Millennials want a company with values: Here's how to offer one
Millennials are an especially challenging generation for recruiters. Known colloquially as the "job-hopping generation," millennials have a turnover rate that's higher than those of generations past; according to a Gallup poll
, 60 percent of millennials are open to a new job opportunity, and 21 percent of them have changed jobs in the past year, which is more than three times the rate of non-millennials. From these data, it's estimated that this rate could affect a country's overall economic production by tens of billions of dollars.
5 Jan 2018 18:36
So why are millennials so flaky? Some people might chalk this up to feelings of entitlement, impatience, or demand for instant gratification, but the real root cause might be a more philosophical one. Millennials and employer values
Millennials are far less motivated by money than previous generations. Offering a raise or a generous salary isn’t likely to attract better millennial candidates, necessarily — and it certainly won’t guarantee you keep them. In fact, more than half of millennials would be willing to take a pay cut
if it means finding an employer who matches their values, and 90 percent of millennials want to use their skills for good. Chances are, at least some of your values are aligned with your millennial audience’s — the real challenge is making sure those values are visible and understood. How to showcase your company values
So how can you showcase your company values to millennial candidates and recruits to maximise your potential?
- Diversity and inclusion. First, make reference to your diversity and inclusion programme. Millennials are the most diverse generation to date, and they recognise the power that a diversity programme can have. Make sure you talk about more than just hitting quotas or ensuring representation — instead, talk about how members of other cultures and different perspectives have led to greater understanding in the office (a concept known as cultural competence).
- Everyday work culture. Your everyday work culture may or may not align with your millennial candidates’ desires, but either way, it pays to show them early. If they align, they’ll be more likely to work for you and stick with you. If they don’t align, you’ll weed out poorly fitted candidates early and spare yourself the costs of recruitment. You can show off this culture by giving your candidate a tour of the office, and allowing them to talk to other people who work there on an everyday basis.
- Sustainability and green initiatives. Millennials also tend to value institutions that focus on sustainability measures. If you have a “green” initiative, or another programme that promotes your business’s sustainability, make sure you let your millennial candidates know about it. Tell them about your business’s energy consumption, how you use and manage resources, and if you make any efforts to preserve the local environment. You can also talk about economic initiatives and any programs that do good for your community.
- One-on-one conversations. You can also showcase your values by simply having more personal one-on-one conversations with your candidates. Employees make the company, so getting to know a few of the company’s employees is one of the best ways to familiarise yourself with the culture of the brand. It’s the perfect chance for millennial candidates to get to know your business.
- Follow through. Remember, millennials aren’t just looking for values during the interview process; they want to make sure their employers hold onto those values in the long run. That’s why you need to carefully manage their onboarding process, and keep an eye on their development over the next several months and years. The more committed you are to establishing, showcasing, and keeping strong values, the more your millennial turnover will likely decline.
Millennials might make you nervous as a recruiter. There are plenty of candidates to choose from
, but there’s no guarantee they’re going to choose you, or stick around long enough to make it worth your while. But if you understand the core philosophies guiding millennial employees — namely, their desire to find an employer who matches their core values — you’ll have a much easier time finding the right candidates to flesh out your team and stay with your company indefinitely.