Right now companies face one of the biggest challenges ever faced in attracting and retaining new talent and every business, large or small, will be affected at some point in the future. The corporate world may be changing but talent is changing too. There are a multitude of layers, beliefs and demands, making it even more complex to entice and retain top talent. Millennials are at the face of the modern workforce and their needs and wants are very different from previous generations of workers. In order for companies to attract millennials, they first must understand them and what motivates them.
Interviews are becoming less where the interviewing panel hold all the cards; there is now the opportunity for candidates to find out what the company has to offer on top of the traditional offerings, i.e. health insurance, pensions etc. Candidates are now more likely to ‘shop around’ and look for the best perks they can get from an employer before applying.
Candidates attending interviews are now feeling much more empowered and are looking for something much deeper from their employment. Good pay, career progression and job satisfaction are no longer the only things candidates are interested in when applying for jobs.
Today’s millennial generation is looking to engage in more than just paper-pushing and profit-building, they are looking for purpose. Millennials are more likely to stay in jobs that have a purpose and are meaningful. They are more attracted to companies that have clear values and visions. Millennials are known as a purpose driven generation and purpose driven people will be attracted to purpose driven companies. In a recent study carried out by Forbes, it was found that 64% of this demographic says that their priority is “making the world a better place”. Millennials will be more interested in workplaces that have a purpose beyond making profit. They are becoming increasingly concerned with sustainability and environmental awareness, and if a company shows that they are on board with these concepts, they will be more attractive to millennials
Good training and development programmes will entice millennials to your company. A recent study by Forbes showed that 44% of Millennials were ready to leave their jobs because they didn’t receive the skills development opportunities that they wanted. By showing them that you are investing in their future and career development, they are more likely to invest more time and energy into your business.
Millennials are seen as a more flexible and agile workforce, compared to their predecessors. They are waiting longer to lay down roots and settle down and therefore are seen as job hoppers and disloyal. Motivating and retaining millennials in the workplace must include a degree of flexibility. Flexible working schedules are known to attract millennials to companies. This flexibility increases work/life balance for employees, which is desirable for millennials searching for jobs. Increased work/life balance is also beneficial for the employer, as it improves morale and increases productivity.
By 2025, millennials will occupy 75% of the global workforce and therefore, it is important for all companies to understand strategies for recruiting and retaining millennials.