As the baby boomers begin to retire, millennials and Gen-Zers are expected to dominate the workforce — and they have a completely different set of values and expectations to the generations that preceded them. Growing businesses need to understand this if they’re going to attract millennial candidates with the skills they need.
In 2020, millennials represented 35% of the global workforce, a figure that is expected to rise to as high as 75% by 2025. In this increasingly competitive, multi-generational work landscape, how can you attract and retain the cream of the millennial crop?
In this article, we explore what they want out of a job, what they bring to the table, and how your company can create a hire package that meets their needs and expectations.
Attract millennial candidates, a generation of digital natives
Also known as Generation Y, millennials are those born between the early 1980s and the late 1990s. This is the generation that grew up with the internet and social media, and as such, their attitudes have been shaped by technology and the digital revolution.
They are an entrepreneurial, tech-savvy generation with an appetite for social change. They are more likely to speak up against injustices and tend to seek out jobs at companies whose values and ethics reflect their own. This is a generation that prioritises their wellbeing and work-life balance over financial gains.
In addition, the COVID-19 pandemic has had a huge impact on society’s attitude to work in general. There has been a fundamental shift in people’s thinking, with many taking a step back and redefining what’s important to them.
What do millennials look for in a job offer?
To attract the strongest and most skilled professionals from this generation, you need to understand what’s important to them. When considering a new job, millennials tend to prioritise aspects like:
- Flexibility
- Benefits
- Opportunities for growth and career progression
- Diversity in the workplace
- Company culture that aligns with their personal values
- Collaboration, inclusivity and open communication
- Regular feedback from management
- Social and environmental impact of the company
How New Hire Packages Can Attract Millennial Candidates
To make your hire package as attractive as possible to millennial candidates, here are four key areas to focus on:
1. Company culture, values and ethics
According to Deloitte’s 2021 Millennial Survey, this generation values social change and accountability over profit and expansion. They believe that a company’s priorities should be job creation, innovation, enhancing employees’ lives and careers, and making a positive impact in the world.
Millennials view employment as a two-way street and have abandoned the ‘job for life’ attitude that was common in previous generations. Instead of the employer calling all the shots, millennials expect to have more say, rejecting corporate systems, traditional hierarchies, and rigid office hours. If they aren’t satisfied, they will seek out better opportunities elsewhere.
2. Social impact
During the pandemic, attracting the best candidates and recruiting people for the right roles posed a significant challenge for businesses around the world. According to Deloitte’s 2021 Millennial Survey, focusing on creating a positive impact in society and giving employees ways to get involved and give back will likely help businesses to attract and retain talent.
Punit Renjen, CEO of Deloitte Global, said that “in order to attract and retain millennials and Gen Zers, companies need to identify ways in which they can positively impact the communities they work in”.
If businesses want to earn the trust and loyalty of millennials — a notoriously transient generation — they must focus on issues like diversity, inclusion and flexibility.
3. Flexibility
Your offer might not be exactly what the candidate wants, but that doesn’t necessarily mean the end of the road. If you think outside the box, you’ll find a way to bridge the gap and make the offer more appealing. The key is to adopt a flexible attitude since rigid hire packages simply won’t appeal to millennials. Customised hire packages are the way to go.
If you can’t match their expectations for sick leave, then maybe you can offer them the option to work remotely or outside the traditional office hours. If you can’t offer them the salary increase they were hoping for, then perhaps an extra week of paid holiday leave would offset that.
This flexible approach must extend to working location and/or hours. This generation is used to being able to connect instantly with people, regardless of location and the pandemic opened their eyes to a world without long commutes and stuffy offices.
4. Non-financial perks
According to the PWC Millennials at Work Study, millennial employees value training, development opportunities, and flexible working hours more than cash bonuses. They want to be challenged and have the opportunity to learn new skills.
Career progression is also an important factor, with many millennials being prepared to leave an organisation within two years if they were dissatisfied with how their leadership skills were being developed.
Attract Millennial Candidates and Retain Them!
It’s clear that when it comes to attracting the best candidates, a ‘one size fits all’ approach simply won’t do. International Achievers Group specialises in providing localisation recruitment for international candidates and companies.
We will work closely with you to understand exactly what your company is looking for in a candidate. Combine that with our extensive knowledge of the needs and expectations of our candidates, and you have a winning formula that delivers every time.
Get in touch with us today to find out more.