Millennials are the most coveted demographic among recruiters looking to bring in the staff that will drive a company's future. Just like the Baby Boomers and Gen Xers before them, millennials have certain expectations of the workplace. Recruiters and employers have to adjust if they hope to attract and retain millennial employees.
In this brief guide, you will learn what it takes to staff your company with those workers that will determine its direction. Needless to say your company cannot afford to not compete. If you want to be at the top of your industry 10 years from now, you have to concentrate on millennial hiring now.
Turnover is No Big Deal
The most critical thing to understand here is that turnover is no big deal to millennial workers. They have come to accept the fact that the days of settling in with a single employee for 40 years are long gone. Millennials are more than willing to leave very good positions for others they perceive as being better. In short, employers cannot let their guards down.
5 Ways to Improve Recruiting and Retention
The main body of this guide contains practical things employers can do to improve millennial recruiting and retention. Each of these things gives millennials a valid reason to consider your company for employment. And once on board, they provide incentive to stay.
1. Focus on Cultural Fit
More important than any skills or knowledge candidates possess is cultural fit. Does a candidate's attitudes, mindset, and philosophies gel with the company culture? If so, knowledge and skills can be taught later on. If not, the candidate is not likely to do well in your company. He or she is not likely to stick around even if hired.
2. Offer Ownership Opportunities
In the old days, giving employees ownership in the company meant rewarding them with company shares. Today, ownership is completely different. Millennials want the opportunity to take ownership of their jobs. They want to believe that their input is important, that they are valued in the decision-making process, and that they are trusted to make the right decisions.
Give millennials a sense of ownership in what they do, and they are more likely to want to work for your company. Show candidates that you trust and value employees and they will likely be more interested in working for you.
3. Include Professional Development
Millennials do not view careers like their parents and grandparents did. Rather than being content to find a single career job, millennials want the opportunity to develop professionally. They want opportunities to continually improve their skills, knowledge, and capabilities. Employers that offer professional development opportunities find it easier to recruit and retain millennials.
4. Don't Ignore Work-Life Balance
Work-life balance is not a myth. In fact, it is particularly important to millennials reluctant to allow their jobs to define who they are. If your company hopes to attract and retain millennials, do not ignore work-life balance. Find ways to help employees strike that balance through programs like job sharing, flexible scheduling, and unlimited paid time off.
5. Demonstrate Social Responsibility
Finally, millennials would much rather work for companies that demonstrate social responsibility. Your company will have a much easier time if you get out into your community and get involved. Pay attention to things like environmental sustainability and cultural sensitivity as well. Millennials want to work for companies that demonstrate they care.
Attracting and retaining millennials requires a whole new strategy. Adopting that strategy is now more important than ever, as the economy grows and the pool of available workers shrinks.