With a surging percentage of millennials entering the workforce, employers are having to rethink old strategies for attracting new talent. A large salary is not attracting prospective employees the same way it used to.
According to Deloitte’s 2018 annual Millennial Survey, millennials prefer “a preference for plain talk, inclusiveness, and directness in their bosses; businesses that are involved in social issues and good causes for positive change; and the obvious potential benefits of automation in terms of productivity and economic growth, to name a few.” So how can you attract and retain millennials by addressing these desires?
1. Freelance flexibility with full-time stability.
The “gig economy” has been a growing job sector for many years, with a clear majority of millennials gravitating towards remote freelance work either in a full time capacity or as side work.
Tapping into ways that allow workers to work remotely regularly or part time can help attract and retain millennials who are already used to working in this way.
2. More Mentor and Less Manager
Millennials desire to be accountable for themselves. Overbearing tasks and micromanagement impedes progress. A focus on progressing their learning and skills for their future can be a better way to retain them for longer.
3. Turn the Yearly Review Into a Weekly Review
Acknowledging strengths and devising solutions for improvement on a yearly review basis limits the growth of employees. Frequent feedback can allow the entire team to be on the same page.
4. Social Responsibility through CSR Sustainability
According to a Cone Inc. survey 62% of millennials would be willing to accept a pay cut in order to work for a socially responsible company. They are looking for CSR when they job hunt and while they are employed.
Millennials want to associate themselves with a company that represents their best intentions for their communities. A modern employee wants to be proud of his/her company in all respects. Organizations that offer opportunities and incentives for community outreach create a captivating culture for employees.
5. Increased Collaboration
By increasing your company's CSR, millennials will feel more connected with their team members. Collaboration is key to a healthy environment. Here’s some tips to get you started:
Turn the group email chain into a group conversation
Open work spaces to encourage interactions between small groups
Themed and “fun” areas to enable free thought and a comfortable working environment between employees