As baby boomers start to retire, millenials are quickly beginning to take over, soon forming 50% of the global workforce come 2020. Attracting the top talent from this pool is essential for the future of your business and those organizations which understand how important millenials are, by focusing their efforts on attracting and retaining them, will be at a competitive advantage. Employers need to understand who these people are, what motivates them and how they add value to their business.
Logic Vending, UK-based suppliers of professional coffee machine for offices outline their top tips on how to effectively drill into this audience.
Modernize your application process
Millenials are used to receiving information quickly at the tap of a button, which is why a tedious, complex application process will deter many of them from even applying. In the current business climate, this group receives 12.5% more job offers than the generations before them, and with the job market now being largely candidate-driven, they can choose to be picky.
To modernize your hiring process, try and break away from the rigid, outdated model of CV and page-long cover letter and instead look to engage with younger candidates in ways that they are more likely to relate, such as skype calls, video CVs or interviews in informal places like local coffee shops. In this competitive landscape, unique, interesting and personalized application processes will stand out and attract the right attention from younger talent.
Offer development opportunities
Whilst monetary incentives were certainly favored by the generations past, today millenials are seeking more meaningful perks when deciding where to work. A recent study by PWC found that personal learning and development topped the list of benefits that this generation valued over financial reward. Of course, good pay is a necessary deciding factor for anyone in choosing the right job, but it is clear that younger people are instead looking for the full package when searching for employment.
Millennials are ambitious and many employers often fail to realize how important professional development is to them, much to their detriment. Accordingly, organizations which encourage staff to continuously progress within their career, through training sessions, learning schemes, conferences and online courses, will find attracting and retaining this type of talent far easier.
Respect work-life balance
While the older generation tended to stay in ‘jobs for life’, studies have shown that millenials are more likely to change jobs every 1-3 years if they feel their needs are not being met. That being said, this group’s priorities lie in obtaining a good work-life balance. There is much evidence which supports the notion that staff are more productive when they have autonomy over when, where and how they carry out their work.
For that reason, employers who think beyond the traditional 9-5, office-based work model and allow their staff the freedom to work from home, choose flexible hours or offer more holiday allowance, for example, will certainly benefit in the long run when attracting younger talent. In the end, as long as the work is getting done, does it really matter whether it’s from an office or a coffee shop?
Millenials have grown up with technology embedded in them, spending a huge chunk of their day online and consuming masses of information, so if you really want to attract this bracket, your organization too needs to readily embrace all things digital.
To do so, first ensure your business is present on all the key social media platforms and is pushing out the right messages which appeal to the younger generation. This might prove harder if you are an investment firm rather than a hip streetwear brand, but there are certainly ways for any business in any industry to attract younger crowds.
Organizations that can easily connect with prospects on several platforms and show themselves to be up-to-date are simply far more likely to draw engagement from the digital generation. Moreover, a workplace which is technologically-driven enables the younger crowd to connect, engage and co-operate with colleagues and customers in a way that comes naturally to them, leading to better productivity.
Millenials, on the whole, tend to be more open minded and aware of the wider issues impacting the world around them than the previous generations. They are looking to make a positive impact on the world and the lives of others, so it comes as no surprise that these people are seeking to work for businesses that are viewed as inclusive, diverse and ethical. As such, creating a culture of inclusion is vital for attracting younger candidates.
This group may value benefits such as opportunities to give back to the community through workplace volunteering schemes, or the chance to work abroad in another country. Diverse workplace culture doesn’t just pop up overnight; companies must work hard to develop good reputations and if you put the effort in, you will reap the benefits that attracting young talent brings.