The digital age has given rise to new trends in hiring and retaining employees. Traditional workplace roles are shifting, expectations are changing, and the workforce is being flooded with the well-known millennial generation.
This generation of individuals has greatly affected the job market already. Studies show that within the next decade, 75 percent of the workforce will consist of Millennials, as cited in an article on Business to Community on this topic of millennials in the workforce. Also in this article, the author responds to this statistic, saying that these changes in the workforce will “significantly impact how companies address recruitment, employee engagement, and retention.”
For many employers, attracting top talent out of this generational pool is not so easy. For one, we’re no longer in a recession and jobs are in plenty. Another major reason is that the expectations of many millennials when it comes to employers and the workplace has completely changed. With this mind, here are three ways employers can attract, hire, and retain top millennial talent.
#1: Offer ‘Gig’ Positions or a Flexible Work Schedule
One of the most evident shifts in the American job market is the emergence of ‘gig’ positions.
The concept of a ‘gig’ position was first recognized by the Bureau of Labor Statistics back in 1995 under the term “contingent or alternative employment.” However, a survey on this category of employees hasn’t been done since 2005. In fact, the Bureau of Labor Statistics leaves out the nearly 40 million independent workers over the age of 20 in the U.S. According to a report on the statistics: “The reality of the world today is that millions of workers are independent and are not included in the monthly surveys nor do they have a specific classification under the BLS standards.”
This matters because many companies might see these numbers and get a misrepresented view of American workers, specifically the millennials. Even if you aren’t attracting specifically millennials, more people are interested in flexible work arrangements and freelance opportunities. For example, since almost everything is done online now in some capacity, working remotely has become more the norm than the exception.
Offering potential employees options like flex schedules or hiring employees on a project by project basis can help the company save money and acquire better talent. In fact, a Bentley University study found that 77 percent of millennials surveyed believe that “more flexible scheduling would make them more productive.”
#2) Don’t Underestimate Loyalty and Job Security
A survey conducted by Credit Karma found that out of 1,000 millennials surveyed on the topic of money management and job outlook 78% said that they were concerned about job security and 45% very concerned that they would one day be out of work. Of those surveyed, 1 out of 5 wanted to stay in their current job for at least 4 years, and about 67% said that a wage increase or promotion has motivated them to change jobs.
These numbers paint a different picture than what some employers may have of the millennial generation: one of high turnover and lack of loyalty. In this survey, most of the participants surveyed actually felt that employers were no longer loyal to employees. As a whole, millennials aren’t afraid to leave a job if their employers don’t make them happy, which is big news for employers. Remember, millennials have lots of options.
One way an employer can demonstrate loyalty to an employee is by placing more emphasis on project performance rather than hours clocked. Employees will feel trusted if they need to come in late or leave early without issue, as long as their work is done. When it comes to retaining these employees, companies should also consider their overall environment. Most millennials enjoy engaging environments without rigid and archaic management styles that stifle creativity.
#3) Streamline the Hiring Process
This last tip deals with a logistical idea for companies to consider. ‘Gig’ work can be beneficial to both the company and employee, but it can be a nightmare when it comes to the hiring process and all of the logistics in having people on and off of the payroll. As stated before, hiring on a project by project basis, or offering flex hours, can easily save money but it also requires a more streamlined, digital approach when acquiring employees.
One idea for employers is to consider using an online scheduling software, which is a software as a service (SaaS) application that automates the appoint-making process for both potential employees and the employer. This type of software can automate tasks like interview booking by emailing a link to a calendar to set up an interview time rather calling back and forth. This way, the employee has time to look at their schedule and sign up, and the employer can instantly see this. This type of setting up is also ideal for group interviews or intern placement. There are several employee scheduling and planning software options; just be sure to assess your specific company needs and industry type.
The bottom line is that while many companies have become savvy to the needs and want of the millennial generation, some are still lagging behind. Acquiring top talent may mean a shift in thinking when it comes to traditional work hours and the traditional interviewing process for hire. Changes may also need to come in the relationship between employee and employer.