Understanding, Attracting and Retaining a Millennial Workforce.
As uncertainty grows due to Brexit, companies are having to adapt and become even more competitive when it comes to attracting and retaining new talent. No longer do we work in a labour market where money is the key motivator. People look for better work benefits and overall work culture when considering their next role. So, what can your business do to entice the most sought-after skills and talent?
Did you know it’s the first time in history where we’re seeing 5 different generations in the workplace? But companies are using the same blanket techniques to attract, engage and retain them all. It is crucial to understand that one size doesn’t fit all and now is the time to act.
Companies need to better adjust their strategies for specific cohorts, and millennials may be the best place to start. By 2030, millennials will make up 75% of the UK workforce, bringing wants and needs unlike any generation before them. Companies need to be aware of what selling points will allure them and what perks will get them to stay once they’re through the door.
Firstly, it’s important to understand the traits of a millennial. They’re curious and need to know why they’re doing a task, it’s value and how it’ll affect the big picture. Millennials usually stay in any given role for a maximum of three years, before they quickly become hungry for their next role. Frequently considered to be ‘digital natives’, they’re tech-savvy and are the first generation to be truly connected globally.
To millennials a work-life balance is highly important and as the most confident generation when it comes to challenging “the system”, they will demand it! With the rise of globalization, millennials have become the most tolerant of diversity and are more likely to seek it, especially in the workplace.
Now you know what millennials tend to be like as people, what are they looking for when it comes to a career?
Culture is key when millennials are scanning the marketplace. How an organisation portrays the overall experience of working for them will be a key factor in their decision. Companies need to focus on cultivating working conditions that will encourage creativity and morale. Quick wins like early finishes on a Friday could do the trick!
The use of social media can help promote company culture externally, praising internal promotions and celebrating small successes as well as the bigger ones! Google and Glassdoor reviews are easy ways for potential hires to see what other people think, pushing reviews and feedback helps consolidate your company culture.
Millennials actively look to enjoy their work experience and are the first generation to describe their dream job as being ‘fun’. They prioritise enjoyment. Employers need to ensure from the moment they begin their day to the minute they finish they enjoy every second of it!
Millennials are the first generation to demand a better work life balance, whereas previous generations could only hope for it. In fact, it is so important that work-life balance was the top-rated factor when looking for a new role. Cloud-based systems now give employees the ability to work from home, so introducing a flexible working policy can benefit you as your employees feel trusted, which in turn makes them want to do even more for their employer. Win-win!
Making these small changes, being adaptable and flexible when it comes to your employees needs will help give you a competitive edge. Helping to create an engaged and diverse work force. Afterall, a happier workforce means a more productive workforce and a more productive workforce means more revenue and more revenue means more rewards for your employees.