Some experts project that Millennials will make up 75% of the workforce by 2025. You may have to re-think your recruiting strategy.
Here's what you need to know:
- Millennials — also known as Generation Y — is anyone born between 1981 and 1994
- Millennials are the largest generation of the workforce
- They want the same thing as other employees, value and motivation
- Flexible work schedules, learning new skillsets, and identifying with a company's core values are key
Is it difficult to attract Millennial employees? Some employers may find it so, but we beg to differ. If you are having a hard time recruiting and hiring Millennials, we suspect you might be experiencing … change.
Every generation has different priorities, needs, and motivations than the last. Today’s young workers are looking for something a bit different than the Gen X-ers or Boomers you’ve hired in the past. If you want them to see your business as the ideal workplace, try following these tips.
In a sense, the Millennial generation is looking for the same thing as all of your other employees — value and motivation.
It’s just that value and motivation mean something different to them than what their parents and grandparents thought. Here’s how to shape your hiring process to the values and motivations of Millennial employees.
1. Change your expectations
20 years ago, you might have looked at a stack of resumes and weeded out all the applicants who had worked for any company for less than 2 years. “Job hopping” was a sign of poor commitment and immaturity. After all, if an applicant quit their previous positions too quickly, they’ll probably do that to you too, right?
Maybe. It’s possible that your next Millennial hire will move on after a couple years with your company too, but that’s not necessarily a bad thing. It’s probably what’s best for them and their careers, which arguably makes it a pretty smart decision.
According to recent data, workers who stay with a job for longer than 2 years get paid 50 percent less than those who change jobs more frequently. Millennials seem to understand this and behave accordingly. In addition, the Millennial generation seems to feel an innate desire to constantly learn new things and take on new challenges. That’s difficult to do if you stay with one company for years on end.
So don’t be afraid to hire that bright young employee with a history of “job hopping.” They’ll bring all of that knowledge and drive with them, and your company will benefit.
2. Motivate Millennials with concrete rewards
According to a Zenefits poll of 200 working Millennials, this generation ranks benefits 2nd only to pay in the most desirable factors in a new job. If you want to attract the best talent, you’re going to have to pay competitive salaries and offer a decent benefits package.
At a minimum, you should offer health, dental, retirement savings, and paid time off. If you can afford it, consider offering other benefits too, like child care, tuition reimbursement, student loan payoffs, health club memberships, life insurance, vision care, and short term disability insurance.
3. Flexible work schedules and projects
Millennials value freedom and autonomy. To whatever extent possible, try to allow your employees to choose when, where, and how to work. For example, if it is feasible for your company, try allowing employees to telecommute at least 1 day per week. Many employers also offer flexible scheduling, where employees can choose to work outside of regular business hours, or cram all of their working hours into 4 days per week.
Ideally, Millennial employees would probably love the chance to choose which projects to work on as well. This might not be possible all the time, but if there is an opportunity for some flexibility in work assignments, be sure to highlight this in your job announcements and interviews.
4. Leverage “experiences”
It’s true that you need to offer a reasonable salary and benefits package in order to attract stellar employees. But if you can’t outbid your competition financially, consider what else you have to offer. Namely, what experience can employees gain with your company?
Remember, Millennials are motivated to constantly learn and challenge themselves. So give them what they’re asking for!
Can you …
- Train them to use a new computer program?
- Teach them management skills?
- Let them lead small projects or supervise interns?
Be sure to list all of those opportunities in your employment ads and talk about them in your interviews.
5. Consider how the job impacts the world
Millennials aren’t interested in working just for the sake of making money for a company. They want their jobs to mean something, and they want to feel fulfilled in their careers. This is why it is critical to communicate your organization’s mission statement. How does your company make the world a better place? Really think about that question, and make sure your recruits hear the answer from you.
If you want to stay in business, you’ll need to hire Millennial employees. In fact, you might need to hire a lot of them. Some experts project that Millennials will make up 75% of the workforce by 2025.
We hope that these tips help you to attract the best and the brightest to your organization.