A generation changes hiring

What benefits are you willing to provide to attract today’s workforce? The U.S. Millennial generation is poised to outnumber Baby boomers by 2019. The Pew Research Center estimates that Millennials will number over 73 million while Boomers decline to 72 million. This population surge also translates to the workforce as Pew reported that Millennials did, in fact, surpass Baby Boomers in 2016.

So the chances of your hiring pool being populated by Millennials is very high. What you were offering in the way of incentives and hiring packages in the past may not be of interest today. Applicants may turn down your offering because of a better package elsewhere. And that doesn’t always mean money.

Companies know that the job marketplace is changing. In order to be competitive, incentives to hire are being reconsidered. Pension plans are being phased out as companies look to save money and retirement accounts have become portable. While one business may pay well another may have a more “millennial” conducive atmosphere. The younger workforce seeks independence and freedom to make choices. You don’t need brick and mortar to start a business and these potential employees know that. Today is easier than ever to follow the dream of being your own boss and launching a business that will change the world. Attracting and retaining talent is becoming difficult and competitive. Companies need to tap into the energy that is driving the marketplace. But how do they draw potential talent into the corporate world? By downplaying the corporate label and integrating freedom and flexibility into the workplace.

Being aware of massive student loan debt facing today’s graduate, companies are offering better than average salary options as well as paying for postgraduate degrees and training. The cube farms of yesteryear still exist to some extent, not everyone can have a corner office. But the office decor is more upbeat and well lighted encouraging a more productive environment. Playing to the work-life balance many companies have embraced the idea of unlimited leave. Which may sound like a pathway to abuse but past studies have shown that employees with unlimited time off benefits actually took less leave. If a business doesn’t have a gym on the grounds they offer access to established gyms nearby. Team bonding events, both on and off-site. Nurseries. Pet sitting services. Meals and snacks. The list is ever growing and is only limited by the employer’s imagination and of course what they can afford.

Studies have shown that the Millennial generation is changing the marketplace. They are also changing the workplace. If not by their expectations of what employers should offer but how the company is managed. The entrance level employees ten years ago are upper-level management and CEO’s today.

You may offer a traditional employment package with a higher salary but if your competitors' benefits and culture are better, you’re losing talent. If not at the hiring phase but during retention. Changes to the hiring and benefits culture may be a slow drag for some employers into a new era but it should also affect the workplace in its entirety in a positive manner.

See the blog archive for other posts relating to the Millennials workforce.

Hiring in the Millennial age May 2017
Customer service in the Millennial age March 2017
Not like all the others September 2016