft long-term recruitment strategies to attract and retain millennial talent.
Nancy Altobello, the Vice President of Talent at EY, believes that the introduction of millennials to the recruiting market has made it a lot more complex and harder to attract and retain top talent, according to Forbes magazine. “Talent is now being viewed as an important resource by executives and by boards,” Altobello told the publication. “The dichotomy of talent being more important and less available has invented an executive issue.” However, it is important that hiring managers learn how to attract and retain millennial talent now, as they are only becoming a larger part of the workforce. By 2020, millennials across the world will make up 75 percent of the workforce. Attracting millennials can be tough, but Profiles’ creative staffing services can reduce time-to-hire and connect you with top talent quickly.
Many hiring managers and employers have already discovered that millennial’s need to feel desired, purposeful and connected to their company and field of work. According to a survey from McCann WorldGroup that surveyed 7,000 millennials, more than 90 percent of participants cited their greatest need at work was “connection and community.” For many, it seems the youngest members of the workforce tend to value relationships over needs such as power, influence, and remembrance. However, purpose plays a role too. Deloitte’s Fourth Annual Millennial Survey found that 6 in 10 millennials wanted to work for their current company because they gave them a sense of purpose. This percentage was even stronger among millennials who were largely connected to social media platforms. Aside from these values, there are a few other ways hiring managers can attract and retain employees – millennial or not. Consider these recruitment strategies to attract and retain talent.
1. Promote Growth Opportunity and Competitive Pay
Millennials also want to take on a position that offers a lot of growth and promise, instead of one where their work might be undervalued. A study from PWC found that 52 percent of millennials are willing to choose a position with a company if it has opportunities for growth. Money is also a major factor when it comes to millennials. If a prospective position doesn’t offer the right salary and prospective growth, millennials may look elsewhere, especially if it does not have any other perks that Millennials value. This type of employee wants to know that he or she is valued at the company, and one way to do that offers a decent salary.
2. Identify the Greater Good
Millennials want to work for a company that strives toward a purpose larger than just themselves. That way, millennials can feel like they are making their mark on society. When talking with potential candidates, it is important for hiring managers to create and sell their company vision and brand values. Talk about your company’s core values, your overall mission and why the company is looking to make an impact on the industry. Be sure to use short, impactful phrases about this concept that stick out in the candidate’s mind. If they feel like you are working toward the greater good, they will want to work with you.
3. Open Communication and Performance Reviews
Millennials grew up in a world with multiple forms of communication, causing very little to be hidden. The same goes for their expectations to communication in the workforce. Millennials would prefer a boss or manager who communicates effectively and continuously, sharing developments and updates; an open line of communication at all times. This generation wants a solid, but appropriate relationship with their boss and know exactly what is going on inside the company. Don’t allow corporate communications to fall short. Think beyond just sharing company info and updates. Take a look at your performance review processes. How frequently are you and your leadership team holding these meetings? Consider nixing just yearly reviews, and opt for more frequent performance meetings to check-in with your employees and their progress.
Instant gratification is the mantra of Millennial characteristics. Millennials find satisfaction in knowing their value, progress, and where they lie with their direct manager in terms of strengths and weaknesses. If your company does not promote the utmost transparency to employees, you could be scaring candidates away or causing employees to quit after a short time. Developing an open atmosphere will create a bonding, trusting community within your workspace that’s guaranteed to help with retaining millennials in the workplace.
4. Employee Engagement
These days, people tend to stay in their jobs for a much shorter period of time than they used to. Yet that is not necessarily a bad thing, it is an entire change in the workforce. It is estimated that by 2020, almost half of the U.S. workforce will be independent contractors. Naturally, millennials have caught on to this trend. The U.S. Bureau of Labor Statistics reported that on average, millennials only stay in a job 18 months. However, there might be ways to get them to stick around longer. Millennials are more likely to stay with a company if they are interested in their position, their company or even the field they work in. One way employers can focus on retaining Millennial talent is by keeping these employees interested in what they are doing. Change up their workflow so they do not do the same thing every day, and come up with new ideas and developments so employees experience consistent change. Marketing and developing a fun, exciting company culture can also keep millennials’ interest. Companies with successful, positive cultures have echoed millennials’ overall sentiment: Their brands focus on transparency, open communication, employee value, and investment. Incorporating these values into your company may help attract, and keep top talent millennials. Profiles knows the top recruitment strategies to attract and retain talent. For more information on our creative staffing services, or to request talent, contact us online today.