Millennials, the generation born between 1980 and 2000, are in the job market and offering up both challenges and opportunities to employers. According to a 2016 Gallup poll, 60% of millennials are open to new job opportunities yet they’re the most likely generation to switch jobs.
So, what are their expectations and how can you keep them on your team? It’s not video games, food and fun as some would have you believe. Many millennials are already raising families, paying back student loans and taking care of aging parents. Still, they have their differences from other generations.
For employers and managers, it’s important to understand this age group because over 50% of employees will be millennials by 2020.
Can you check off these five ways to attract millennials?
Unlike other generations—technology is instinctive for millennials and they know how to use it to their advantage. With a few clicks, they can search jobs across the country, find out their pay scale, benefits, vacations, advancement opportunities and company cultures.
Before applying, they may have already checked reviews on your business and talked to current or former employees through social networking. Note that after sending a job application, millennials won’t wait long to hear from you before checking out another job opportunity.
Millennials spend almost an hour a day on Facebook, according to a recent report on comScore, and that time is spent on Facebook’s mobile app. comScore also sites Millennials spend 7 hours a month on Instagram. Note that Facebook owns Instagram so total time on their sites is a significant 34 hours a month. Close behind Instagram is Snapchat with about 6 hours per month. Regardless of the platform, this group is relating to their worlds online.
Millennials view themselves as the “Giving Generation.” In a 2016 survey for Fortune of 2000 people it showed that, “Millennials are more likely than Gen X’ers and Baby Boomers to say it matters if American businesses give back to society.”
The survey also showed that two-thirds of individuals 18 to 34 were more likely to work for companies that gave to charity. “That compares with 59% of those between 35 and 44 years old, and 47% of people between 45 and 64 years old.”
Most likely your business, like so many small businesses, has been donating to charities and doing good works in the community for years. Be sure your social networking sites stay updated on adding pictures of employee participants in charities, company picnics, birthday celebrations, family and community events.
While there are studies that imply millennials are ‘job hoppers’—other studies show they’re not switching jobs significantly more often than twenty-somethings of previous generations. The Bureau of Labor Statistics reports that Baby Boomers job-hopped in their twenties just as frequently as millennials do now.
According to Heather Lord, Head of Strategy & Innovation at Capital Group, an international investment group, “From survey findings, it can be deduced that if employees can match millennials’ hunger for benefits and personal development that align with their values, employers may benefit from millennial loyalty.”
A recent poll by Gallop of millennials said professional development was an important part of their job. Unlike other generations, they’re more tech-dependent and have a deep desire to learn and grow. Engaging and retaining these employees means it’s important to have certification programs and workplace training available.
Here’s a generation that patronizes small business more than any other generation. They’re attracted to the personalization, customization and ambiance of smaller businesses. They have a heart for community involvement and feel good buying from places that show social responsibility.
Finding employment in a small business suits this generation. They want to feel they’re part of something and not just a cog in a big wheel. If this tech-dependent generation has the tools to do their job, you’ll find a loyal employee who may offer your business new leadership and unexpected innovations!