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If you are currently hiring, the likelihood that your new employee will be a millennial is increasingly high.
This generation, also known as Gen Y or Echo boomers, is becoming one of the largest groups in the Canadian workforce. Many future leaders will be created and current employers can help to shape them.
According to the current estimates, the forecast shows that millennial workers will make up 50% of the labour force by 2020 and 75% by 2025. As stated by a recent Gallup Study, millennials are the most disengaged of all working generations and the most likely to leave their job in the next 12 months (if the job market improves). However, while nearly half of actively disengaged millennials want to find new jobs, only 17 % of engaged ones do. In this article, we will provide you with information on recruitment and retention for your millennial employees.
Who are millennials and what should you know about them?
You might think that most of the struggles between millennials and employers come from the generation gap. While this is certainly a true statement, a lack of understanding of the millennial generation is also a common significant factor. We have gathered a few helpful facts below, which can help you to understand this generation better.
Most Educated Generation
Without a doubt, the millennials were gifted with more education opportunities than any other generation. With today’s choice of various educational institutions, they can pursue their passions and study in specialized fields. The majority hold either a bachelor’s degree or a master’s degree, and most of them do not stop just there. They are further engaged in continuing education and earning special licenses and designations to upgrade their education. With the advent of online learning, it’s become easier than ever for this tech-savvy generation to build their expertise.
Tech-Savvy Experts
Gen Y has proven quickly adapts to new technologies. Their exposure started from an early age up has continued into their post-secondary studies. Through this time, they learned to use fundamental technology as well as complex programs and software. It is no secret that millennials prefer modern tech, which allows them to be faster and more efficient in their work assignments and communication. When progressing into leadership positions, they will bring their passion for technology with them and often become innovative leaders.
Efficient Digital Communicators
Millennials were born in the age of digital communications. They are known to be frequent social media and apps users and often 80 to 90 percent of their conversations are online. There is no wonder that millennials see digital communication as the fastest type of communication for sharing information. They are also the most likely to attend virtual meetings or conferences and send emails instead of making calls. Remote work is second-nature to many young people as they already have the ability to connect via digital means.
Living trending lifestyles
Some would call their lifestyle nomadic and some adventurous! Many millennials aren’t looking to settle down and buy a house as soon as they find a well-paying job. Living for new experiences leads this group of passionate travelers to invest most of their money in exploring the world rather than investing traditionally. Those who graduated after the financial crash of 2008 are the least likely to invest their money in financial institutions. Further to this, Millennials are also more inclined towards new trending lifestyles, such as a minimalism, due to environmental and other concerns.
Entrepreneurial Minded
Did you know that many millennials are likely to establish their business well before reaching their 30th birthday? If millennials do not land their first job after graduating, they are sometimes ambitious enough to start their own business. The most common types are online businesses, which are easy to establish thanks to today’s internet connectivity.
Differentiating Your Company in Millennial Recruitment
Are you thinking about attracting millennial workers to your company? If your answer is yes, get ready to explore further what your company can do to utilize current millennial employees in your recruiting efforts.
Be open to modern workplace topics
A great place to meet millennials and engage in discussions on current employment topics are at job fairs. You will want to get an insight into what kind of company culture they will thrive in and learn about flexible scheduling options. Many job fairs are moving online too, especially with the current pandemic effecting the ability to meet in person.
Use engaging Technology
Is your company being represented by brochures and PowerPoint presentations? While this is undoubtedly a very professional representation, this group you are trying to attract highly engages in more visual representations such as videos, animations, and other modern technologies they associate with.
Use your social media and website in your recruitment process
Move your recruitment online and start advertising on LinkedIn, job boards, career building sites, and industry-specific forums. You can also use your other social media channels to announce that your company is hiring. These efforts will send a high volume of applicants to your website. Many applicants first review the company and their website before thinking of applying formally. For this reason, your website must be very informative and well-designed.
How do you engage your millennial workers?
Millennials who are engaged by their company are less likely to look for new job opportunities. It is essential that they develop a strong sense of what their organization stands for. Find ways to help these employees to verbalize and internalize what the company’s mission and purpose mean to them.
Let’s start with the acknowledgment of the generational shift. In the older days, employees used to stay at their company until retirement. Nowadays, they have different expectations and plans, which need to be taken into consideration. Millennials like to progress, develop careers, or move to other roles to get different experiences.
It is also vital to consider the spectrum of experience your millennial has with technology, as the older group of millennials were born before the age of the internet compared to those born after. Implementing modern technology in the workplace is also going to boost the happiness of your millennial employees. To support a high level of engagement, you can install apps such as instant messaging and video calling, which will create an atmosphere of teamwork.
Lastly, the flexible office environment offering a good work-life balance is essential. If you, as an employer, offer flexibility with working from home or working flexible hours, it will be an excellent incentive for your employees to work for your company. Creating a fun work culture is also part of the millennial engagement. Do your staff have a place to hang out during their breaks, or do they sit at their desk and work through their lunch? Encourage your employees to have fun in different ways, such as supporting staff events or buying some mind stimulating equipment for the staff lounge room. Some companies have successfully implemented work hard/play hard culture, which proved to be a win-win situation for both employers and employees.
Maximizing millennials in the workplace
The University of North Carolina has conducted a study on “Maximizing millennials in the workplace and found that millennials want their employers to have four critical traits:
Coaching
During childhood, the millennials were raised by constant coaching and feedback from their parents. Their expectations for coaching and feedback are high when they enter the workplace.
Collaboration
The job description and directions you give to your employees should be clear, and they should understand their role within the company.
Measures
This generation were raised with lots of structure and evaluation rubrics, which help them understand how they will be judged and assessed. To help millennials feel like they are working towards success, you should define clear and consistent job assessment criteria.
Motivation
Millennials need to work somewhere where they feel inspired and can contribute without fear of being criticized.
Do you need help with recruiting or retention strategies for your business?
Contact us at hrservices@eco.ca
Resources:
Who are Millenials?
https://timetohire.com/blog/hiring/hiring-millennials/
https://www.forbes.com/sites/jordandaykin/2018/12/06/the-millennial-entrepreneur/#5991b1167c40
https://www.fond.co/blog/millennials-in-the-workforce/
https://www.bec omingminimalist .com/millennials/
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