How to Hire and Retain Millennials
Like it or not, millennials are flooding the job market with strong resumes and great experience. The perfect candidate from this demographic is easier than ever to find—yet harder to sign and retain. A Gallup poll from 2016 showed millennials are 10% more likely than the older generation to seek another job. This dissatisfaction may be worsened by the disparity between what young people want and what managers think they want. If you want to hire and retain millennials, you need to know what really motivates them– even if it’s as simple as examining their responses to “why do you want to work here?”
One of the biggest misconceptions concerns mentorship opportunities: 26% of millennials named it their top priority in the job search, yet recruiters estimated that only half of one percent would. Acknowledging and marketing to this desire can increase a millennial’s willingness to accept and maintain a job position. A fix as simple as highlighting employee guidance programs during interviews can make a job much more appealing. Even creating a new mentorship system altogether represents a cheaper alternative to improving the other underestimated priority for millennials: compensation.
A whopping 71% of millennials lack engagement in the workplace- a value that recruiters underestimated by 25 percent. Think interest affects productivity more than retention? Think again. According to the Harvard Business Review, active disengagement among millennials almost tripled their odds of quitting within the year. Provide current and potential employees with a greater sense of purpose by taking on the occasional pro-bono client or organizing weekend volunteering opportunities. These measures will improve your ability to hire and retain millennials– not to mention your PR.
If this generation’s job-hopping habits and different priorities have you reconsidering your young recruits, remember this: they also place a relatively low value on work-life balance. Given an engaging job with the right resources, they can make dedicated and successful team members. If many of your best candidates are millennials, it might be time to refurbish your hiring process and workplace programs.
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