The new generation of millennial job seekers will soon dominate the workforce as more graduates enter the marketplace. What does this mean for corporate employers and what will be needed to attract and retain the best talent in order to grow a business successfully in the future?
As a generation that has grown up with all the technological conveniences of the internet, mobile phones and social media, millennials operate largely in an entirely digital world. They think differently and have different expectations from the generations that have gone before. How will this shape the marketplace moving forward?
Understanding millennial job seekers
Despite the advantages of technology, millennials have grown up during turbulent global economic times. They have been exposed either directly or indirectly through global news to economic recession, natural disasters, terror attacks and political uncertainty. As a result many millennials have a more grounded sense of reality. They don’t have the same idealistic view of the world as generation X & Y did when they entered the marketplace. Surveys show that many millennials have had to compromise their ambitions for the sake of getting a job, either working in a position or for a company that wouldn’t have been their first choice but offered the best viable opportunity at the time.
Millennial job seekers are also looking for rapid career progression which means they are less likely to stay in a position for more than two years. They are more likely to want to work for companies where there are opportunities for growth and learning. And if these don’t exist, they will look elsewhere. This poses a higher risk of attrition for employers and retaining good talent will become harder if a company fails to be progressive. Because they have a more global view of the world, millennials are more open to working overseas. While many still have working in the US or Europe as their first choice, the majority of good opportunities exist rather in emerging economies such as India and China where there is a high demand for talent. In terms of progression, global work experience is likely to become essential for millennial job seekers if they want to stay competitive.
Financial rewards don’t hold as much appeal to millennials as learning, growth and being part of a company or brand that is viewed in a positive light. Companies such as Apple, Facebook and Google attract many millennials as they are viewed as leading the way in terms of technology, business strategy and growth. These companies offer flexible work environments which appeal to millennial job seekers who do not like rigid corporate structures.
While millennials prefer regular feedback on their performance from their bosses, they are also looking for mentors rather than managers. This has highlighted organisation problems, because while millennial job seekers are willing to learn from senior staff with more experience, the older generations aren’t always willing to share their time and knowledge.
How to attract and retain the best millennial job seekers
If companies want to stay competitive in the marketplace, they may need to make some structural and organisational changes. The IT industry appears to be leading the way, offering the freedom for creative innovation and flexible working environments and as a result they are attracting many talented millennial job seekers. Companies that create a sense of belonging, build long term relationships with their employees and offer career progression are the ones that will benefit most from millennial job seeker’s ambition, optimism and creative innovation.
If companies want to keep good talent, they need to be providing consistent opportunities for growth and progression and create a culture of mentoring. Millennials are natural innovators and companies would be wise to tap into this creativity. If they feel stifled or bored, then they are more likely to look elsewhere for work opportunities.
At the same time, millennials are more aware of having a positive work life balance. They may choose a job in part because of its location, to spend less time commuting. A company may be attractive because they offer benefits aligned with a better work life balance. This may include outdoor recreational areas, social sports days and events with colleagues, or flexible work hours with options to work from home. Realistic expectations need to be set in the recruiting process as it is based on this that many employees will determine what they feel is acceptable.
Finally, what a company does and how they do it also plays an important role. Millennials want to be part of something that aligns with their personal purpose in life. Whether this is innovating in technology, or providing products or services that offer social or environmental benefits to the world, millennials want to feel good about what they do, it’s not just another job for them.
Resource On Demand is Europe’s first specialist Salesforce Recruitment Company. We assist the world’s leading organisations to grow their technology teams. Supporting companies to fill roles that span across digital marketing, marketing automation, Human Capital Management, CRM system management and, Salesforce developer,Salesforce consultant and salesforce admin jobs.
The team at Resource On Demand have access to an extensive database of key talent, registering over 8000 professionals each year. To find out how we can support you call us on +44 20 8123 7769 or firstname.lastname@example.org.