Whether you want it to happen or not, Millennials are taking over. No really, this isn’t an opinion, it’s a fact. Currently, they make up 28% of the U.S. population, and with the most common age being 22, they’re primed to enter the workforce now and into the future. As an employer, you’re going to have to come to learn to attract, hire and manage these young ones and… teach them to be leaders within your organization.
Employers are beginning to recognize this, and are ramping up their efforts to hire younger candidates. 92% of employers believe they have a brand issue when speaking to millennials. They understand that their brand isn’t catering to a younger demographic, and 84% of them know appealing to college grads is an important tactic to use if they want to get the best hires.
But let’s say you don’t care that Millennials will be the largest portion of the workforce in less than a decade. Let’s assume that you prefer to ignore the tidal wave of Gen Xers about to descend at your door, with their smartphones and complicated shoes. Well then, you are in luck, we’ve got the roadmap for your hiring strategy right here!
Assume Gen Y is in it for the Benjamins
Though you believe it’s important to hire Millennials and know why, you may not understand what they might want out of you. 75% of Millennials cite people and culture as something they look for when scouring jobs, making it their number one qualification for an employer. Second and third on their list are career potential and work/life balance. Compensation ranks fourth. Millennials want to like the people they work with and the work they do above all else, so enticing them with money and bonuses isn’t going to work as well as you might think. Outspend your rivals while ignoring your newest hires, that’ll keep em away!
Treat Millennials like a Cog in the Machine
If you think compensation is a Millennial’s first priority, then you may as well double down and think they want to be just another worker in a cubicle. 93% of them are looking to be themselves, which means they want to feel special, wearing whatever they want to work (within reason, of course). 83% of these special snowflakes want their creativity to be valued by their employer, and 85% believe businesses have as much responsibility as government agencies to solve world problems. They don’t want to show up to work and just be another worker who gets paid. They want to know what they and their employer do matters. So hide that CSR under a bushel!
Force Millennials to Live in the Big City
With remote working on the rise, Millennials want to focus on where they live over where they work. They’re willing to relocate if the job requires it, but they don’t want to live in the city unless they absolutely have to. 66% of people born after 1977 want a house in the suburbs, 24% would prefer to live in a more rural area, and only 10% of them want to live in a house near the center of a city. Telecommuting is the future of the workforce, and insisting that all your employees show up to an office could keep millennials away. Studies show that working from home can make you more productive, but...you don’t care about that, do you?
Show Them Money is All That Matters
The age of the corporate entity that blindly cares about nothing but profits could soon draw to a close. Now, this isn’t to say that all employers will soon need to champion a cause, but for Millennials, the company that gives back stands out. 77% of Millennials report that their company’s purpose was a big part of the reason they joined up with them. They want to believe they’re making a difference, whether it’s with a company whose purpose agrees with theirs, or one that uses their profits to give back to the community.
"The millennials are making it clear they want to invest alongside their values . . . they’re saying, 'I want my investments to reflect my beliefs, I want my workplace to reflect my beliefs,' and I think there is a big potential . . . to direct that.” — Caroline Anstey, Group Managing Director and Global Head of UBS and Society
Assume Millennials Don’t Want Leadership
Everyone knows the one: the twenty-something college kid glued to their phone, never bothering to enter into conversation with real people. The stats bear this out, to some extent: 90% of Millennials say their phone never leaves their side. The thing is, they know their weaknesses, and they’re not as unaware as you might believe: 66% of them say you should lower their social media usage, which includes cutting thing like Twitter and Facebook. Once they find something they’re passionate about, they want to work on it, and see social media as big a distraction as you do. Furthermore, 51% of them prefer to talk to their colleagues in person as opposed to digitally. So by all means, refuse to implement a social media policy and keep your expectations super low if you want to drive millennials out of your organization.
If you’re stuck in the past and want to keep pushing Gen Y further away, by all means, keep doing the things on this list. But if you want to work with the future of the workforce, you may want to modernize your organization in a few key ways. At Broadbean, we’ve built our culture from the ground up using hard work, high expectations and strong values the opposite of what you see here. Get to know us!