By 2020, millennials will make up 50% of the workforce. They are tech-savvy, born into the Facebook phenomenon where, according to Experian, millennials spend 14.5 hours a week on their phone alone!
So how do we attract today’s talent? If you think this can be done using yesterday’s methods then you are naive. 89% of jobseekers are more likely to use a mobile device to find a job in the next year. As an employer or recruiter ask yourself this – how good is your mobile site, is it even optimised? Worldwide, there are 1 billion job searches on mobile devices every month - how can you capitalise on that? You may have heard that in 2000, Netflix CEO offered Blockbuster the opportunity to buy them out at $50million, Blockbuster lacked the vision to see that the industry was changing and declined. We all know what happened to Blockbuster and Netflix is now worth around $33 billion. This is an example of what happens if you don’t move with the market, and in recruitment terms, this relates to millennials.
This is an internet-raised generation. Daily life is a mixture of “selfies” which are uploaded to Instagram, Facebook, Snapchat and the rest! You cannot survive by advertising on job boards to attract the best young talent, they just won’t be there! So the question is, how can you attract the best millennials? This is made up by a combination of factors.
Firstly, there is the instant attraction which will be based on your brand. To do this you will need to ensure your social media presence is loud and fun on all platforms. You will also need interaction from your employees to emphasise the fact that millennials should work for YOU. This is your packaging that will sell you! I have worked with software vendors whose own website has been outdated and functionally poor and this has actually resulted in candidates pulling out of interviews. Even your logo can make a big difference, not something eighties-esque that resembles ‘Wernham Hogg’ from Ricky Gervais’ “The Office”. It needs to show that you are modern and represent you as a company and a brand. It’s the small details that the smartphone generation will be focusing on.
With the “baby boomers” all reaching retirement age, there is going to be a mass exodus from the workplace in the near future. The Office of Employment Predictions states:
“The average large company in the U.S. will lose 30-40% of its workforce due to retirement over the next 5-10 years.”
Ouch. If you don’t adapt your recruitment methods or talent attraction for Generation Y, will this bankrupt you? The short answer is probably not immediately but definitely in years to come. And it’s not just talent attraction you need to worry about, it’s keeping that talent once you have it.
As a specialist in placing graduates and second and third jobbers into the technology sector, I know how much demand there is for millennials. Everyone wants them! I have too many vacancies and not enough candidates; the gap is only going to get bigger.
Secondly, to attract the best millennials, you need to think about the package that you’re offering.
The main reason candidates I speak to are leaving their current employer is due to the lack of career progression. When I speak with a client and they tell me that they have a fast track scheme where they will promote within 12 months, I know that we will receive lots of applications. Furthermore, recently I have had a client that alongside this regularly brings a masseuse into the office for his employees, offers unlimited holidays and personal mentoring with a FTSE 250 coach. Generation Y candidates will have 3-4 offers on the table and will select their favourite one. Alongside other details such as salary and commute, it is going to be the employer that goes the extramile who is going to beat their competition.
You need to make sure that your company, your brand and the package you offer will beat your competitors.
For ideas on the kind of benefits many of our clients offer to their sales people in the IT industry, check out our other blog - Is Your Company Offering Enough to Attract the Top Sales Talent.
Working with a great recruitment partner who understands what the market is like and how it is changing, can offer advice on how to recruit millennials but also how you can access that third tier millennial talent that your competitors can’t find.