How to Find and Keep Millennial Talent
Millennials, or, Generation Y, have been trained to be optimal workers. This demographic of young workers, born between the early 80’s and early 2000’s, are highly educated, skilled, and have perfected the use of social media. The almost effortless adoption of technology, both in and outside of the workplace, is one of the outstanding skills that Millennials bring to the table.
But the Millennial skill-set goes beyond just technology. This is also a highly adaptable demographic, able to adapt to any industry or environment, a necessity born from the economic reality they have found themselves in, likely having juggled multiple jobs and studies in their late teens and early twenties.
With so much to offer, millennial talent is highly valued by HR. The only trouble, keeping them on your payroll.
Millennials may bring their skills to the work-place, able to adapt and evolve alongside a company with relative ease. But this is also a generation that is highly transient, moving to different cities, or different countries with very few barriers in place for this generation. And while this global perspective may be great for your business (they can work with autonomy and are often blue sky thinkers), it also means that they are more likely to change jobs and even career paths which can be a pain for your HR department.
While it might seem like you have to walk a careful tightrope between hiring the right person for your business and risking them shooting off after the next opportunity, there are ways that you can keep hold of your new talent and also increase job satisfaction for the rest of your employees.
Being tied down to a 9-5 office job in one fixed location, may just not be suited to future generations for a number of reasons. As technology evolves, Making Tax Digital looms, and the workforce moves towards automation and greater autonomy (for machine and human alike), future workers will be spread across the globe, working alongside Big Data and more likely than not, utilising blockchain technology. Read about the benefits of remote working, including increased productivity and greater work/life balance here.
Millennials are highly connected, and having learnt to manoeuvre social media from a young age, are able to access online platforms and systems with ease. Knowing how to use blockchain technology to help delegate work securely and efficiently to your employees will save you a great deal of time and any misunderstandings that may arise due to a lack of perceived transparency or communication. Employers and freelancers who work remotely can make use of blockchain technology in a number of ways, as blockchains are unbiased, transparent and secure which means work can be assigned through smart contracts which are computer protocols that can be programmed to verify and keep track of workloads.
Millennial burnout is rapidly becoming one of the main reasons for workers of that generation leaving the workforce. Studies have shown that this is perhaps the greatest reasons for employees (not just Millennials) handing in their notice. While being tethered to your work-phone or laptop 24/7 is increasingly common, particularly among the younger generation, it is important to remember that your employees are not lean, mean production machines, but will need to be actively encouraged or dismissed when they are off the clock. Working after-hours can appear to increase productivity, but is not sustainable, and your employees will soon find themselves running on empty.
OFFERING AN EMPLOYEE BENEFITS PACKAGE
Like most of the employees in today’s competitive job market, Millennials are looking for a job where they can make a positive impact, the opportunity for flexible working and a great company culture. One way of attracting and retaining Millennials is to offer more than just a salary. An attractive and comprehensive employee benefits package including, for example -health and medical benefits, birthdays off, cycle to work schemes, and sick pay are just some of the benefits that demonstrate a caring company culture. And of course, benefits such as private medical insurance and dental cover encourage employees to take care of their health too. It’s a known fact that happy, healthy and engaged employees create productive, successful and profitable businesses.
Undoubtedly job satisfaction, is key to having and keeping a productive work-force. Alongside wage stagnation and burnout, the failure of both employee and employer to meet basic expectations will quickly see off new talent. What these job expectations are will of course vary industry to industry, but good communication is cited as being one of the most desired skills working hand in hand with clear job expectations. As one of the most sought after soft skills on the job market, communication is still a big problem across most industries and job roles. Ways that this can be tackled include utilising the aforementioned blockchain technology to provide greater accountability, as well as making good communication one of the pillars of your company. It really cannot be overvalued.
One key thing to remember, is that many companies, old or new, will require a shift in perspective in order to successfully work with the millennial generation. What might be perceived as an additional bother, in terms of how you need to adapt towards a younger work-force, will actually benefit you long-term, with a workforce that is able to adapt to a shifting work space. If generation Y is anything to go by, future generations of workers will also be moving forward and expecting greater flexibility and autonomy that aligns with their use of instant technology, and fast-moving lifestyle.