Deloitte research suggests that companies need to adjust and adapt fast if they want to recruit and retain good young talents.
It’s obvious that people aged 34 and below are becoming the staple workforce globally, and will continue to do so over the next decade. In the United States, this age group composes the largest portion of the labour market. The challenge here lies in the difference of values and principles between the so-called Millennials and their preceding generations: Gen X and Baby Boomers.
Recruitment agencies can attest to the fact that Millennials are prone to hopping from one career to another.For business owners and entrepreneurs, this isn’t a pretty sight. According to Forbes, 91% of Millennials only expect to stay in a workplace for three years max. We all know that the cost of replacing an employee isn’t cheap. The crux of the matter is that finding the right talent pool should be the main goal of recruiters. Companies and startups also have a responsibility to adjust and adapt to these young workers in order to decrease the attrition rate.
Factors that affect recruitment and retention
Before we can proceed to drawing up an action plan, we need to identify what affects employee recruitment and retention. Young professionals these days have career ambitions and plans that go beyond a big paycheque. If a career path doesn’t satisfy them, they are quick to look for other opportunities that will better suit their personality and provide them self-fulfillment. Another factor is leadership. You’ll be surprised how a Millennial looks at the manager or CEO of a company. Millennials are idealists. They have this notion that their zeal and passion should complement the firm’s vision.
Ways to recruit and retain effectively
Now that we have an idea of how the mind of a young talent works, it’s time to consider how to actually recruit and retain them. For a recruiter, his or her job doesn’t end with deploying a good talent. In fact, that’s only the beginning. When hiring young workers, you need to set their expectations, be upfront with the reality of your organisation, and understand their unique strengths. Here are six strategies to effectively recruit and retain young talents:
Headhunters can attest to the vast benefits of working with a Millennial or young professional. This age group is extremely passionate and loyal. If you want your young workers to display a high level of loyalty to your organisation, you need to focus on more than just the corporate profit. Research says more than 80% of people who planned to stay with a company longer than five years did so because of the “purpose beyond profits” offered.
Mentorship paves the way for employee and company growth. According to a study, 83% of young respondents who had mentors were contented and fulfilled employees. You see, mentorship and coaching can’t be forced onto a person or employee. You need to build good professional relationships and exert huge efforts to make them listen and follow your lead. Your HR system could also support these initiatives through providing venues for follow-up.
Young workers are after self-fulfillment and growth. 24% of respondents in a study said they appreciate learning opportunities and professional improvement. Having a good talent management system is one key. Another is allocating enough budget to train employees and send them to conferences. Young talents need a venue to discover, speak their mind and apply their learning.
Young professionals have plenty going on in their heads. As such, they need someone to talk to about their ideas, plans and solutions. Recruitment agencies list ‘lack of career progression’ as one of the top reasons a Millennial leaves a company. If you want to keep the right people, be sure to communicate your plans to your team and listen to what your employees have to say. The more young professionals are satisfied with their career and feel like their voice is heard, the less likely they’re prone to sending their resumes to other firms.
Deloitte Millennial Survey shows that 78% of Millennials deciding to work for a company are strongly influenced by the innovation and technology used by the firm. On top of innovative business processes and HR software, forward thinkers also inspire Millennials. They love entrepreneurship and internal innovation. Herein, you could encourage your teamto pitch their ideas within meetings and then forward it to the executives when the time is right.
Young talents appreciate a healthy amount of support from their superiors. This is not just in terms of finances or career growth, but leadership as well. Recruitment knows how impulsive young talents can sometimes get. With proper leadership, their unique strengths can be further developed.