There are some blatant misconceptions when it comes to recruiting Millennials – they are not loyal employees, they only care about what’s in it for them, etc. The truth is, Gen Y is simply motivated by different things.
In lieu of salary and stability, this generation values freedom, personal growth and meaningful work. They command autonomy, empowerment and flexibility. They want to be challenged and inspired and they want to know “why”…because they want to make a difference.
If companies can understand and tap into the intrinsic motivators of this generation, they will effectively attract a dynamic, creative and bold workforce that will be as loyal, if not more loyal, as those from previous generations. That’s not to say that the previous generations don’t care about an exceptional working environment. The difference is: Millennials demand the things we all want but never had the courage to require.
Find Millennials in Their Natural Habitats
Half of HR managers feel their selection methodology is suitable for Gen Y, according to Spenglerfox’s Generation Y Survey but only 27 percent feel it actually amounts to best practice. Most are still relying on outdated techniques to attract talent, such as agencies, newspaper ads and recruitment fairs.
The best way to find Millennials is to go where they are. Meet them on their own territory. Progressive companies are using the power of social networking, online business and student portals, meetup groups, conventions, online forums and even tech-related competitions. And of course referrals – like attracts like. Less than a quarter of HR directors said they used market mapping and talent monitoring services which is also a huge opportunity.
Give Millennials a Reason to Come to You
Consider what problems potential hires may have, and how you can solve them. Niagara Falls chose a great incentive to lure new graduates to the area, offering to pay off their student loan debt. For your company, the carrot may be growth opportunities, unlimited vacation, or health benefits.
According to a 2011 Cisco survey, 2 in 5 Millennials would accept lower pay in exchange for more relaxed policies on mobility, social media access and devices. Nearly half picked their laptop as the most important piece of technology in their day-to-day lives. Yet another survey by Robert Half discovered that more than half of firms banned social networking entirely at the office. There’s a disconnect right now between what organizations are offering and what Millennials want.
Company culture and purpose has never been more important. Gen Y sees work as more than just a job. Employers should be making use of social media, video, branded web pages and recruitment materials to communicate the company narrative. Make it personal! Make it clear why your firm is a great place to work and why staff enjoy coming in every single day.
When you look at the companies who are successfully harnessing the brilliance of the Millennial workforce – companies like Zappos and Vimeo – there’s a common thread among their recruitment messages: “We’re making the world a better place, having a great time along the way and want you to be a part of it.”
Don’t Keep Millennials on a Leash if You Want to Effectively Retain Them
Many Gen Y staff cringe at micro management, perceived or real. Give them a good grounding then throw them in the deep end. Sink or swim – it’s the quickest way to let them prove themselves and for you to see whether they’re up to the challenge.
The days of strict 9-5 ‘paper-pusher’ hours are also on their way out. Fear-based control, discipline and obligation is a style of the past. Millennials want a results driven environment where time is irrelevant as long as you can produce. It is quality over quantity. And given the appropriate freedom along with a greater purpose, produce they will!
That’s why Jody Thompson and Cali Ressler (at Best Buy) devised the concept of the Results Only Work Environment (ROWE) where employees are paid for output rather than by the number of hours worked. Face time is an old fashioned mentality; insteadROWE tries to give managers the tools to define quantifiable goals that employees focus on meeting, however they may do it. ROWE empowers staff to work outside traditional work hours or remotely as business is increasingly conducted around the clock and over the internet.
Flexible work arrangements are attractive to today’s talent and often more profitable and effective for employers. When managers are comfortable with holding staff accountable to the numbers, this freedom becomes an opportunity, not a burden.
They are also more apt to be involved in multiple projects and/or hobbies simultaneously. However, this is not a threat as they are brilliant multi-taskers and will be fully engaged in all of them…ultimately making them an even more dynamic asset to your team.
Millennials Require Collaboration – Invite Interaction
Unlike previous generations, Millennials require collaboration and transparency. They need to understand the reason behind the task or project in order to be fully engaged. Again, they do not work for work’s sake. They work toward a greater end.
In the Harvard Business Review, Michael Fertik recommends bosses frequently ask questions of their Gen Y staff. “It will stimulate younger employees to think for themselves and affirm their contribution of ideas. Sometimes the answer will also make you realize that something the company is working on is actually quite dumb and a waste of money. And sometimes the answer will surprise you in a different way: the employee may think that something he or she is doing is dumb when, once understood in context, it is actually quite useful to the business.
When you hear this kind of answer, consider it a great learning for yourself: something has remained unexplained for the team.” Regular training sessions on different aspects of the business should also be considered, he says, rotating staff through the various functions and enhancing their understanding of the operation as a whole.
While managers traditionally saw no reason to explain or justify themselves to staff, Fertik says the best managers of younger staff see value in doing so. “Rather than assuming that twenty-somethings possess enough experience or perspective to read between the lines of their choices, these managers take an extra few minutes to lay out pros and cons and diagram their rationale. Three short minutes of explanation usually make excellent junior employees excited, since they feel the immediate benefits of gaining insight into decision-making processes. It also makes them better at working for you and your company, because it teaches them how you think.”
Encourage Personal Growth for Millennials
Gen Y is motivated by a more balanced and fulfilling way of life that prioritizes personal development. They want to be challenged and inspired and, as an employer, if you can join them on this mission, you will drastically improve your ROI through greater loyalty and buy-in (not to mention having a team that is continuously undergoing improvements!). Seek that they are empowered to be the best that they can be and guess what…you simultaneously end up with a workforce operating at full potential.
In Tony Hsieh’s book, Delivering Happiness, he hits the nail on the head:
“We believe that inside every employee is more potential than even the employee himself realizes. Our goal is to help employees unlock that potential…wanting employees to be their fullest self and to bring their whole self to work…Let your employees take risks and try new things. Some will work and some won’t and that’s ok. You may have an amazingly talented software engineer who is also a rocking’ musician — let him or her find an outlet for this passion at work too. I think when people dread going into work on Monday morning, it’s because they know they are leaving a piece of themselves at home.”
How to Effectively Retain Millennials in the Workplace
Retaining millennials in the workplace can be a major challenge for employers. To entice them to remain with the company for long periods of time, organizations must provide opportunities for growth and development that meet their expectations. Employers should aim to create a work environment that gives employees purpose, global perspectives, and a sense of community. Some argue that millennials are happy to stay in their job longer if they are provided greater resources, but others claim that companies need more than just financial incentives.
When looking at how organizations can retain millennials in the workplace, there are several factors to consider. Companies should provide professional development and training opportunities, such as internships or leadership programs, that give millennials the opportunity to hone their skills and gain new ones. Organizations should also focus on creating a culture of learning and collaboration by emphasizing innovation and providing employees with access to fresh technology. Additionally, employers need to ensure that their organization has clear pathways for growth, ensuring that millennials have defined career goals within the company and feel secure in their positions.
Companies ought to also ensure that their organizational structures are collaborative and flexible in order to attract and retain millennial talent. By fostering an open communication culture where opinions, feedback, and challenges are encouraged, workplaces can become more inclusive of diverse perspectives as well as help create a dynamic working environment where creativity and risk-taking is encouraged. Lastly, employers should establish competitive compensation packages that consider the motivations of millennials when it comes to salary, benefits packages, and job security.
Overall, it’s important for companies to understand what motivates millennials in order to create sustainable strategies that will effectively retain them in the workforce. To foster meaningful relationships with this generation of employees, employers must be able to provide support while allowing them autonomy to make decisions and develop new skills. Moving into a more open communication culture creates an environment where both millennial employees and employers can learn from each other while still being productive members of the team.
The value of open communication is critical in recruiting and retaining millennial employees; it is key for organizations to understand its role in creating meaningful employee engagement as well as providing long-term support for continuing success. The next section will discuss further how open communication plays an essential role in maintaining successful millennial relationships within the workplace.
Millennials make up about a third of the workforce, a number that’s set to increase to nearly 50% by the end of the decade. The bottom line is, when it comes to recruiting and retaining this generation, create a fantastic place to work and the rest will follow.
FAQs and Explanations
What types of benefits do millennials expect from employers?
Millennials expect a workplace where they can grow and develop their skills, a healthy work-life balance, and overall flexibility in how they work. Along with freedom, millennials can also value job security, competitive wages, and meaningful benefits packages. This includes access to health insurance, retirement savings plans, parental leave, tuition reimbursement, ongoing training opportunities, and more.
They also look for employer culture that values diversity and inclusion and provides professional development opportunities. Finally, millennials prioritize meaningful work experiences that provide them with fulfilment and purpose – this type of work often comes with creative freedom and the ability to make an impact.
What qualities do millennials look for in an organization that they want to work for?
Millennials look for an organization that offers a positive, progressive and diverse culture. They appreciate a workplace where their contributions are recognized and respected, and their ideas are encouraged. Studies have shown that millennials place equal importance on company culture and compensation; they are highly motivated by meaningful work rather than financial rewards alone.
Millennials also want access to career development opportunities and to be offered mentorship from experienced professionals in their field. The opportunity to learn new skills is extremely important to them; they also want to work in an environment where collaboration and teamwork is encouraged. Lastly, millennials want to see that their hard work is making an impact on the organization, which can be evidenced through ongoing feedback from their supervisors.
What effective strategies can employers use to create a work environment that is attractive to millennials?
Millennials, who are typically individuals born between 1981 and 1996, place a strong emphasis on personal development, work/life balance and meaningful work. Employers who wish to create an environment that is attractive to millennials need to focus on developing both their skillset as well as their career prospects.
The first strategy employers can use to create a work environment that is attractive to millennials is by providing them with meaningful work. Millennials want jobs that are personally fulfilling, so it’s important for employers to give them challenging projects and tasks that will help them grow both professionally and personally. In addition, providing millennials with mentorship opportunities or activities such as team-building exercises will help them feel valued in their roles.
Another key strategy employers can use is to emphasize a culture of flexible working arrangements. Millennials prioritize work/life balance and often prefer alternative arrangements such as remote working, job-sharing and compressed schedules which offer greater schedule control. By allowing more flexible working arrangements, employers can demonstrate their commitment towards meeting the needs of the millennial workforce.
Finally, employers should strive to develop a robust professional development program for millennial employees. Providing millennials with comprehensive training opportunities and access to resources such as tactical workshops or seminars on emerging technologies will help them build meaningful skillsets and remain engaged with their work. This can include everything from offering tuition reimbursement or sponsoring conferences to providing employees with access to mentors and coaching programs.
By focusing on creating meaningful work experiences, emphasizing flexible working arrangements and developing a thriving professional development program for millennial employees, employers can create an environment that is attractive to young professionals which can ultimately lead to increased employee retention rates in the long run.