Millennials in the Workforce: Strategies to Attract and Retain Younger Employees
The demographics of the modern workplace have changed significantly, and you only have to look at the numbers to realize this. According to the U.S. Bureau of Labor Statistics, millennials are already the largest segment in the workplace. Within the next two years, 50% of the U.S. workforce is expected to be made up of millennials, and that percentage will climb to 75% by 2030.
Unfortunately, millennials are, statistically speaking, also the least engaged generation in the workforce. A Gallup Study shows only 29% are engaged, while 55% are not engaged, and 16% are actively disengaged. The same study indicates that 21% of millennials switch jobs within a year, and 60% say they are open to a different opportunity. All told, millennials turnover costs the U.S. economy an estimated $30.5 billion annually.
However, millennials also present a myriad of opportunities in the workplace. From impressive skill ranges, creativity, and open-mindedness to tech-driven ideas and loyalty, there’s so much these employees bring to your organization. For the modern employer, the challenge is to find innovative ways to tap into these employees’ potential and retain them in the workforce. In this article, we’ll explore how you can creatively attract and keep millennials as a valuable asset in your organization.
Have A Meaningful Vision
What is your organization about? This is the first question these job candidates consider when looking for an employer. Millennials want to work for an employer who has a meaningful vision beyond a good bottom line. To click with this segment of the population, your organization must endeavor to improve the lives of people.
For millennials, a meaningful vision translates to better lives and a brighter future for both the employee and the society. Your vision has to show your employees how their work positively impacts the community around them and the world.
Embrace Social Media/Mobile Technology
If you want to catch the attention of millennials, go social. From Snapchat, Instagram, and Twitter to LinkedIn and Facebook, there’s no better way to reach out to millennials. When thinking of content to attract millennials, make sure you focus on mobile-friendly touchpoints. Your content must be responsive across all platforms because this generation also has the largest access to smartphones.
Think Beyond Financial Benefits
Millennials are after value and not only financial benefits. These employees want to work in organizations that respect their work-life balance. Research indicates that millennials are drawn by innovative employee benefits like in-house professional development, massages and yoga, free books, flexible hours, a fair work-life balance, onsite health services, mental health support, and more.
Build Your Company Reputation/Be Socially Responsible
Poor brand reputation turns off millennials more than it does other generations. Think of potential employees as customers, which means putting time, thought, and care into engaging with them and creating a positive experience for them. Embracing transparency is key, as is maintaining an active and supportive presence on employee review sites and social media.
Set up an active social media plan across platforms with regular positive posts. Have a PR plan in place and follow it through. Share your positive reviews anywhere you can to show that you’re a top-rate business.
Make sure you provide a forum or feedback mechanism for your brand or business so that employees have a place to go to express their complaints or grievances. This portrays a brand that’s willing to become better.
Rethink Your Model of Millennial Engagement
How do you engage with your employees? Do you give them room to contribute ideas for the development of your organization, or does everything come from the corner office?
Millennials are after employers who value their input by opening multiple channels of engagement. Regularly engage in brainstorming sessions that provide a medium for employee innovations and other positive engagements that will attract and keep millennial workers.
Stay in touch and offer regular feedback to your employees. Through such feedback, these employees can evaluate their input to your organization and see the impact of their contributions.
One distinguishing factor for millennials is their affinity for technology. If your organization still relies on outdated techniques or concepts, up your game to attract the best talent in your industry. Millennials have grown up using technology, unlike baby boomers who have had to learn along the way. To attract and keep millennial employees, identify areas where you can integrate innovative technology.
The last thing you want is to allow stereotypes or create an environment where anyone feels discriminated against because of their background. You will not only turn off potential employees, but the best talent in your organization will leave.
Millennial employees expect you to create a workplace that’s welcoming, like a second home. Forward-looking organizations today encourage diversity in their ranks and create a comfortable and welcoming workplace for people of all backgrounds.
Traditional organizations face a tremendous challenge in their engagement with millennials. As an employer, rethink your organizational culture and recreate it to welcome these highly talented individuals. Millennials are looking at employers they can trust and those who really care about people and environment.
Looking for the best talent for your organization? At Dover Staffing, we offer comprehensive recruitment solutions for employers to tap the best skills on the market. Contact us today and let us help you find the right people to work for you.
Image credits: Photo by Brooke Cagle on Unsplash