As company’s experienced workers retire, they are hiring millennials to take their place.
Taking a look at stats in the recent Millennial Survey by Deloitte, small businesses who have a strong brand and actively engage and develop millennials will attract this talent.
Deloitte surveyed 7,800 of tomorrow's leaders on effective leadership and how business operates and impacts society.
Here are a few pertinent stats:
- Millennials overwhelmingly believe (75%) businesses are focused on their own agendas rather than helping to improve society.
- 77% of Millennials said part of the reason they chose to work where they do is because of the company’s sense of purpose.
- Only 28% of Millennials feel that their current organization is making full use of their skills.
- The survey found large global businesses have less appeal for Millennials in developed markets (35%).
A study by PWC on millennials in the workplace found:
- 44% noted competitive wages as a motivating factor to go with an employer but that development and work/life balance were more important than financial reward
- 52% cited growth opportunities
- 88% were looking for employers with values similar to their own
So how do you attract and keep millennials to your work place?
Sarah K White of CIO magazine writes about 6 Ways to Attract and Retain Millennial Workers. One of the article’s suggestions is to implement a new approach to mentorship and allow the new employees opportunities for reverse mentoring to bolster tech savviness in senior colleagues.
Roberta Matuson, contributor to Forbes Magazine, says that Millennials want to work for an organization with purpose. In her article, Purposeful Hiring: How to Attract Millennials to Your Workplace, she suggests revisiting the type of leaders you are promoting and hiring. Your hires are only as good as your hiring process and those responsible for making hiring decisions.
Making training and mentoring a priority, setting clear objectives from the start, providing feedback early and often are several recommendations by Jeanne Meister, in her article, The Boomer-Millennial Workplace Clash: Is It Real in Forbes Magazine. She has some great action steps for managers in developing generational intelligence in the workplace.
ICP (Industrial Careers Pathway) puts out a handy free newsletter with tips for recruiting, training & managing Generation Y. The Talent Tipsheet is a monthly e-newsletter for industrial distributors which provides articles about the Millennial generation and short action steps you can take to better recruit, hire, manage & retain your Millennial workforce.
At Tribute, Inc. we've surveyed new employees asking for input into the onboarding and mentoring process and changes we can implement as a company to utilize their full potential and improve training. By making the company more attractive to Millennials, we're making it a more innovative and better place to work.