Candidates: Are you interviewing and need support?
Millennials, born 1981-1996, represent a massive portion of the US workforce–35% to be exact. And by the year 2025, the generation will make up 75% of the workforce globally.
But for a generation notoriously known for “job-hopping,” how do you combat what feels like a never-ending retention challenge? According to TeamStage, “21% of millennials have changed jobs within a year,” and this specific turnover has cost “the US economy $30.5 billion per year.”
And that number only increased due to the pandemic. According to a survey from Prudential, Millennials accounted for 55% of employees who changed jobs since March 2020. And according to Forbes, 33% of Millennials plan to find a new job post-pandemic.
Below are four recruitment strategies to help you hire and retain millennials.
Ensure your hiring is fair.
The bottom line is millennials care. They care about fairness and equality for all, and they want to work for socially responsible companies. According to the 2017 Millennial Impact Report, four issues are top of mind for the generation. The percentages indicate issues identified as “of the most interest,” and respondents could select 1-3 out of 18.
Plus, they care about equal pay among genders. According to the PEW Research Center, “Among Millennial women, 75% say this country needs to continue making changes to achieve gender equality in the workplace, compared with 57% of Millennial men.”
Incorporating technology that is designed to mitigate bias into your hiring practices can help ensure your hiring is fairer and more transparent. HireVue’s science-backed approach uses technology that is validated by data scientists and IO psychologists to actively combat bias and enable science-backed hiring decisions.
And the data shows employees are more motivated by fairer hiring practices. According to The 2021 Deloitte Millennial Survey, “69% of employees who believe their senior management teams are diverse see their working environments as motivating and stimulating versus 43% who don’t perceive leadership as diverse.”
Measure for retention.
In a candidate-driven market, hiring a generation known for job-hopping can seem extra daunting. However, technology like HireVue offers hiring solutions that are designed to measure for retention by identifying and fast-tracking the candidates with the skills and certifications needed to better retain employees.
HireVue consistently evaluates the true skills that predict job performance–instead of resumes or degrees. By assessing candidates for job-relevant factors like conscientiousness, emotional intelligence, and problem-solving, HireVue can measure a candidate’s ability to grow with your business.
Create a positive candidate experience.
Millennials do their research when it comes to applying for jobs. The generation turns to user-generated content 50% more than other more traditional forms.
In a digital age, it’s easy for employees and candidates to write reviews online of your company, and in a candidate-driven market, you want to make sure your employee and candidate experiences are positive. HireVue technology streamlines the process and Assessments can be done in minutes, so users feel their time is respected. Plus, automation and text-powered chatbots allow hiring teams to engage 24/7/365, so no candidates are left ghosted.
Take the necessary steps to create a positive candidate experience. Remember–if it’s not positive, candidates will go somewhere that is.
Think through your total compensation package.
Millennials look for jobs that offer a holistic package. While salary is still a top priority, there are a variety of other factors as well. According to ManPowerGroup’s research on millennials and their careers, they found the top priorities for millennials are:
Millennials want to work for companies that care about them as people–not just employees. And it’s a sentiment that impacts their overall engagement at work. According to Gallup, “63% of millennials who feel their company cares about their wellbeing are engaged at work.”
We would love to help you better your millennial recruitment strategies. Learn more about millennial hiring and request a demo.