Millennials are one of the most sought after demographics of talent in the market today. This demographic brings with it a large amount of social influence, buying power and innovation.
Yet – it’s become hard to attract and retain them. Data from the U.S. Bureau of Labor Statistics says that Millennials only tend to stay in each job an average of 18 months.
So why is it so hard to attract, hire, and retain this brain-power?
I’m going to let you in on a little secret – it’s not because they all have A.D.D. It’s often because you haven’t changed your processes and mindset in how you attract, recruit, and retain employees. They’re the fastest growing segment of the workforce and that’s not going to change. Generation Z aren’t far behind, making understanding this demographics needs and desires in the workforce even more imperative.
So adapt or be left behind. Throw out that company manual right now. It’s time to start fresh. Here are just 3 of the ways from our checklist to attract and retain Millennial talent:
Embrace Digital Technology
You know how Jimmy Fallon became popular among the millennial market? He put his segments on YouTube. Embrace digital and social technology and adapt to include things like using YouTube and other social media sites, perhaps develop an internal app for your organization (Millennials may even offer to help you build it,) and open up various interactive and collaborative communication channels for this demographic to communicate via mobile technology.
Be More Flexible
The ‘be there by 8am, don’t leave before 5pm’ office environments are as antiquated as the VHS tape.(I’m willing to bet most Millennials wouldn’t even know what a VHS tape was.) Allow for flexible schedules, work from home days – whatever it is, don’t be so rigid about the specific rules as long as the job is getting done (and being done well) then allow for flexibility. If you offer them flexibility engagement usually goes up. If engagement goes up then productivity goes up. Win/win.
Recognition & Upward Mobility is Key
Some will counter that the Millennial talent market is entitled. Perhaps. But the reality is they don’t just want to do the same old job every day for years on end. That’s part of why they only stay with the same organization on average for 18-months. They want increasing responsibility. They want to be challenged. And they want recognition for meeting new challenges. Rather than assume they’re entitled – try and embrace what they bring to the table. Keeping their minds fresh and allowing Millennials opportunities to share ideas will increase engagement and increase innovation. Another win/win.
There are many other ways to attract and retain Millennial talent. These are just a starting point. If you want to know more let us know and we’re happy to talk. If you’re having difficulty attracting, engaging and retaining this lucrative talent segment – then you’re missing out.
About Scott Span, MSOD: is CEO & Lead Consultant of Tolero Solutions – an Organizational Improvement & Strategy firm. He helps clients in achieving success through people, creating organizations that are more responsive, productive and profitable. Organizations where people enjoy working and customers enjoy doing business.
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