Tech savvy, confident, creative, curious, driven and connected are just some of the words used to describe the generation of 20-30-somethings born between the early ‘80s and late ‘90s.
A generation once written off for a lack of brand loyalty and a “me, me, me” mentality, increasingly businesses are turning to millennials in their search for employees that offer the right mix of up-to-date technical and soft skills.
The backbone of the workforce, according to research from PricewaterhouseCoopers (PwC), “millennials already form 25% of the workforce in the US… By 2020, millennials will form 50% of the global workforce”.
When it comes to recruitment, Generation Y is a complex group with different motivations and values to the generations that have come before, greatly affecting how it approaches the jobs market.
To ensure you attract and retain the strongest millennial talent, here are eight key benefits to highlight during the recruitment process.
From the recruitment process right through to the future relationship they’ll have with their new employer, millennials seek transparency and open and honest relationships.
To ensure there are no discrepancies between expectations and reality, straight talking millennials should always be given an accurate description of the benefits they’ll receive, the career progression they should expect and what the culture’s like within the workplace they’ll be joining.
- Job security
Reaching adulthood during a recession when UK youth unemployment figures hit 22.4% at its worst, thanks to the economic pressures of unprecedented student debt and rising living costs, Generation Y has earned the nickname “Generation Rent”.
In order to plan for their future and enjoy the quality of life enjoyed by their parents, increasingly millennials are looking for job security.
- Generous pension
Forecasts by the Department for Work and Pensions (DWP) suggest the average retirement age needs to increase by six months every year to reflect longer life expectancy.
With estimates as high as 80-years-old for the age at which a millennial could likely retire, it’s no surprise that the younger workforce is looking to narrow the pensions gap with larger contributions from employers.
New research from the Chartered Institute for Securities and Investments supports this, estimating that 25-year-olds will need to save around £800 per month over the next 40 years to be able to live comfortably in retirement – a sum that’s only possible with a salary that exceeds £60,000.
- Attractive salary
While it’s well known that millennials aren’t particularly motivated by money, and would rather hold a job they love for less pay, a competitive salary remains an important component when attracting millennial talent.
With a desire to be paid what they deserve, research from the London School of Business and Finance (LSBF) found that the prime reason for millennials to change jobs is the desire for a “bigger salary”. Employers can combat this by offering attractive salaries coupled with clear paths for progression from the outset.
- Broad skills training
Growing up in the Age of Information, millennials had better education and greater access to information than ever before, making them much more confident than previous generations when it comes to trying new things and moving around.
And, considering that the stigma surrounding job hopping is lessening and millennials face longer careers where they can not only change employer, but industry and profession too, their desire to be taught transferable skills that they can adapt to any future job or environment makes sense.
A PwC survey found that 54% of millennials expected to work for two to five companies, while 25% said six or more – a considerably higher turnover than in previous generations.
- Career progression
The same PwC survey found that moving up the career ladder was the top priority for millennials, with 52% saying this was the “main attraction” in an employer.
Demonstrating a clear path for career progression with opportunities for millennials to develop their skills and careers will help to ensure increased engagement, loyalty, motivation and retention among employees.
- Rewards and recognition
Millennials need to have a purpose at work and that involves knowing what they’re working towards and how they’re making a valuable contribution to the company.
Recognising achievements and rewarding them publicly will encourage millennials to work harder while greatly increasing job satisfaction.
- Work/ life balance
Unwilling to sacrifice as much of their personal lives for work as previous generations, millennials want to balance working hard with playing hard.
Thanks to modern technology employees can be just as effective working from home as they can be during standard office hours. Because of this millennials strive to work to a more flexible schedule that isn’t set in stone.
With a strong appetite for flexible working, and a desire for travel, PwC estimates that up to 71% of millennials are keen to work abroad at some stage during their career, meaning that employers need be open to flexible and progressive ways of working.
If you’d like help finding your next millennial superstar contact Digital People today.