Gone are the days when competitive wages and job stability were sufficient for a company to retain its best talents. With the presence of Generation Y in the job market, the priorities of professionals when choosing their jobs have changed. Therefore, it is essential to know the main Millennial Recruitment and Retention Strategies.
This generation has different beliefs from the previous ones about how the work environment should work. With that in mind, we explain everything you need to know to motivate and engage your organization’s millennials. Want to know more? Check it out below!
Who are the millennials?
Millennials are the generation of people borns between the early 1980s and the mid 1990s. Today, they make up the largest share of the labor market, representing 35% of all professionals. By 2030, that number is expected to reach 75%.
In this scenario, understanding the way people think is fundamental to the future of companies. Only then will it be possible to create effective strategies for recruitment and millennial retention to build a competitive team.
Having grown up in the midst of rapid technological advancement and with ample access to information, generation Y has a sense of urgency higher than the previous ones. Slow, bureaucratic processes are the easiest way to make a millennial unhappy.
THE thirst for innovation it is another important point. If the world has evolved at a fast pace in recent times, the trend is that it will intensify even more in the coming years, due to the way millennials work. Check out more about these differentials below.
What are the differentials of millennials at work?
Millennials challenge the logic of veterans in the corporate world. With its increasing participation in the job market, practices such as home office, flexible hours and collaborative management (without hierarchies) are becoming more and more common, something that would have been unthinkable 20 years ago.
Check below the main characteristics of these professionals in the workplace and see how to meet their needs.
1. Millennials value freedom
These professionals believe that they do not need to be in the office to perform their roles with excellence. So they look for opportunities to work at times when they feel most productive, either after lunch or in the middle of the night.
One way to meet this need is to offer the possibility of home-office and flexible schedules. This type of dynamic allows several advantages in the routine, such as dedicating oneself to hobbies and being with family members at the most convenient times.
Another way of giving employees more freedom is by offering on-demand payments.
In this mechanics, the employee does not need to wait for the end of the month to have access to his salary, being able to make withdrawals at any time, whenever you need. At the end of the day, the amount referring to the hours worked is already available for the person to withdraw, which contributes to the financial health and makes it possible more autonomy in everyday life.
2. Millennials seek a purpose
Many seasoned executives complain that millennials are under-engaged at work. But the big truth is that most companies do not use the right tactics to motivate these professionals.
As stated earlier, you need to be aware of how they conduct their careers. Unlike previous generations, millennials are not content to perform purely operational tasks from 8 am to 5 pm, without understanding the impacts of their work on the organization.
They want to know why are they working. They need to be aware of the company’s values and understand the effects of their work on society. They are looking for a job that connects with their worldview and their personal goals.
Paying special attention to these details is the key to success in the recruiting and retaining millennials.
3. Millennials change jobs frequently
If in the past it was common for professionals to stay 30 or 40 years in the same company, today the reality is different. Millennials change jobs frequently, often passing through more than 20 companies in their careers.
For them, applying for new positions is the fastest way to grow in career. Therefore, they remain in a job for a few years or months, and are already looking for new opportunities.
The reasons are diverse: it may be for one highest salary, more benefits or challenges more compatible with your personal searches.
For good recruitment and retention of millennials, try to hire professionals who are aligned with the organizational culture and dedicated to the work they do. It is also essential to offer opportunities for courses, training and, mainly, participation in interesting projects,
Thus, employees will feel welcomed, valued and with real chances of growth in the organization.
4. Millennials seek to feel part of the team
Even when they are not in leadership positions, millennials are keen to know what decisions are being made and how they influence the company. They want to be informed and have the freedom to give their opinions and ideas. Thus, feel they are part of the team and that their presence is important.
Therefore, your managers must have honest conversations about the role they play in their daily lives, giving a clear and complete feedback whenever possible. This closer contact is a great chance to let them know what happens in the company, showing how the processes, projects and departments are interconnected.
5. Millennials value benefits
Millennials’ thinking is not just about money, but that does not mean that they will accept to work for less than they are worth. The point is that, for many of them, the relevance of benefits goes beyond the importance of a high salary.
When tracing your Millennials recruitment and retention strategy, try to include in the benefits package advantages that enable personal growth, such as a career plan and educational opportunities, such as agreements with educational institutions.
Promoting well-being and quality of life is also a great idea. Offer discounts at gyms, therapy sessions covered by the company and discounts at gyms, to encourage them to do physical activities.
Do a search with employees to understand what benefits they would like to have, and try to meet demands as far as possible. Being in a place that makes everyday life easier is often more attractive than just a competitive salary.
Now that you know how to recruit and retain millennials, it’s time to put what you’ve learned into practice. Take a close look at the employees of this generation, try to understand how they think and what their needs are. Thus, you will be able to keep the team productive and engaged for much longer!