In the wake of graduation season, college graduates are flooding the job market right now, ready to assume their place as the future workforce of every organization, regardless of company size, industry or location.
Demographically speaking, this year alone, 36% of the workforce in the United States will be made up of Millennials, a generation born between 1980 and 1994. By 2022, that number will rise to 46%.
Soon, according to a recent study by Pew Research, Millennials will overtake Baby Boomers as the nation’s largest living generation as well as the largest target audience for recruiting departments.
Known for their love and adoption of technology, entrepreneurial instincts and craving for instant gratification and recognition, Millennials are naturally attracted to startup, DIY environments.
Beyond compensation, what works to attract this young talent and how can you compete with hot, shiny startups down the block? Here are a few tips:
1. Millennials want to make a difference.
Specifically, they want to make a difference at your organization. To attract Millennials, advertise that you sponsor and support career development, especially during interviews.
Sixty percent of Millennials consider the most attractive job perk to be growth opportunities—they want to make an impact, so keep them in mind to lead important projects or initiatives, even smaller ones. This signals your trust and confidence in their abilities.
Note that you’re not going to entice Millennials with a laundry list of rote to-dos. To hook them, showcase big projects or initiatives they’ll get to work on as part of a team and how they’ll help improve your overall organization. This balance will ensure that Millennials feel valued and their work matter.
2. It’s all about balance.
Millennials are eager to find jobs that support a great work/life balance and offer a sense of community and belonging. Seventy-five percent of Millennials look for a people and culture fit with employers—in short, it takes more than a job description to win them over.
To attract Millennials, hit them with your benefits and unique perks. Do you have a gym or onsite workout classes where they can exercise with colleagues or teams? Mention that in interviews. Do you celebrate team wins with monthly happy hours or team outings to sporting events? Offering community and belonging is a strong hook.
Lastly, be aware that in this age of review sites and social media transparency, candidates are likely walking into interviews already knowing what it’s like to work at your organization and what type of culture you promote.
Focus on hiring candidates who’ve done their research—they’re likely the ones who look at opportunities as not “just jobs” but careers paths they can believe in.
3. Make the interview process brief, yet effective.
Millennials are used to a fast-paced lifestyle and tend to have short attention spans. An unpredictable hiring process is a no-go in their world. More often than not, they’re looking at multiple companies and aren’t planning on spending much time pining after weak, delayed or lost opportunities.
So don’t let your interview process be the reason top candidates walk away. Communicate with candidates clearly and often—it’s your job to manage candidate expectations. If they won’t hear back for two weeks because the hiring manager is on vacation, alert them! They value honesty and transparency above all else, and might move on if you aren’t proactive.
In summary, with Millennials coming to dominate the job market, organizations—and not just startups—must differentiate themselves to attract these tech-savvy, “How will I make a difference?” individuals.
Want to learn more about competing for Millennial and even younger talent? Take a look at this blog post discussing why you need to consider Gen Z now.
