It is estimated that by the year 2020, millennials (those born between approximately 1982 and 2002) will make up the majority of the workforce by the year 2020. That means that not only will they be a key component of the greater economy (as they already are) but they will become an important part of the recruitment process. Some of the differences between recruiting millennials and recruiting candidates from other generations may not be immediately obvious but there are some important factors to consider when it comes to getting (and keeping) millennials on your team.
Aligning with Millennial Values
The values of a generation that largely entered the workforce during an economic downturn will certainly be different from those that are used to seeing a booming and thriving economy behind them. It is important that recruiters and companies hone in on these disparate values in order to match millennials with jobs that will work for them. For instance, 87.5% of millennials disagree with the statement: money is the best measure of success. For the overall population, 78% of the general population disagrees with that statement. While that might be enticing to employers because it means that millennials might not choose positions merely based on the highest salary, it actually says a lot about what millennials value overall. Specifically, they many millennials place value on experiences, balance, and relationships above sheer monetary compensation. Further, millennials want to work for employers that contribute to and care about the social and ethical issues that are important to them, with 63% of them ranking that among the things they look for in a position.
What Companies Should Offer Millennial Recruits
So what can a company offer to millennials to make their open positions enticing? In what concrete ways can executive recruiters appeal to these established millennial values?
Firstly, flexibility is key when it comes to what millennials want from their work experience. The flexibility to work different hours or spend at least part of the time working from home greatly appeals to a generation that highly values work/life balance. These types of perks can even offset lower salaries in some cases. Additionally, millennials are eager to foster long-term professional relationships, with 75% reporting that they seek mentors and advice from experienced professionals in order to advance their careers. This means that both networking and mentorship opportunities are very appealing.
Fostering Millennial Loyalty
Some companies and recruiters are understandably wary of millennial talent when they see statistics that say millennials only stay in one job for an average of 18 months, but millennials do actually want to be loyal to the right company. The most important thing a company can offer is a position that places emphasis on creativity and allows for many different tasks. Millennials often see a boring job as a fate worse than death (or unemployment). The generation has also shown a particular hankering for feedback, with more than 70% saying they want feedback on their performance immediately and regularly.
Overall, there is no getting around the idea that millennials will only grown as key contributors in the workforce. With the right tools to appeal to top recruits it is more than possible to create a team of loyal, valuable millennial talent.