Millennials – they have arrived in the workforce and in 2015, will overtake baby boomers as the largest segment, and represent 53.5% (baby boomers represent 52.7%), according to Pew research. While you have surely seen the funny videos about millennials in the workplace, and you've rolled your eyes at their job skipping habits you know you need to get on board quickly because this is the fastest growing population in your business. So how do you become a Millennial Management Megastar (MMM) as you recruit, onboard, and retain this dynamic, challenging, but very energized group? Read on! This guide will give you the key takeaways you need to know to hit MMM status quickly.
Who are the Millennials and why do we care.
Millennials are born between 1982-2004. Millennials have been stereotyped for their demanding schedule control, meaningful work relationships, and desire for work-life balance. They're ambitious, but want to work for companies that have purpose. More than 1 out of 3 people in the workplace is now a millennial.
The worst thing you can do, though, is stereotype millennials! One thing is for sure, they are a diverse group with more opportunities than ever before, and they know how to make the most of them. They are smart, connected, and have the world at their fingertips, literally, through their smartphones.
You can think about it like this: Baby Boomers represent the good old days, Gen Xers represent the “old school days” and millennials are “today” and don't forget about the Gen Zers who are the tomorrow and bring their own world of new rules to bear (but that is for a different blog post).
Why does Success in the Workplace with millennials start with Human Resources?
Human Resources should be leading the charge to ensure that millennials are successful with a new and innovative approach to engagement, recruitment, benefits, and life at work. Here's why, and how (a great list of the resources you need to guarantee your MMM status):
1. Job Selection: millennials thrive on innovation and as job seekers they are particularly hungry for innovation in the Talent Acquisition space. Of course, the traditional resume submission service will exist for millennials searching for a job, but the most innovative companies, like Mercer Match are disrupting the traditional job search market with exciting tools, introducing neuroscience in the form of gaming to not only make career pathing and job searching fun, but also more insightful for both the candidate and the HR manager. Try it here for free, or get in touch with Jon Meyers at Mercer Match directly at email@example.com
2. Marketing your company differently: for today's competitive work environment, attracting millennials requires a completely new approach. The process needs to be immersive, so you'll need to demonstrate what it's like to work at your organization using videos, current employee testimonials, and other vibrant collateral that really tells a good story.
“Millennials often make up their mind about intent to work in an organization during the early phase of the recruiting process, before you even make it to a job offer and benefits discussion” said John Wood, a PRO at Mercer PeoplePro. “If you are going to invest in recruiting the best talent, start with an exciting and differentiated communication strategy. Tell the story of your organization and what it's really like to work there. I will even help you get started for free (get in touch with me before 2/15/16).
3. Benefits – with millennials it's not always about money. Time shares the top areas of focus for working with millennials and cites “the vast majority were attracted to the prospect of customizing their benefits” Mercer PeoplePro Phil Schneider says:
“Many companies need just a little push to get started thinking creatively about benefits. And, in some cases companies are able to save money while making millennials happy. An extra week of leave goes a long way, for example. I really enjoy working on projects like these because the end result is always happy companies and satisfied employees.”
“The most forward thinking companies not only know this but also know that onboarding a millennial isn't something to be done in a bubble. Millennials are a key part of a generationally diverse team. Once the onboarding is complete a focus on creating fabulous teamwork sets in”
So what are you waiting for? Get started on your way to MMM status.
Now that you know about the four ways to attract and retain millennials you need to put these to practice.
“Success comes from being open to change, listening to your customers, in this case employees, and being willing to try new things, which don't always work. But you will always learn and get better at it for the next round”, said Jo-Anne Bloch, Partner and Team Leader at the Mercer Innovation Hub. “Mercer PeoplePro was born from this very process. So find out how well you rank in each of the areas and build a game plan. And we will help you get started for free.”