Three Millennial Laws of Attraction
At Signature Recruiting, we work with hundreds of IT and tech professionals who are part of the Millennial generation (people born between 1982 and 2004), giving us insights into what makes this demographic excited about their jobs…and what can repel good talent.
Fundamentally, millennial workers desire what all employees, regardless of age or industry, want: good workplace relationships, fair compensation, healthy work/life blend, and belief in a company’s brand.
Many millennials, however, come into the office with expectations about work style and career development unlike earlier generations.
By paying attention to the following three areas, you can attract and retain the best millennial talent.
1) Development Opportunities
Millennial employees want to work for that paycheck!
According to a recent BMO Wealth Management study, millennials are more concerned about their savings and being unable achieve a savings goal than any other age group – even people near retirement.
Fair and competitive compensation motivates many millennial workers, yet frequent professional growth opportunities that channel their ambition and expand their skills can be as important.
Millennial employees value opportunities to share their knowledge outside of specific positions. This “whole person” approach fosters meaningful engagement and helps to retain employees.
For instance, instead of tapping a millennial employee to lead a “how to send a Tweet” workshop, ask them to lead a discussion about why there is so much activity on Instagram or buzz about Snapchat and how those tools can benefit the company.
2) Transparency
To compete in marketplaces managing the latest disruptions, company executives stay informed about industry trends, anticipate dynamic environments, and keep communication flowing to customers, investors, and staff.
Millennial employees welcome this modern way of doing business.
They expect companies to be open about processes and decisions – from regular communication to opportunities for staff input. Questioning practices, seeking explanations, and offering solutions show a willingness by the millennial employee to be engaged in the company.
While companies still require defined positions with specific responsibilities, a large percentage of millennial employees thrive under fluid reporting systems and team-oriented staffing structures. Millennial employees value employers who explain the company’s promotion ladder and timeline, offer professional development opportunities, and frequently share feedback about their progress.
Managers who encourage the millennial employee to have a meaningful voice within the company will have a satisfied and, ultimately more productive, team.
3) Online Presence & Engagement
Why would young professionals, who comfortably exist in an online world, work with a company (or perceived to be) behind the digital eight ball?
To meet a most basic expectation of this generation, your company needs to have an online presence, ideally an updated and mobile-friendly website, a few social media channels suitable to your brand, and a LinkedIn profile.
Additionally, with their social media savvy, millennials are apt to share the latest information about their employers – a new product release, an amazing off-site retreat, a job announcement – through their social media channels.
Creative and enthusiastic story tellers, many millennials welcome the chance to promote what’s happening at work if they are engaged with the company; see above about transparency.
Today’s young, eager professionals can be your company’s competitive advantage. How does your company engage and retain millennial employees? Drop us a line about what works – and what doesn’t.
