2020 marked a milestone for millennial representation in the workforce, accounting for 50% of those in employment. That figure will continue to grow to reach 75% by 2025, with baby boomers and Gen X moving toward retirement, opening increasing space for millennials over the next decade. As millennials take the reigns of the workplace there needs to be a paradigm shift in the way companies operate to attract millennial workers and retain their talent.
Although exact dates are often contested as to what defines the millennial generation, it’s widely accepted that those born between 1981 and 1996 are considered millennials. They are a generation defined by their aspirations, attitude towards work and their relationship with technology. Unsurprisingly, what has been effective in attracting and retaining the talent among the generations before them is less applicable to this new generation workforce. The approach for attracting millennials and keeping them happy in the workplace must be adapted.
To help you discover how businesses need to adapt to not only attract new recruits from the millennial talent pool, but also how to retain them within your organisation, we will explore what skills and qualities set this generation apart from those before them, as well strategies you can employ to both appeal to the millennial workforce and keep that talent within your business.
The challenge of attracting and retaining millennials
Perhaps one of the biggest things to note of the millennial generation is how they differ from their predecessors. Primarily the children of baby boomers, their career ambitions have evolved from their parents and the timeline their lives follow often look different. Many are delaying marriage and starting a family in favour of tertiary education and career development, and this is particularly stark among women of the millennial generation, with approximately 43% having completed a degree.
But the order of their lives and their personal priorities aren’t the only things that set millennials apart from those who came before. Their expectations in the workplace also see a change in what they value and want to achieve from their professional lives. The most commonly featured expectations among millennials are focussed around getting more from their work. With an emphasis on gaining a sense of purpose from their work, work/life integration, flexible working and a collaborative rather than competitive culture.
So, with these key factors in mind, how can you create opportunities that entice millennials and hold onto their talent? The most important takeaway is that without targeting these requirements that millennials value, creating an attractive opportunity for them is difficult.
How to attract and engage millennials
Despite the myths surrounding millennials wanting slides and beanbags, free drinks and ping pong tables, they value a lot more from their employment than just a few fun perks.
Provide a clear job description
One of the first steps to attracting millennial talent is to write job descriptions that appeal to their expectations. This goes beyond their expectations around salary and benefits and looks toward the purpose of their role within the company. Millennials want to know they are making a difference for the better, and this has never been more apparent than in their career expectations. Ensure you are selling the role to prospective employees by highlighting the value you add to the community and the purpose of the work you are doing to attract the right millennial candidates.
Offer clear career progression
Career growth is a top priority for millennials. They’re looking to climb the ladder of success quickly and expect to rise through a company faster than any generation before them. 72% of millennials cited career progression as one of their top values according to the UK job board, Monster. In order to achieve their progression objectives, millennials expect feedback as well as personal development and training. A regular feedback loop between the employers and millennial staff will ensure they feel they are being heard and their development is continued.
A modern approach to mentorship
In addition to looking for clearly defined career pathways, they also benefit from mentorship, but perhaps not in the way we’re used to. A modern approach that alternates the traditional mentor relationship offers a wealth of benefits for both sides. While traditional models focus on downstream learning, companies and senior management can also learn upward from millennial staff. This is particularly valuable in understanding new technologies and the benefits they bring to a business, as well as taking advantage of opportunities with social media.
Transparency
In the age of information, millennials have grown up with greater access to data and have higher expectations around transparency. They place such importance on transparency in business that it is considered one of the most important traits of leaders. Ensuring you keep lines of communication open and foster trust, you will appear attractive to millennial staff. In terms of retention, transparency has been linked to loyalty among millennials, with evidence also suggesting millennials perform better under open, candid environments without a culture of micromanagement.
Invest in tech
Millennials are a generation of digital natives. They’ve grown alongside rapid development of technology throughout their lives and it has become synonymous with daily life for the generation. With this in mind, millennials have high expectations around the technology they use in a professional capacity. SurveyMonkey and Microsoft teamed up to develop a report that found 93% of millennials consider up-to-date technology one of the most essential features of a workplace. Technology is used to foster personal growth as well as promote efficiency by millennials more than any other generation. Technology plays a key role in communication, as well as education and project management. Ensuring you implement the latest and most suitable technology into the workplace, you will find millennial staff will be more engaged and satisfied.
The millennial generation are one like no other. Digital natives that have different expectations of their working lives than their predecessors, employers need to consider adapting to suit the newest generation being recruited. As the largest generation in the workforce ever and accounting for half of the current workforce in 2020, companies must take notice of not only how to attract millennial talent but also methods once they’ve secured staff to ensure they remain loyal.
Millennials have a unique situation that means they are more likely than any generation to switch roles, they don’t tend to stay in one role for life as many of their parents may have and they have renewed values. Expectations around social responsibility and ensuring their role has a purpose is paramount to millennial workers.
In order to attract millennial talent, you must focus on more than just salary and benefits, elaborate on the value they will be adding to society and highlight the pathways for progression that exist early on. Ensure your millennial workforce is engaged with the latest technology to ensure they can undertake their work in the most efficient way possible and employ a two-way mentorship program where both senior and junior staff can learn from each other's expertise and knowledge base. Offer regular feedback loops and ensure you are open and transparent with your employees.
Implementing these key focuses into your business operations will ensure you not only attract the millennial talent you are looking to bolster your workforce with, but also support them in becoming loyal staff to retain their talent for years to come.
