When asked what matters most to employees who are part of the millennial generation – generally defined as those born after 1980 – the greatest number of respondents (23 per cent) said it was “the ability to make an impact on the business,” followed by “a clear path for advancement” (20 per cent) and “development and ongoing feedback” (16 per cent). Income came in at fourth place at 13 per cent
The ability to make an impact on the business is what matters most to the millennial generation, according to a study from recruitment solutions provider, Futurestep.
An executive study from Futurestep shows the top considerations for attracting and retaining millennial employees and recruits.
When asked what matters most to employees who are part of the millennial generation – generally defined as those born after 1980 – the greatest number of respondents (23 per cent) said it was “the ability to make an impact on the business,” followed by “a clear path for advancement” (20 per cent) and “development and ongoing feedback” (16 per cent). Income came in at fourth place at 13 per cent.
When questioning what makes millennials choose one job over another, more than a third (38 per cent) said “visibility and buy-in to the vision of the organisation” while 28 per cent said “a clear path for advancement.” “Job title and pay” came in third place at 18 per cent.
“This research demonstrates the changing priorities of today’s young workforce. Where traditionally we might have expected salary to be the number one differentiator for talent choosing their next employer, millennials are now placing greater value on understanding what a company stands for and how, as employees, they can play a role in growing the organisation into a better, stronger brand,” said Trish Healy, Futurestep vice president of RPO Operations in North America.
“As part of the recruiting and onboarding process, organisations need to clearly communicate the paths for advancement and create ongoing dialogue about development opportunities.”
The survey also revealed that nearly half (42 per cent) of survey respondents believe social media is the best tactic for recruitment, followed by “word-of-mouth/networking” (28 per cent) and online talent communities (19 per cent).
“Businesses need to meet these young professionals where they live, which is on social and mobile platforms,” said Healy. “These channels are clearly a way of life for this generation, making it imperative that when companies look to hire the best and the brightest, they are creating digital-first recruitment strategies. Mobile optimised career sites as well as online professional and social communities that communicate the culture, values and personality of the company with real-time interaction from the brand, will enable members of this generation to truly connect and engage with the company.”
Healy added that a multi-channel approach is essential to attracting, engaging and retaining the talent with the right skills, experiences, traits and drivers to achieve the company’s strategic objectives. “Doing so will allow the company to stand out from competitors in the war for top young talent,” she said.
Additional findings from the survey revealed that once employees are hired there are key benefits to in-depth onboarding practices. While 81 percent of respondents said they currently develop millennial employees differently than other employees, more than half of respondents (54 percent) said onboarding programmes help improve performance and accelerate time to full productivity. Nearly one quarter (23 per cent) claimed it provided company leaders with more insight into future stars within the organisation.