According to the Pew Research Center [1], millennials became the largest generation in the United States labor force in 2016. By 2025, millennials will likely make up 75 percent of U.S. employees [2].
When looking at the U.S. population as a whole, this age group is projected [3] to overtake baby boomers as the largest adult generation by 2019.
If your company isn’t looking for opportunities to attract millennials, you might be missing an opportunity.
Millennials are typically defined as those born from 1981-1996 and are currently 22-37 years old. There are distinct differences between each generation, and millennials are no exception.
One difference that is often referenced is their reliance on and utilization of technology, which has always been a part of their lives. There has been significant growth [4] in technology adoption by older generations in recent years, but millennials are the leaders when it comes their use of smartphones, social media and the internet. This carries over to the way they approach daily life and work.
What do millennials want from a job?
When it comes to the job search, millennials may take a different approach than their predecessors. You may think we are referring to perks like video games, a trendy office space or free snacks. Although these benefits may make a job more appealing, what they care about goes deeper.
Millennials are often thought of as job hoppers; however, that is a misconception. According to a survey [5] of almost 1,500 millennials, job stability is highly valued. Almost 90 percent said they would choose to stay in a job for the next 10 years if they knew they’d get annual raises and upward career mobility.
In addition to opportunities for growth, what do millennials look for in a new position?
- Benefits that match their values [6]. When you consider the age range of this generation, it’s not surprising that they are looking for benefits that include tuition reimbursement for their college debt, savings plans for children and the consideration of support for their parents.
- Millennials don’t want to be seen as just a number. A sense of loyalty to their employer is important, and they expect the same in return.
- Financial and social impact. Sometimes called the “Giving Generation,” millennials value companies that offer time off for volunteer work or charitable gift matching. According to a Capital Group survey [7], 82 percent of millennials say it’s important for companies to promote the health and wellness of consumers and employees.
- Flexibility [8]. This can include flexible work hours, flexible roles and the ability to work from various locations. Many organizations are moving in this direction. According to a Deloitte [9] survey, 84 percent of millennials report some degree of flexible working conditions and 39 percent say their organizations offer highly flexible work environments.
How are millennials changing the hiring process?
As this younger generation grows more prevalent in the workforce, they are contributing to a change in culture, including the way companies hire. HR teams need to be aware of ways to:
- Deliver a technology-driven approach. Given the increasing use of mobile devices, it’s understandable that 68 percent [10] of millennials use their mobile device to search for jobs. In addition, 62 percent [11] visit social media for job information.
- Shorten the hiring process [12]. If the process drags on, there’s a good chance the applicant will move on to other opportunities.
- Provide purpose [13]. Millennials want to find meaning in their work. Companies should be prepared to talk about their mission and values and showcase how employees can make an impact through their work.
- Provide feedback. In addition to wanting feedback about their performance, millennials want feedback when they don’t get the job.
How can a hiring assessment help?
Even if you are familiar with the millennial generation’s preferences and expectations, something you may not have considered is how a hiring assessment can help market your company.
Using a hiring tool like the Emergenetics Selection Program (ESP) can make the hiring process more appealing to millennials and benefits your organization at the same time by:
- Providing an opportunity for candidates to exhibit their skills. If a candidate is entering the workplace without much previous work experience, a hiring assessment provides a huge opportunity to demonstrate that they have the necessary skills to excel in a job.
- Offering a more complete picture of a candidate. Hiring assessments can be tied to career progression and opportunities for skills development, and open the door for the growth conversations that millennials prioritize.
- Demonstrating an investment in employees. This is not just a hoop to jump through; it shows a company is invested in their employees and cares about placing the right people in the right jobs.
- Producing quick results. ESP provides instantaneous results and feedback, which helps you shorten the hiring process by quickly identifying top candidates.
- Showing a company’s level of commitment. Investing in millennial employees during their first 90 days on the job is key to retaining them [14]. ESP reveals a candidate’s motivations so you can tailor their onboarding experience based on their interests.
With millennials dominating today’s workforce, marketing to this generation is a must for talent acquisition and HR teams. Changing your internal processes can feel overwhelming, though putting in the effort will help you find and retain top talent. Understanding what makes this generation tick will allow you to provide a more engaging work environment where employees and organizations thrive.
Interested in learning how our hiring assessments can help you identify, hire and retain top millennial talent? Connect with our team today at selection@emergenetics.com [15].