Millennials are defined in the workforce as people born between 1980 and the early 2000s. With an improving economy, as companies embark on long-awaited growth plans, millennials will play a key role in filling new positions. Competition to recruit and retain this demographic of candidates is fierce, so it is important to understand what exactly drives millennials. A recent questionnaire completed by more than 10,000 millennials for CEB provides some interesting insight on their habits and workforce expectations.
Because of the available technology of their generation, it is assumed millennials are committed to social media. While it is true millennials use social media, they do not trust it as much as other, more reliable sources. In fact, less than 33 percent of millennials surveyed trust social media. Therefore, when recruiting for millennials, use social media to reach them but do not rely on it alone. Job seekers continue to put their trust in referrals by family and friends when searching for an organization to work for.
Millennials are not as motivated by money as they are by opportunity. Their priorities are to develop as they grow their individual talents, be recognized by the organization and to progress within the company. When recruiting millennials, it is important to talk about their potential within the organization and advancement opportunities associated with the job opening for which they are being recruited. This will increase the appeal of your company to the candidate.
Millennials are extremely competitive. Fifty-eight percent (58 percent) say they compare their own performance to that of their peers. In order to attract top talent among millennials, you may want to consider expanding your reward and recognition programs. With your existing workforce, create opportunities to allow your millennials to distinguish themselves from their peers for better employee retention.
Not surprisingly, given their competitive nature, millennials are less likely to rely on their peers in order to get their work completed. This is not to say millennials are not team players, they are. However, 37 percent of millennials surveyed only trust themselves to complete an assignment accurately and do not easily depend on others. Collaboration is a valuable tool within the workplace for efficiency and effectiveness when it comes to productivity. To facilitate this, emphasize the importance of collaboration between co-workers in order to blend your millennials with your non-millennials and achieve the best results.
Millennials prefer to have different experiences within an organization rather than move from one organization to another in order to get a different experience. Millennials are not job-hoppers. Of those currently seeking a new opportunity, 53 percent said they are seeking a new opportunity internally, within their current company. Providing a variety of career development opportunities within your organization will yield a higher retention rate for your millennial workforce.
Having a clearer understanding of how millennials feel about their career choices and what is important to them in their professional and personal lives will put you in an excellent position for recruiting and retaining employees from the millennial generation.