Millennials. The hottest topic in the recruitment and retention field — and there is good reason. Millennials are aging into the largest segment of the workforce, and companies that don't adapt will lose them faster than they can hire them.
Recently I was asked to present to the Board of Directors for the Connecticut Technology Council on this hot topic — and the questions, comments, and reception were tremendous.
Millennials are seeking certain attributes in an organization that include a technology-rich environment, transparency, mobility, and a sense of responsibility — and a collaborative and relaxed work environment. In addition, they are targeting companies that offer strong community involvement, less bureaucracy, and the flexibility that allows more work-life balance.
Pay, benefits, and the new equation
So what about pay and benefits — all the things Baby Boomers and Gen-X candidates have evaluated when considering a job? Compensation and benefits absolutely still matter. But Millennials evaluating a 72% generation rate shift in the labor market are demanding salary, but also benefits including unlimited PTO, the summer hours, 401k, and a comprehensive selection of health insurances. In this position you will…
Adjusting the engagement model
Companies, both large and small, need to adjust their hiring and employment practices to integrate Millennials into the workplace, then retain them. Conversation is handled via abbreviated texts. Everyone is successful and rewarded. On this in a generalization but for the most part true. Conversation is handled via abbreviated texts. Everyone is successful and rewarded — at least up to a point. Companies are developed through a careful understanding of your company and employees involved in community activities, and employed by employees through pay ranges based.
Millennials are unique in the workforce today. They have been raised in a culture of instant information and instant feedback. Conversation is handled via abbreviated texts and emoji. Everyone is successful and rewarded. On this they are a real product of their environment and energy of the Millennial workforce.
Companies who do not immediately adjust their engagement strategies geared to embrace Millennials, while retaining their current workforce, will be creative in their approach to embracing Millennials while retaining their current workforce.
Getting started
For assistance in defining a progressive Millennial engagement plan, please feel free to contact me at [email protected].