Visit us at: www.fplpartners.com

January 2017

How to Attract and Retain Millennial Employees

How to Attract and Retain Millennial Employees

As Baby Boomers reach retirement age and more Millennials enter adulthood, the landscape of the American workforce is changing. In fact, researchers predict that by the year 2025, Millennials will make up about 75% of the country’s working population. In other words, this is the generation who will shape the future of your company and even your industry as a whole.

Understanding what motivates Millennials and identifying their priorities are essential to attracting and retaining the talent your business needs to thrive in the ever-changing marketplace. Below are a few tips from human resources consultants to help you recruit and keep a strong Millennial workforce.

  1. Make purpose a priority
    More than any other generation, Millennials are driven by meaning. Sure, monetary compensation is necessary, but if a job doesn’t have a strong mission, young people aren’t interested. In a recent study, 64% of Millennials said that it was important for them to somehow make the world a better place. They crave purpose. That means that you, the employer, need to emphasize the positive impact your company has on the world.
  2. Encourage teamwork
    As many as 88% of Millennials want to work in a collaborative environment. You may have noticed a recent trend in workspace design -- the open-office plan. Millennials are literally knocking down barriers in order to create a more open, flexible, and communicative culture. They prefer to share desks and hold meetings in lounge areas. Conference rooms and corner offices are a thing of the past. If you want to attract young talent, show them a place where they can collaborate with peers and foster team spirit.
  3. Allow flexibility
    Autonomy and flexibility are two very attractive qualities to a young employee. This means letting them work non-traditional hours, telecommute, and work in a way that optimizes their strengths and overcomes their weaknesses. Millennials typically believe that if quality work is being done, it shouldn’t matter how it happens. This generation is more productive when they’re given a little more flexibility.

Researchers have found that Millennials expect to have between 15 and 20 jobs over their entire career, and as many as 53% of employees are open to new job prospects even if they aren’t actively searching. That means that holding onto your top talent can be a challenge.

For more advice on how to attract and retain skilled Millennials, ask a human resources consultant about talent acquisition services.