HR Check In: Leveraging the Largest Working Generation (Millennials)
There’s certainly no ignoring the country’s largest working generation these days. Talent acquisition teams must tweak their recruiting strategies to attract this population of workers to their open positions, and then work to retain them on a constant basis. Keeping millennials engaged in your culture is completely different from any other generation. These four articles provide insight on understanding who the millennial is, and how to best attract and retain them to meet your organization’s goals.
Paying Millennials: The Trend Toward Digital (ADP Compliance Insights)
Now that millennials have officially taken over as the largest generation in the workforce, companies have no choice but to adapt to their expectations. This applies to many aspects of the work environment, including hiring techniques, employer brand, benefits, and employee engagement. This ADP article sheds light on an interesting new request from the millennial generation—to be paid digitally. Why should companies care? Because technology is the main driver of millennial workplace engagement, according to the Harvard Business Review. By failing to adapt and provide digital payments of wages, companies risk losing the engagement of their most tech-savvy employees.
In today’s hiring economy, many companies aren’t struggling with recruiting millennials, as much as they’re struggling with retaining the millennials employees they already have. Of course there are many reasons why millennials leave companies at a quicker pace than other generations, but these three top the list:
- They took a job too soon and then realized it’s not a good fit for them. Hiring for cultural fit increases the chances that an employee will stay longer.
- Talent is much more accessible today than in the last decade. Millennial talent is bombarded with new job offers that often provide a better culture or more money.
- Managers aren’t setting expectations for employees, and millennials don’t see an opportunity to move up.
It costs $20,000 on average to replace each millennial employee, which is a huge financial burden for HR teams. Avoid losing these valuable employees by reading tips provided in this ERE Media article.
5 Tactics To Attract And Engage Millennials (Social Talent)
As recruiting organizations take into account the increasing population of millennial workers, they must discover how to motivate them and how they can add value to their business. Many companies are failing at the first obstacle of actually attracting millennials, which results in constant open positions and a lack of productivity among the company. This article does a great job of explaining who the millennial actually is, so that recruiters understand who they are trying to attract in the first place. It also dives into the following five tips on attracting and engaging them:
- Get social
- Embrace mobile
- Make the benefits millennial friendly
- Invest time in your company reputation
- Rethink your model of millennial engagement
The Gallup Organization just released a new study on millennials—what they want in the workplace and what makes them successful. This information might change your current stance on how to best attract millennials to your organization. It introduces a mindset of seven leadership changes that will help you understand the way millennials work. It starts with the change from “my paycheck” to “my purpose,” which means understanding the importance in providing a meaningful mission and positive company values for the millennial generation. 60% of millennials reported that they were open to other opportunities, so taking the time to understand what they need to be successful in their career is more important than ever.