As of 2016, Millennials have become the largest living group in the United States according to the U.S. Census Bureau. The generation which is typically defined as being born from 1982 – 2002 is expected to peak at 81.1 million by the year 2036, in part due to the large amount of immigrants adding to its numbers.
That makes Millennials the most targeted group for employers and headhunters. Millennials are the future. This highly educated, high energy workforce is chock-full of creativity and innovation, and they are ready and able to learn new skills at a quick pace. In order for any company to be successful these days hiring managers must understand how to attract and retain members of this growing generation.
Why Can’t Your Company Attract Millennials?
One of the biggest detractors for Millennials is a company that is still set in a 9 to 5 mentality with no wiggle room. Millennials do not want to be tied to a desk and clock in and out. Flexible working arrangements are one of the key factors this generation uses when narrowing down which companies interest them. According to Pricewaterhouse Coopers (PwC), 66% of Millennials want flexibility in their work schedules and 64% of them want the option to work from home on occasion.
If your company is still set on measuring hours instead of productivity and watching a clock instead of watching results, it is unlikely you will attract a high caliber of millennial-aged talent. This generation grew up with technology and they understand that there is no longer an absolute need to work from a single location. Millennials are also the first true on-demand generation. They can appreciate the need to work non-traditional hours, but they want the ability to do it from alternate locations.
Work/life balance is extremely important to this growing population and flexible work arrangements are an essential piece of finding that balance. Workplace flexibility has been shown to decrease work-related stress while increasing productivity.
Millennials are a generation that wants to make a difference. If a company is stagnant in their ways and doesn’t encourage thinking outside of the box, it can prevent job seekers from seeking open positions. Members of this group can get easily bored and disenchanted with a position that expects exactly the same effort and exactly the same objective every single day. Millennials want to be challenged, they want to be empowered and they want to be impactful.
An example of a company that is taking this interest in innovations seriously is Adobe. Adobe has launched an initiative called the Adobe Kickbox. This program invites employees to engage in a two-day workshop in which they receive $1,000 on a pre-paid credit card to test and build a model for their idea. Employees are then given the opportunity to show their idea to company executives for the opportunity to receive additional funding for testing. It takes only one “yes” to go to the next level.
Does your company have a dynamic website with forward-looking content? Are you up-to-date on social media trends? Do you know how to integrate a work/life balance onsite? If the answer to any of these questions was “no,” you probably aren’t considered to be a progressive company.
Millennials want to know that the company they work for is moving forward. They want to be involved in all of the latest technology and trends and not fall behind the power curve because the company is unwilling to modernize itself.
Millennials also want their workplace environment to be progressive. Integrated technology, sit-stand desks and décor infused with nature are some of the top 2017 office design trends that are sure to attract this progressive-driven group to your company.
Not Competitive with Salary and Benefits
Millennials not only want to make money, they need to make money. This group has the highest debt coming out of college of any generation before them. Add in the years of recession and high unemployment rates and you’ll understand the urgent need for millennials to find a job with a competitive salary.
While not every company can afford to pay at the top end of the salary structure for every position, there are other ways to appeal to this group. Companies that offer tuition assistance, health care incentives, bonuses and loan repayment assistance tend to retain employees for a longer period of time.
Not Purpose Driven
Millennials are full of purpose. They have so much purpose they are overflowing. While there are a handful of companies that scream purpose, like St. Jude’s Research Hospital, most have to find other ways to provide employees with the sense of purpose that they seek. If your company has not found a way to inspire its employees to make a difference in the world, you will likely fail to attract the best millennial talent.
Companies can easily become purpose-driven by investing in a local cause or charity that makes sense to the mission of the company. For instance, an office supply company may partner with local schools to raise funds for school supplies for families of students who cannot afford them. This can be done by donating a portion of the sales, hosting a fundraiser or simply donating the items. Whatever the cause is, companies should engage the talent and interest of their employees to make these events successful. Employee involvement also fulfills the millennials desire to make a difference in the world and be part of something bigger than themselves.
There are more than 75 million millennials with more entering the workforce each day. If your company wants to recruit this unique generation it must be willing to be innovative, progressive and flexible. Once you’ve done your part, call SB Checks to be sure your background screening and hiring process is up to date and efficient. Call our professionals at (888) 7252-2535 today or visit sbchecks.com for more details.