Over the past five years, there’s been a ton of buzz about how millennials are shaping the future of marketing, as consumers. To stay competitive, companies need to focus on how they are attracting, hiring and retaining millennials within their organizations.
Over 50% of millennials plan to leave their present employer within the next two years. Turnover among millennials cost the American economy over $30 billion every year!
Here at Talent Tap, we’re frequently fielding questions from frustrated employers who want to do better. The following are three important things employers need to understand in order to attract and hire millennials:
1. Many millennials prize purpose over paychecks.
- Millennials want to know their company’s mission – and not just for customers but within their local, regional and/or global community – and be empowered to make supportive decisions
- Millennials seek out organizations that offer paid community service/volunteer days and support charities that benefit their immediate community
2. Work/life balance is important but looks different for millennials.
Millennials are twice as likely to have a spouse or partner who works full-time vs. Baby Boomers (78 percent vs. 47 percent).
- Millennials are early adopters of technology and expect their employers to provide those tools to get work done – based on expected outcomes – regardless of where and when they worked
- Offer competitive vacation and personal time, but also be accommodating for personal emergencies. They will likewise step up in a crunch or emergency to work above and beyond when needed.
3. Success can be more about gaining experience rather than material things
- Millennials really value rewards such continual education and networking opportunities, such as industry conferences and skill-building workshops
- Millennials value a merit-based culture of advancement. Promotions based only on seniority are a turnoff.
Stay tuned for our next post about tips to retain and grow Millennial talent!