How Millennials See Your Brand, and Why it Matters
Attracting prime Millennials to your company brand is a question of understanding what motivates them, tapping into their concerns and utilising their strengths.
As 2016 Galaxy Research shows, Millennials or Gen Y – those born between 1981 and 2000 – will make up half the Australian workforce by 2021, and a staggering 75% by 2025.
The challenge Millennials present for recruiters
The Motivating Millennials: Managing tomorrow’s workforce, today report, produced by Galaxy Research and Kronos Australia, reveals some fascinating information about this working generation.
On the down side, Millennials present a challenge to traditional recruiters because:
- Millennials swap jobs at double the speed of their predecessors. Their hiring half-life averages 3.4 years, compared to 7.3 years for baby boomers and 5.8 years for Gen X.
- 15% of Millennials average less than two years in a position, compared to 1% of baby boomers and 6% of Gen X.
- 10% of Millennials try to stay no longer than two years with an employer, with 7% attempting to cap their contracts.
Switched-on companies are meeting Millennials halfway, negotiating jobs and working conditions which suit their more agile way of working.
How to tap into the Millennial mindset
It’s not all bad news for employers, especially those who cater for the following requirements.
- Personal approach. Two thirds (65%) of Millennials said they would stay longer with an employer who showed personal interest in their work and asked them what would enhance their job.
- Money motivation. Financial reward emerged as a top motivator for 84% of Millennials, compared to 69% of baby boomers and 75% of Gen X.
- Passion and performance. If it doesn’t feel good, Millennials tend not to hang around. Around 60% left a position within one year of feeling they were no longer achieving peak performance – with 32% leaving within three months!
Perhaps the most important statistic for HR executives is the one relating to career development.
Two-thirds of Millennials practice strategic swapping – choosing to stay with an employer as long as they are still undertaking the necessary training and acquiring the vital skills to advance their careers.
Mobility, flexibility and social purpose
Agile employers need to be constantly tuned to the wavelengths of young employees, monitoring ongoing performance and satisfaction levels.
Mobile technology, 24/7 availability of information and social learning are a boon for contemporary employers keen to meet the tech-savvy Millennial demand for interactive, responsive and genuinely engaging forms of learning and development.
The Deloitte Millennial Survey 2017 shows 84% of Millennials reporting their workplaces offer flexible work conditions, with 39% saying they have highly flexible work environments. They believe this encourages higher productivity and staff engagement, as well as promoting individual health and happiness.
Flexible workplaces also greatly enhance staff loyalty, the survey reveals, as well as making workers two-and-a-half times more likely to feel that flexible work practices positively impact the company’s financial performance.
The Deloitte research also shows the importance of socially conscious workplaces for Gen Y:
- More than half surveyed said they were given the opportunity to contribute to charities and worthwhile causes in the workplace.
- Those given these opportunities showed greater levels of loyalty to their employer.
- Millennials intended to stay longer with employers who engage with social issues like education, unemployment, and health care.
The 2017 Deloitte survey demonstrated a decline in the number of Millennials seeking to swap jobs, perhaps due to worsening global economic prospects.
It’s worth remembering that Millennials are more open to persuasion than all other generations.
In the Galaxy research, only 19% of Millennials said there was nothing an employer could have done to stop them leaving – against 31% Gen Y and 35% baby boomers.
So, starting the conversation is definitely the best place to begin.