For the past few years, millennials have been the largest generation in the workforce. The number of employed millennials has superseded that of Gen Xers, accounting for 53.5 million employees. As baby boomers retire and more millennials continue to enter the workforce following college graduation, businesses need to know how to attract and retain talented employee from this generation.
How Do Millennials Differ From Previous Generations?
It’s important to understand how to appeal to millennials as their career needs and goals are vastly different than preceding generations. Compared to previous generations, millennials are the most educated, but they aren’t earning as much as their predecessors did in comparable positions. They tend to be technology-focused and place a premium on working for tech-savvy businesses while also prioritizing work-life balance.
Expanding on technology, while previous generations view technology as a skill to learn on the job, millennials view it as an integral part of working. Millennials also thrive in team settings whereas Gen Xers prefer independent, task-based work. Millennials also differ from previous generations in how they view office hierarchies. While they understand managers have more developed skillsets, they view them as professional equals. They also want to be treated as an equal in return.
How to Make Your Business Stand Out to Millennials
Appealing to millennial job candidates requires different posturing than trying to attract employees from earlier generations. When it comes to attracting and retaining millennials, companies should focus on the following strategies:
1. Highlight how their work makes a difference at the local, regional or even a global level where applicable.
2. Structure the office to encourage team settings. Millennials eschew traditional cubicles and thrive in group settings.
3. Millennials are extremely hard workers, but they resent staying past standard work hours. Allow them to buckle down during business hours, but let them leave on time.
4. Millennials are great at coming up with creative ideas. Listen to their ideas and encourage their innovative solutions.
5. Provide a clear career path. The average millennial goes through almost eight jobs from adulthood until 30 years of age. They’re seeking stable careers and won’t hesitate to leave a company if they can’t see a lucrative future there.
Businesses that are struggling to attract talented millennials should look at their recruitment methods as well as how they manage their employees. Making key changes like the suggestions listed can improve staffing efforts as well as keep talented millennial employees within the company. Contact the experts atMarsh & McLennan Agencyto learn more ways to recruit and retain millennial employees.