More than a quarter of the world’s population are millennials. By 2025, this demographic, defined as people born between 1980 and 2000, will comprise three-quarters of the global workforce. They are presently the largest generation in the workforce, yet many employers struggle to attract and retain them.
The US, in fact, now has more open jobs than job seekers, and the quit rate recently reached a 17 -year high. What entices millennials to look elsewhere, and how can you keep them?
Let’s Talk Perks
According to a poll of 5,000 millennials conducted between October and November 2018 by recruiting firm LaSalle Network in the US, the top three factors entry-level respondents want when evaluating a future role are compensation, work-life balance and company culture. A separate study by software company HubSpot, mentioned in the LaSalle report “Hiring Millennial Talent in 2019: A Report on Attracting and Retaining this Generation”, says 56 per cent of millennials and Gen Z (those born from mid-1990s to the early 2000s) believe the top workplace attribute that enables them to do their best work is the people they work with.
“The unemployment rate is the lowest it’s been in years,” says Tom Gimbel, founder and chief executive of LaSalle Network, in the report. “Organizations are struggling to fill positions and retain their good people, and we hope this research can help illustrate what really matters to employees, so companies can adjust their recruiting and retention strategies.”
According to the poll, millennials want help with their finances, paid time off and flexible working arrangements, including working from home.
Three in four employees are open to new opportunities because they are seeking new roles, better benefits and feeling dissatisfied with their current career path. What’s more, less than half of employees are satisfied with training and development opportunities at their current employer, and only 45 per cent are satisfied or very satisfied with their career path at their current employer. The poll found that 71 per cent of the respondents received at least one job offer in the last year.
Clearly, the days of staying at one company for the entire working career are over.
So what can companies do?
Communicate: Your organization can encourage employees to speak up if they are unhappy with their job assignment and offer them opportunities to change roles within the company, the LaSalle report says.
Let them move: If an employee expresses interest in other areas, help them work more with that team or department. Perhaps they can work on a project to develop new skills, or be part of a meeting with another team to know whether they like it.
Talk success: Are there other employees who have made lateral moves, switched teams or managers? Highlight their growth in the company, even if it isn’t linear or traditional, suggests the report.
“In your hiring efforts, compensation cannot be overlooked. However, there are other ways to attract talent, like highlighting career paths and company benefits,” the report suggests, adding, “Candidates are using job boards like LinkedIn most often in their search. Make sure you’re posting open positions to job boards with clear job descriptions.”