As of 2016, over half of the workforce in the United States is made up of Millennials. The Millennial generation, formerly known as Generation Y, is the cohort born between the 1980s and the year 2000 according to most culture critics, the last generation born before the turn of the millennium. They also form the largest demographic, having overtaken the Boomers as the biggest generation, and with Boomers headed toward retirement, they’re quickly taking over the workplace. The secret to recruiting the best talent in the not-so-distant future is going to be understanding how to hire and retain top performing Millennials.
Unfortunately, too many companies directed and managed by members of older generations don’t understand how to retain the employees who are going to drive their company into the future. This kind of organizational stagnation is how good companies go bad. Luckily, Toronto recruiters like IQ Partners who meet 1000s of candidates every year understand how Millennials work. They can help your organization grasp the expectations of their future workforce. With the Boomers retiring in ever higher numbers, any organization that hasn’t appealed to younger minds is in going to be in for a shock when its senior leaders move on.
Understand that you’re going to have forget some of the lessons learned in the past. The tricks of yesterday do not always apply today, and rehashing them is only going to make you seem like a dinosaur. This generation has its own unique value set and largely has a different relationship to their careers. They’re digital natives with naturally better technology skills, not to mention a greater focus on formal technology training. They thrive in environments that value open communication and crave flexible work environments. That means options to work remotely and some degree of control over their own hours. They’re also far more likely than their predecessors to move companies with greater frequency, making them harder to retain. If you’re only just thinking about it now, your company probably has a long way to go when it comes to building a work environment that will attract this demographic and an organizational culture that will inspire employee loyalty among this new generation.
Here are three tips offered by recruiters IQ Partners to organizations that need to improve their hiring and retention strategies among the Millennial workforce.
#1 Innovative Engagement – Thanks to extensive digital networks that can extend through cities across the globe, Millennials are always connected to the most exciting opportunities. How is your Toronto firm going to be able to compete with similar opportunities opening up in cities like Hong Kong or Berlin? You’re going to have put more effort into how you engage with your employees, from taking meetings out of the boring “meeting room” to disrupting the traditional work week. In case you’re still not sure how you can cultivate a more creative, engaging work environment, click here for further insight into Millennial recruitment.
#2 Improve Your Brand – Branding is everything, and that doesn’t just go for the product or service you offer. This generation wants to work for a brand they can get behind, because they understand better than previous cohorts that their role in an organization is part of their self-conception. In an age when one’s social identity is constantly on display through social media, your employees are going to want to work for a brand they can proudly display.
#3 Target Your Perks – This generation is far more likely to value flexible working hours and better development opportunities over benefits. Target the perks that you offer in order to stay relevant in the labour market.