With Millennials beginning to flood the job market, it’s become important for employers to know how to attract them to their teams. Millennials as a generation are characterized as being more tech savvy, optimistic, confident and connected than any previous generation. However, for people of older generations, they can be hard to relate to because they aren’t attracted by the same sorts of perks and they communicate in different ways.
So what exactly is it that Millennials are looking for out of an employer? Here are a few examples:
- A work/life balance, which allows them to pursue other interests outside of work. Millennials are not nearly as attached to their work or careers as previous generations. Approximately 50 percent of Millennials believe flexibility is more important than pay (at least to an extent).
- A strong, positive company culture that gives them an opportunity to make a difference with their work. About 88 percent prefer a collaborative workplace culture to a competitive one.
- A strong career path that allows them to constantly be moving forward rather than staying stagnant.
Therefore, employers need to be able to tap into these characteristics if they’re going to want to hire the best up-and-coming employees. To create a strong impression with Millennials, make sure you have an updated website, maintain an engaging online social presence, stay on top of new technologies and do what you can to provide growth opportunities and flexibility in your workplace.
Your Human Resource leader needs to have a seat at the “C” Level table
In the book The War for Talent by Ed Michaels, there is an intriguing excerpt titled “Why HR Leaders Will Be As Important as CFOs.” It’s a fascinating read, and I highly recommend the entire book. In that excerpt, Michaels makes the following statement:
Attracting, developing and retaining talented people is the stuff of competitive advantage, more so than financing strategies, tax tactics, budgeting and even some acquisitions. Hence, the HR leader has a much more strategic role to play in the years ahead, perhaps one equal to that of the CFO.
Michaels goes on to argue that today’s leaders should have much higher expectations for their HR managers, and that divisions and major locations should have a “superb HR generalist who is strategic, impact-oriented, direct, tough-minded and effective at influencing peers and senior managers.” He says that HR leaders could assume a number of new roles, including:
- Helping to forge the link between business strategy and talent
- Serving as the thought leader in understanding what it takes to attract great talent
- Facilitating the talent review and action plans
- Becoming the architect of the development strategy for the top 50 to 100 managers
This is a fantastic way for companies to approach the HR position going forward. There are few things more frustrating for companies than to bring in some excellent talent, only to watch them leave for something better a few years later. Having HR leaders taking on these types of new roles is a great way to ensure that companies will be able to attract, develop and keep their top talent in-house.
In fact, this issue is one of the biggest reasons I pursued my CERS designation last year. I work hard to make sure that my clients are able to hold on to their best talent, and a big part of accomplishing that is looking at the way HR leaders and management lead. If you show people you care about keeping them around, and if you develop strategies to prove that, then you’ll find that the amount of people leaving your company for something else will decrease.
The days of an employee working with the same company for 20 years – or even throughout their full career – are gone.
Members of the Millennial generation currently entering the workforce are expected to change jobs every three to four years, meaning they will have worked for many more companies throughout their career than the Baby Boomers currently exiting the workforce.
Individuals born from 1957 to 1964 (referred to as part of the Baby Boomer generation) held an average of 11.3 jobs from ages 18 to 46 according to the Bureau of Labor Statistics of the US Department of Labor. The projections are that the Millennial generation will have between 12 and 15 career changes.
The bottom line is that keeping your talented people will become more and more challenging as the more loyal Baby Boomers start leaving the workforce and the more transient Millennial generation takes their place.
Now is the time to start getting your processes in place to retain your talented employees and keep them engaged.
More than one third of our workforce will disappear in the next fifteen years as Baby Boomers retire. This was expected sooner, but the so-called Great Recession wiped out many retirement accounts and has delayed their exit.
The job market is quickly changing to a candidate-driven market rather than company-driven. Any hiring manager, HR manager or recruiter who has recently worked to fill a category manager position would attest to this fact.
In The War For Talent by Ed Michaels, Helen Handfield-Jones and Beth Axelrod, the authors confirm:
“The war for talent is creating a new business reality.”
They also suggest: