It is suggested that by next year more than 50% of the workforce will be Millennials - people born between 1980 and 2000. So, what do employers need to do to not only attract but also retain the very best young talent?
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If you haven’t got time to listen to the podcast, key takeaway points from the podcast are summarised below:
UNDERSTAND THE WHO AND WHY OF MILLENNIALS
Millennials often get bad press. It is important to consider the key factors that have influenced their development, growing up in a particularly turbulent social, political and economical environment.
Technology is at forefront of their lives – Google, social media and other digital platforms have made millennials resourceful; a generation that automatically and autonomously look for information to solve problems via digital channels.
Millennials are confident and socially able within their own peer groups and in the online world. In more traditional work environments, they can be less adept at effective communication.
ATTRACTING AND RETAINING MILLENNIAL TALENT
Businesses are frustrated that they are investing time and energy into millennials, only for them to move jobs after two or three years. However, this seems to be the natural way of gaining career development to this generation.
It is important to think differently. Re-evaluate your recruitment processes and consider how to adapt to millennials mind-set to engage, reward and ultimately retain talented individuals. For example, our experience shows that salary is more important to millennials than a pension or other benefits schemes. Could paying off student loans be included into your reward schemes? Would you consider accommodating someone who wants to travel by giving a 12 month sabbatical, meaning you retain talent for the long-term benefit of the business?
Work-life balance is important; flexible working and hot desking are working practices that millennials enjoy and embrace. Starting work at 11am is not out of the ordinary in the creative digital industries (if they’ve been gaming until the early hours, for example).
This generation wants stimulus and development. To avoid millennials looking elsewhere for perceived quick career progression, employers need to demonstrate a developmental career path, make them feel involved and engaged.
Brand awareness is important, use social tools and be CSR conscious – giving back to the community.
TOP TIPS FOR BUSINESSES
Link your people back to the business strategy and thus the long-term profitability of the business.
Take advantage of these digital natives during the digital transformation that's happening as part of Industry 4.0
Make the role an opportunity – not just a job. Offer them options to take part in independent work, challenge them by giving them ownership of a project, let them develop skills by integrating with the rest of the workforce.