6 Strategies to Hire the Best Millennials
At our worst, millennial employees are lazy, entitled, praise-craving Instagram addicts.
But at our best, millennial employees are inspired, tech-savvy, creative globe changers.
Instead of complaining about the worst millennial employees, how can you hire and retain the best of this demographic group that by 2020 will form 50% of the world’s workforce?
Here are six strategies for courting and keeping the best millennial talent (along with the firms using these strategies). No idealistic fluff here: just what’s being shown to work.
1. Non-Monetary Perks. Millennials may respond better to another vacation day than another $1K. 73% of millennials would prefer increased work-life balance to a salary rise, according to a recent study by Universum and the INSEAD Emerging Markets Institute. The Motley Fool, a Glassdoor #1 Best Place to Work, offers travel prizes and unlimited vacation. And Google, the epitome of a millennial workplace, offers childcare and gourmet cafeterias.
2. Rapid Advancement. Millennials are at once ambitious and impatient: 35% of surveyed millennials say taking on a leadership role is “very important” to them for compensation considerations, and about a quarter of respondents desire rapid and regular promotions. East Coast firms like Red Ventures and APT lure talented millennials with less-than-rigid promotion schedules and opportunities for millennial employees’ speedy leadership as the firms grow.
3. HQ in a Hip Location. 62% of millennials indicate they want to live in mixed-use urban hubs like the San Francisco Bay Area or Austin, Texas (according to a 2014 Nielsen report). For a generation that coined the term “FOMO” (fear of missing out), seeing one’s Facebook friends having a blast every weekend in New York City could suck if you work in Kansas. Firms need to locate in hip cities or build $700 million campuses like Epic in Wisconsin.
4. Remote Work Options. 92% of millennials want the option to work remotely—and why should they have to show up to the office from 9-to-5 with today’s tech-driven workplace? Besides, fighting the traffic for a long daily workplace commute has proven negative side effects on worker morale, health, and productivity. Companies like IBM, where I interned last summer, grant some employees the option to work remotely at least once a week.
5. Diverse Work Teams. For millennials, diversity means more than a glossy page in the company brochure. Not only are millennials the most racially diverse generation in US history—millennials ranked diversity as the second most-important trait in an employer (according to the another 2014 study by Universum). Millennials also overwhelmingly value teamwork and friendliness, so lip service to diverse collaboration just won’t cut it.
6. Open Doors Elsewhere. There’s a reason why firms with twentieth-century prestige like Goldman Sachs and McKinsey & Company still succeed in capturing the top 1% of millennial talent. These firms do not expect the majority of analysts to stick around. In exchange for two years’ hard work, these firms open prestigious job opportunities in every sector. For millennials who may change jobs every few years, that’s valuable indeed.
How will your firm attract top millennial talent?