The current UK workforce is ever changing and by 2025 it is estimated that Millennials will represent over 75% of the working population.
Millennials view the workplace differently than their predecessors and as such it is vital for any employer to know the optimal strategies for attracting and retaining Millennial talent in the workplace.
Millennials, otherwise known as Generation Y, are those born between 1981 and 1996 and already occupy the largest percentage of professionals in the workforce. Their view on career paths is vastly different to those who came before them, as they look at more than simply a paycheck and instead demand benefits which previously were not prioritized.
Before looking at how to attract millennials let us take note of some outdated recruiting tactics which ought to be avoided and how you can tackle these issues.
To Avoid: Not Highlighting a Career Path
One of the biggest employing factors which cannot be overlooked is showing prospective employees that they will have long term options for progression in your company.
In this age group of workers, having general indicators of how long it will take for them to advance will result in employees who come on board being more likely to stick around and work towards the specific career goals which have been set out.
During the early interview stages, it is recommended to highlight your company’s training programs and the opportunities available to upskill. These can help motivate prospects towards accept an employment offer with your company.
To Avoid: Having a Poorly Defined Company Culture
In the past few years’ employers have been realising that company culture plays a large role in attracting skilled millennials. Failing to understand the fact that this generation and the ones who follow will care about work environment and the people in it will result in higher turnover rates.
Aiming to exhibit your workplace culture and values will help prospects form an opinion about your brand and will increase the probability of attracting candidates who resonate with your brand.
Look towards creating a workspace that motivates workers and offers them opportunities to de-stress. Doing so can create a positive workplace and will promote employee engagement.
To Avoid: Only Highlighting Salary Compensation
Whilst salary plays an important part in any potential employees’ consideration in working for a company, it is not necessarily the be-all-end-all. Instead, millennials have been putting a greater emphasis on benefits and perks than subsequent pay rises.
During the interview process, you ought to bring attention to any additional monetary benefits such as retirement funds, as well as non-pecuniary benefits such as increased job flexibility and competitive vacation policies.
Key Recommendations in Effectively Attracting and Retaining Millennial Employees
Although for some more traditional recruiters, grabbing the attention of millennial talent may seem difficult, however, there are a number of strategies which you company can employ quickly which will improve your appeal to your target audience.
To Avoid: Only Highlighting Salary Compensation
Something which is often overlooked by employers is that millennials have been straddled with more student debt than ever before and putting in place benefits which can aid employees with their loan repayment would be highly attractive.
There are numerous tactics you could employ, with competitive salaries being an obvious one, but bolting on student loan payoff and budgeting assistance would set you apart.
Not only does this improve your image but it also promotes you brand as being more in touch with their employees – conscientiousness as a business trait has become more desirable than ever!
Recommended: Push your Brand on Social Media
It is imperative that you embrace social media if you want to garner the attention of millennials. According to a study conducted in 2019 by eMarketer it was found that over 90% of Millennials use Social Media. As they spend a significant period of their day online and consume huge amounts of information, particularly on social platforms which dominate the online experience, it would be foolish to ignore this aspect on any recruiting strategy.
As an employer having a presence on social media allows you to perfectly ‘sell’ your company to potential candidates, with platforms such as LinkedIn being specifically designed for professionals. Making content which allows prospects to gain an understanding of your company culture, and helps you appeal to this audience is ideal.
There are numerous ways of appealing to your target audience, from behind-the-scenes videos to employee spotlights, or even showcasing a recent project you have done. The Millennial demographic has a vast appetite for information so posting regularly will help you engage with the relevant prospects.
Alongside this, for current millennial employees, ensuring your company reputation is positive has greater impact than what you may realise. We are now living in a world where everyone can let their voice be head online, via comments, reviews, videos etc. and as such companies need to minimise any unfavourable reviews and mentions online.
Many millennials value their online reputation, and their place of work serves as an extension of this online presence. These employees want to be proud of the company they are working for as it is part of their online identity. Placing more weight on these online reputations also results in many prospects interpreting the quality of a jobs attributes before even reaching the interview stage.
To actively boost a company’s online identity, encourage your current employees to actively be involved in posting positive messages about what life is like working with your company. This will come across as more authentic than any company page putting out a message. Of course, employees shouldn’t be coerced into do this, so to get employees motivated the company culture must be excellent. Employees won’t be inclined to praise their employer online if they are unhappy in their jobs.
Recommended: Improve your Communication Setup
One vital tip for all employers, both prospecting and looking to retain millennial employees is to ensure you have the infrastructure in place to allow effective, two-way communication and collaboration.
An exemplary workplace for Millennials is one which combines flexibility and interactivity together, and accordingly it is crucial to provide all employees, both new and old, with a sufficient amount of timely feedback if you wish for them to feel engaged.
This infrastructure relates not only to employer-employee collaboration but to peer-to-peer interaction as well.
As soon as you have an adequate number of Millennials in your workplace, be sure to provide them with innovative technological tools which ensures a team dynamic and their performance efficiency.
The Bottom line is Offer Millennials what they Value!
Getting the right professionals into your team and on track quickly can be difficult. It is particularly easy to waste time and resources on recruitment campaigns, however, embracing these distinctions and offering Millennials what they value in the workplace will see the prospective millennial talent pool increase: career prospects, company comradery, alternative financial benefits, employee wellbeing and positive social presence.
Here, at LTEK Recruitment, we take great pride in what we do, offering advice to our clients and candidates alike to ensure that factors such as those mentioned above are taken into consideration when offering our service.
For more information email firstname.lastname@example.org or call 01522 420360 to find out how we can help you!