HR Strategy: The Millennial Movement
Millennials now represent the largest living generation in North America. Within the past year they outnumbered baby boomers in the workforce for the first time.
Who are millennials? This demographic is roughly defined as anyone born between the years 1980 and 2000. By 2025, millennials will comprise three-quarters of the global workforce.
This change has created plenty of positive changes in the workplace; however, it means that human resources must understand and adapt to a new demographic.
Indeed, this change comes with a great deal of growing pains. While hiring tools must effectively attract millennial talent, employers must also strive to reduce employee turnover. Known for frequent job-hopping, this demographic requires ample motivation to stay loyal to its companies.
While there are many dominant characteristics in the millennial demographic, it is crucial to remember that each employee is an individual. Doing a psychometric assessment prior to hiring helps determine whether or not a hire will be an ideal fit. Psychometric testing measures behavioural style and mental characteristics so that employers have a deeper understanding of whether a candidate’s personality is compatible with a role.
While it may take some adjustment, there are a few key ways to attract and retain millennial talent.
Rethink the Nine-to-Five
Although it’s been a staple in many workplaces for a long time, a nine-to-five schedule doesn’t work for everyone. More and more, employers are finding that a flexible work schedule attracts diverse talent, and even benefits the company at large. Not only does it appeal to stay-at-moms, travellers, freelancers, and more, but it may reduce company costs and increase productivity.
Perks, Perks, Perks
Perks don’t always have to include monetary bonuses and higher salaries. Offering training resources, opportunities to advance, a place to nap, or even allowing employees to bring their pets to work are all ways to attract millennials. In addition, these perks often have the positive bonus of increased productivity. It isn’t a huge surprise that well-rested, happy, and motivated employees work a great deal harder.
A Strong Purpose
The “why factor” is often considered the most influential factor in a company’s success. Millennials want to make a difference, be part of a bigger picture, and truly believe in what they are doing. A lack or purpose contributes to a low team morale and won’t attract talented, optimistic youth. Above all, employers must believe the message they are sending to their staff. Making a positive impact on a community empowers an entire team, and that strength is magnetic. Not only will it attract new talent, but it will inspire your current staff to go the extra mile.