We have written before about the difficulties employers of all sizes face today with recruiting and retaining talent
in an extremely competitive market.
But one age group in particular, which is now the largest generation in the workforce, presents even more challenges to employers – Millennials
Made up of those born between 1980 and 1996, millennials have become some of the most sought-after job candidates for employers big and small. But this generation is different from both older and younger groups, which requires employers to have recruiting and retention strategies in place specifically for millennials.
A recent study from LaSalle Network
provided an in-depth look at what attracts millennials to potential employers and what keeps them from looking for new employment opportunities.
Retaining Millennial Talent Today
The survey from LaSalle Network was taken by over 5,000 millennial professionals between October and November 2018.
The first part of the report goes into data around retaining millennial workers. It found the top 3 factors entry-level respondents look for in their employer:
- Work-life balance
- Company Culture
To highlight the importance of culture, LaSalle Network included data from a HubSpot study which found that 56% of millennials and GenZ say that the people they work with
is the top workplace attribute that enables them to do their best work.
Next, the survey reveals that employee satisfaction tends to decline with experience. This result is matched in three main categories: career happiness
, satisfaction with company culture
, satisfaction with training and development
The study also found that 76% of millennial workers are open to new opportunities
. This is due to three main reasons:
- Seeking a new profession
- Looking for better benefits
- Unclear career path
These highlight the important role employee benefits
and L&D programs play in employee retention today.
Looking specifically at benefits, the study provides the top 3 benefits millennials want today:
- Financial assistance and wellness
- More PTO
These are important to keep in mind when looking to enhance a benefits plan
, especially for smaller employers.
Attracting and Hiring Millennial Talent
The second part of the study explores data about recruiting millennials. First, LaSalle Network outlines the tools millennials use to search for jobs:
- Job boards (LinkedIn, then Indeed, followed by CareerBuilder)
Not surprisingly, the study found that compensation
was the most important factor millennial talent look for when evaluating a new position.
And while not all companies are in a position to increase salaries, there are other methods employers can take, such as: enhancing benefits
, improving work-life balance
, and providing opportunities for employee growth
One thing that the report stresses is that millennial job seekers today have plenty of options to choose from for job opportunities. According to the survey, more than 33% of millennial job seekers received 2-3 job offers in 2018
To prevent losing candidates to other companies, the report recommends trying to implement these methods into recruiting and hiring strategies:
- Condense the interview process
- Consider offering a signing bonus
- Differentiate from competitors
Ultimately, recruiting millennials (and other generations) is more challenging for employers then ever before and might require adjustments and enhancements to recruiting practices
in order hire top talent.
Attracting and Retaining Millennials is No Easy Task
Employers today are challenged with trying to recruit and retain multiple generations of workers, each with their own expectations, wants, and needs.
Having strategies in place for each generation and candidate is becoming a best practice for employers of all sizes.
With the job market expected to become even more challenging for recruiters and hiring managers in the coming years, business leaders will need to be ready and willing to make changes in order to recruit and retain the best talent.
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