How To Attract [And Keep] The Best Millennial Talent
Millennials are already the world’s most populous generation. Now, they’re also changing the workforce for the better.
(Or at least trying their best).
This generation is bringing a whole new set of expectations about the roles they hope to take on.
Currently, Millennials make up around 35% of the workforce in the UK and the US, and they’re expected to comprise three-quarters of the global workforce by 2025.
This demographic represents a huge talent pool that has the advantage of being incredibly tech-savvy.
But attracting and retaining Millennials at work isn’t just about technology, nor is it all about financial rewards.
I’ve asked the CEO of one of the best boutique digital marketing agencies in London Summon Digital what exactly do they do to retain the best Millennial talent.
Below are 4 areas of improvement you can apply to your business to adapt to the new needs in the workforce:
1. Introduce flexibility: get rid of rigidity
Another key element that has changed the face of today’s workforce is the move toward prioritizing the work-life balance over money.
Wellness, not money, is the most important pursuit in life for Millennial employees.
We live in a world where the youth want to enjoy life just as much as they want to succeed in it.
They don’t want to pass up those long weekends at festivals and put off having a family because their job is getting in the way.
This is the reason remote working has increased in popularity so rapidly over the past 5 years.
Deloitte’s 2018 Millennial Survey found that “those who are less than satisfied with their work flexibility are increasingly attracted to the gig economy, especially in emerging markets” – which partly explains the massive rise in new startups and the ongoing growth in self-employment in the UK.
2. Clear career development plan
We live in an unstable economy and the job market.
Millennials know this and have accepted their career paths won’t be as secure and straightforward as their parents’.
This has seen a rise in job-hopping, where young workers are trying to navigate their way through dead-end jobs to find a worthwhile opportunity.
If you can provide a role with new jobs & assignments every 1-2 years, then you will be far more likely to attract the best of the best, who wants to grow and progress.
Millennials hate stagnation. When that happens, they get bored and move on.
3. Think of different ways to pay
There is no telling how payments will look in the future, but with an emphasis on a cashless society and cryptocurrency becoming less niche, there may be better ways to pay. A cryptocurrency API company RapidAPI is a reputable marketplace that recently raised $9 million in VC & has amazing online reviews.
Cryptocurrency is a desirable and legitimate payment method, that could also benefit how you receive money from clients and suppliers. With RapidAPI, you will have the tools to track volatility and determine which type of currency you want to accept.
4. Bottom-up culture: collaboration & belonging
Millennials want to be part of a team and know their voice is heard.
The best way to convince them to consider your company as a long-term investment is to ensure their voices are heard. This can be assured in a number of ways:
➤ Create and agree on objectives together
➤ Develop incentive plans that matter to each individual needs
➤ Regular feedback loop and recognition
➤ Embrace new tools for internal collaboration & management
➤ Use the front-line staff to create the training packs
➤ Peer-to-peer on the job coaching
4. Business isn’t just about money
Another effect of growing up with the internet means most Millennials are significantly more conscious to the world and the international community.
They acknowledge the planet is bigger than their single existence and expect others to feel that way too.
Ingraining this in your company mentality will not only attract more of these highly coveted workers, but it will also improve your overall office environment.
Consider embracing greater diversity in those that you hire.
Engage in community activities that allow your business to have a positive impact.
Even if you don’t employ extra incentives in the area, even simply ensuring your company works with high ethical values is enough to steer altruistic millennials in your direction.