Attract and Retain the Millennial Workforce
This year, Millennials (ages 18–34) will officially surpass the Baby Boomers as America’s largest living generation. They will also occupy 75 percent of the workforce by 2025, according to a recent Deloitte study. With this shift in the labor market, organizations must prioritize attracting and retaining Millennials. This leaves HR professionals with no choice but to revamp aging recruitment tactics and employee benefits.
To close out the month of July, we’ve pulled together articles from around the web that offer insights into how employers can better attract and retain the evolving and complex worker that is the Millennial.
In this Forbes article, Tony DiCostanzo mentions that in order to attract top Millennial talent, organizations need to figure out how their business values match those of the Millennial. “All great brands and companies stand for something distinctive, Millennials want to be a part of greatness,” he states. “Millennials want to work for companies that reflect who they are.”
Kathy Gurchiek and Tony Lee discuss in their SHRM article the idea that “employers need to encourage and emphasize the importance of having a life outside work if they hope to attract Millennials…Which they can do best by encouraging civic volunteerism; providing workplace flexibility; and communicating expectations that employees should have time for family, even during working hours for school events.”
Millennials want much more than lavish job perks; they want to know the “why” behind what a company does, says William Vanderbloemen in his Fortune article.“Millennials are looking for a blend of behaviors, beliefs, and values that groups of people share. They’re looking for a job that does more than just pay bills. They want a team,” he shares. “They want a company that is contributing something to make the world a better place. They want collaboration. Setting up a big TV that airs SportsCenter can’t offer this.”
In this Wall Street Journal Article, Jennifer Deal recounts her recent survey of Millennials and found that job security and layoffs were top of mind for most. Deal explains that many of them have seen the devastating effects of layoffs on people’s lives and its aftermath, and are concerned about finding themselves in a similar situation. “They want the chance to put down roots, to buy homes or cars or have long-term leases, to save for retirement, to plan ahead for the next few years, not just the next season,” she says. “But many don’t think they can make those financial or personal commitments because they don’t believe they have job security.”
The Millennial workforce is a smart, complex and evolving one. In order to fully understand what it takes to attract and retain this generation, HR professionals must create new tactics, have answers to “why” and tailor efforts to promote company values and work-life balance. Companies should also communicate the possible paths within the organization by addressing job security, opportunities for advancement and exposure to other disciplines. As Millennials continue to dominate the labor force, companies will either evolve or run the risk of getting left behind.