A decade ago, you’d be hard-pressed to find anyone in business who thought 20 and 30-year-olds were prime candidates as serious business partners. That has changed. Millennials, an era that starts with those reaching young adulthood around the year 2000 (actually those born anywhere from 1980 to 1999), have access to technology, communications, and publishing that simply wasn’t available decades ago.
They also have the capacity to utilise it in ever expanding and creative ways. As a result, they have much to offer in the new social media boom. Experian Marketing Services reveals latest demographic trends about these Millennials, who they call ‘the most diverse, informed and connected generation in the Western world.’ Here’s a complimentary copy of their report, Millennials come of age.
It can be downloaded here: http://www.experian.com/marketing-services/millennials-report.html.
Another thing to be aware of is that Gen Y’s have demands for career and lifestyle that are often different than older generations.
So What Do We Offer The Millennials?
While salary is important to Millennials, it’s often not the primary motivation (source: “Class of 2012” study by Achievers and Experience, Inc) says online Entrepreneur. Leaders who prioritise volunteering and a connection to social causes are finding success in attracting and retaining Gen Yers, many of whom stress their desire to work for a business that has a positive impact on society.
“Once a salary meets their basic needs, Millennials still desire progression and growth, along with challenging and interesting work that piques their interest,” said Suleman. “You must: sell Millennials on why they should join, what their career progression will be, and most importantly, translate how they’ll make an impact on not just the company, but the world.”
Millennials aren’t all that different from the generations before them, but knowing a bit more about their motivations and needs in the workplace can help your entire company succeed.
Here’s some advice:
Emphasise training and personal development. Surveys show that Millennial workers rate training, mentoring and development as an employee benefit three times higher than they rate cash bonuses. “Put your training program on steroids if you want to retain this group. It’s money that is worthwhile to invest,” says Amy Lynch of Nashville-based consulting firm Generational Edge.
Meetings should be open, collaborative sessions in which everyone is encouraged to share ideas. A good leader will know how to incorporate that input and channel it. Switch from top-down to side-to-side management,and focus on: ‘Here’s what we have to get done, let’s figure out how to get there.’”
Connect with them through texting if you want to initially engage with them. Another report, “Millennials: A Portrait of Generation Next.” pointed out that “Steeped in digital technology and social media, they treat their multitasking handheld gadgets almost like a body part — for better and worse, It’s not just their gadgets — it’s the way they’ve fused their social lives into them.” And that’s why texting them rather than phoning, allows them time to consider, crowd-source and get back to you when they are ready.
To find out what it takes to draw in this highly sought-after Millennial community, the Entrepreneur staff asked recruiters and anyone hiring young talent what they believe are the “must-adopt” recruiting techniques for hiring Millennials.
Here are their favourite responses:
- TIP #1: Engage in social media. By utilising the platforms they use the most: social networks, you give them an opportunity to easily get to know your company. “You have to be there [in social media], and be responsive and engaging.”
- TIP #2: Put a real name and face behind the corporate social media accounts. It makes for a more personal connection, which Millennials appreciate.
- TIP #3: Have a “why”. Ultimately, a Millennial wants to know why they should take this job. How will it help them with their overall goals?
- TIP #4: Make sure your website and social identities are up to date. If you can’t demonstrate that you care about communicating with them, how can you expect a potential new recruit to care?
- TIP #5: Keep selling your company and follow up. You sell Millennials on why they should join, what their career progression will be, and most importantly, translate how they’ll make an impact on not just the company, but the world.
- TIP #6: Be respectful of all recruits, including the ones that didn’t make the cut. It’s particularly important that you maintain good relationships with Millennial recruits – regardless of whether they get the job or not – as they’ll be the first to tell their friends and family about their experience. Make it a good one, and you can turn recruits into recruiters.
- TIP #7: Recruiters should expect and prepare for repeat business from Millennials. Recruiters must use more inbound marketing techniques to build long-term relationships and relationship opportunities.
- TIP #8: Build relationships with Millennials before they enter the market.
- TIP #9: Live the company brand and culture. Culture, which could be discussed in a book of its own, is critical for Millennials. You must “be honest and genuine about the employer brand that you present to them.
- TIP #10: Show what it’s like to work in your office
- TIP #11: Accept failure. Project based internships. A win-win! We learn – they learn!Millennials are attracted to entrepreneurial environments that have a culture that accepts failure as part of the learning and innovation process.
- TIP #12: Offer flexible work options. Work-flex benefits“Millennials don’t want to fit their lives into an inflexible job.
If you’d like to find out how the Savvy Team are helping Millennials develop incomes that replace their need to work for a boss, giving them access to free mentorship, training and personal development programs that allow their unique talents to develop as they make a difference across several different industries, then contact us at [email protected]