Start Recruiting the Next Generation of Executives Today
Recruiting millennials is a hot topic these days. As today’s executives, CEOs and corporate leaders begin to retire, millennials are on the cusp of becoming the driving power of the workforce.
Millennials are now moving into middle and upper management positions, and they will hold executive level positions in the near future. Some already do. In fact, by 2020, millennials will make up 50% of the workforce.
Recruiting and retaining this generation of professionals is similar, yet different from previous generations, meaning old recruiting practices will be less effective.
“Naturally, millennials present a challenge to employers. Recruiting them to join your company requires a different approach from previous generations, and understanding their values and motivators is key to hiring and retaining them,” says Lydia Abbot on the LinkedIn Talent Blog.
“There are strong similarities between millennials and the generations that have preceded them: they want security and variety in their career; they want to be stretched and challenged; they want to work for a company of which they can be proud; and they have every intention of being loyal. But there are many ways in which this growing proportion of the workforce is different. They have strong beliefs and expectations that extend to the workplace.”
What You Need to Know About Recruiting Millennials
According to a recent infographic by LinkedIn, here are some insights into how you should approach recruiting millennials:
- 82% of millennials are satisfied with their current job
- 84% are interested in talking to a recruiter
- 92% prefer to hear from recruiters via email, and 79% via LinkedIn
- 45% recently researched job opportunities
- When searching for jobs, 72% frequent online job boards, 62% use social professional networks, and 52% use company websites
- 72% of millennials use their phone to browse for jobs
The research also brings to light a number of important insights to keep in mind during the recruiting process:
- While millennials are satisfied with their job, they are open to new opportunities
- Sending personalized messages with specific details are the key to garner interest
- Highlight compensation packages, professional development and advancement opportunities to get their attention
- Provide feedback and answer their questions about the position to get them to accept a position
Tips to Recruit Millennials
The key to recruiting millennials is to understand them – what they want to get out of their career, what motivates them, and the type of compensation they desire. Here are some tips to consider:
- Create a strong organizational culture that is appealing
- Tap into their entrepreneurial spirit and offer unique opportunities to contribute
- Recruit them on their turf – through social media, apps, and mobile technology
- Provide job flexibility
- Offer regular feedback and opportunities to improve
- Offer career and personal growth opportunities
These are the core things that millennials value in an organization and a job opportunity.
How to Retain Millennials
Focusing your efforts to attract and recruit the right candidates is important. However, as we have stated in a previous post, Compensation and Retention, keeping employees for the long term using retention-focused initiatives is even more vital to the success of your organization.
Millennials are much more willing to leave their current job for other opportunities than previous generations. Many only stay with a company for 2 years before moving on.
Why are millennials leaving?
- Millennials have access to more job offers and opportunities than previous generations
- If expectations are not met or they don’t see an opportunity to grow, they move on
- They are evolving personally and professionally
- If they don’t like the company culture, they look for a company that offers a better cultural fit
Your leadership of tomorrow are the millennials of today. Recruit them now to create a strong funnel of future leaders in your organization.
Learn more about the increasing diverse workforce by reading Generational Divide