Just how vital are Millennials to the future of the country? The President’s Council of Economic Advisers recently released a “15 Economic Facts About Millennials” report declaring the generation’s impending role as an “engine of the economy in the decades to come.”
Between their sheer numbers and landmark status as the first generation of “digital natives,” one thing is clear: the potential impact of Millennials is momentous. But how does this translate to the hiring sphere?
Let’s count down a few things all hiring managers need to know.
1. Technology Rules
Because social networking is not only an inherent part of their existence, but the primary means through which Millennials interact with others, your company’s Facebook, Twitter, Instagram and other social media accounts represent your company, products, and services in a profound way. Success in reaching Millennials through social media requires a proactive, consistent and responsive approach. This means an engaging website, current blog, regular Facebook posts, and valuable Tweets with the potential to meet Millennials where they live while demonstrating your company’s relevance.
2. Make it Personal
While savvy social media opens the door to Millennial engagement — bland, impersonal, or haphazard social media efforts are likely to have the opposite effect. Why? Because Millennials crave a sense of connection, and not with a nameless, faceless corporate entity. They prefer to engage with real people, so it’s essential for recruiters and hiring managers to establish and cultivate relationships with candidates.
3. Give Them Stake
Not only have the lives of Millennials been shaped by technology, but the lightning fast technological advancement that has characterized their coming of age has led them to believe in its limitless potential. Looking ahead, we can expect Millennials not just to be consumers of the latest technology, but producers, as well, with a commitment to creativity, innovation, and entrepreneurship. Employers who embrace these traits by offering opportunities for growth and advancement — including everything from financial assistance for professional accreditations to formal mentorship programs — make an appealing proposition.
4. Play to Purpose
For Millennials, it’s not about whether or not to accept a job, but about why. After all, the best and brightest talent know that they can have their pick of top positions. So how do you compel them to choose you? It’s simple: show them how the job can help them reach their goals. This goes beyond the financials. Because Millennials are driven by purpose and the desire to make a difference, they need to feel inspired. Draw their interest by presenting challenges in need of solutions against the backdrop of a rich, authentic corporate culture.
5. Focus on Fit
It’s absolutely true that Millennials switch jobs more than previous generations: the average tenure for workers in the 25 to 34 age group is just three years — a whopping two to eight years less than the rest of the workforce, according to the Bureau of Labor Statistics. However, this doesn’t mean they lack loyalty but instead demonstrates their constant pursuit of professional and personal fulfillment. Companies which are able to provide this for them in the form of feedback, flexibility and plenty of opportunities for growth will see improved retention. It all comes back to “motivational fit” — not only getting top candidates in the door but offering ongoing incentives to stick around.
One last thing to keep in mind when recruiting these up and comers? While it’s easy to get caught up in the Millennial rhetoric, traditional motivators like salary and titles aren’t entirely out of the mix. Ultimately, Millennials don’t want different things than their predecessors; they simply prioritize differently. It’s not about altering your brand promise to uniquely speak to Millennials, but about sweetening the deal in a personalized, targeted way.