Millennials are poised to become the largest demographic in the workforce – so what can your organisation do to attract top young talent?
Forbes estimates that by 2020, Millennials will make up 40% of the global workforce – but many companies have stumbled in their attempts to attract these young recruits into their ranks. Recent graduates tend to seek out specific qualities in prospective employers, and capitalising on these traits is vital to capture this massive segment of the workforce.
Hoping to effectively target this growing demographic? Consider promoting these four aspects of your company culture to prospective Millennial hires:
1. Out-of-the-Box Work Environment
The traditional concept of work/life balance no longer appeals to young applicants. Rather, top graduates are increasingly flocking to companies that offer a nontraditional work environment, such as those found on the Google or Linkedin campuses in Palo Alto, California. For example, LinkedIn encourages employees to invite their family and friends to dine with them at its company restaurant, while its neighbor Google offers comprehensive on-site amenities ranging from exercise facilities to free laundry services.
2. Employee Independence
Author and HR expert Louis Efron explains that recent grads seek out companies that foster independence by allowing them to work whenever and wherever they choose, as long as they deliver results – in fact, 72% of Millennials report they’d prefer to work for themselves. In order to attract and retain Gen Y recruits, companies must foster a culture that embraces the entrepreneurial spirit that seems to characterise these applicants.
3. Collaboration, Not Competition
Although Millennials value their independence, they strongly prefer to work with, rather than be pitted against, their fellow employees. A study by Universum, a global research and advisory firm, found that companies that encouraged collaboration between employees (such as Google) were the most attractive to recent graduates. This preference for collaboration is part of a larger desire among Millennials to “understand a company’s purpose, align with it, and work with others to propel the organization’s [sic] performance.”
4. Social Consciousness
Millennials don’t just want to feel that they are meaningfully contributing to an organisation’s mission; they want the opportunity to work towards a greater good. Having grown up in an increasingly interconnected world, this demographic is attracted to organisations that tout diversity, inclusion and global awareness among their founding tenets. In order to attract recent graduates, companies should promote a mission statement that highlights their social consciousness and global outlook.
Put simply, in order to successfully tap into the growing graduate market, your company must go beyond simply fostering employee independence or prioritising work-life balance. It’s about making these recruits feel that they can work with your company, in their own way, to make a positive and lasting mark on the world.