With the new generation becoming an integral part of the workforce, there is a lot of change and re-examination needed. Employers and HR professionals continue to think that they have it all figured but with the passage of time, it is becoming evident that the Millenials have been largely misunderstood.
Yes, millennials are plugged in and screen addicted but apart from that, they are also highly dedicated team players who understand the importance of networking and collaboration. As the industry gets ready to face a huge talent gap in the next few years, there will be a need to fill 70,000 positions every year in the future.
What needs to be done?
The first thing that HR professionals and employers need to hire and retain the Millenias is to create the right type of structure in the workplace. It will help avoid cultural clashes as well. There should be a premium on work structures focusing on the importance of coaching, collaboration, performance metrics and avenues for advancement and recognition.
Social media is the key to interacting with and attracting young workers. For any business, meeting the millennias where they are is the best way to reach out to them- and that is exactly what social media empowers them with. Social media is what can help fill the talent gap that is growing within the industry significantly.
What are the workers looking for?
In findings revealed by PayScale Inc, the Gen-Y workers are not fixated upon working in big names. In fact, close to half (48%) of the respondents in a survey were working for companies that had less than 100 people; 30% were working in companies that had between 100-1,500 employees while just 23% were working for companies that had over 1,500 employees.
The reasons for this are simple; smaller companies’ offer more roles and responsibilities, and provide more avenues for recognition. Further, they are also the workplaces where there is greater emphasis on values like teamwork and the ability to take initiatives.
The amount of debts and responsibilities that the Millenials have is significantly greater than what the Baby Boomers faced. In a recent survey by Wells Fargo Retirement, which focused towards the attitude of millennials towards retirement and savings stated that 42% of the young people felt that the amount on debt on them is overwhelming. This is twice the percentage of Baby Boomers who stated the same.
The implications of all this is simple, millennials too are looking for generous compensations for the work that they do. A recent survey that spoke to around 1,900 employees in the United States found that close to 72% of the millennial employees were open to joining a job that had lower pay but better benefits. This is directly in contradiction with the what was expected- since young people, who are decades away from any type of retirement, are not expecting any type of health expenses in the recent future.
Thus, for any business, attracting the Millenials means knowing where they are and what they want. With these 2 things, they will be able to attract as well as retain the talent and bridge the gap.