Millennials will make up 75% of the global workforce by 2025, but there’s a bunch of misconceptions around what they want from work. Pedestrian Jobs, recently conducted the 2017 Australian Millennials Research Project in order to find out.
“The thing that comes up most when it comes to the millennial market is that employers want candidates who not only fit the job description but who fit right into their company culture,” says the insight from Pedestrian.tv about millennials and their career aspirations.
One of the study’s biggest takeaways was the fact that 75% of respondents are ready to jump ship within two years of starting a new job. What you can do to recruit your dream team and keep them is by “capitalising on the millennial willingness to change – highlight these desirable attributes within your business in your recruiting campaigns and on your website.”
When asked to rank what is the most important factor when looking for a job, career progression came up trumps at 35%. Interestingly, career progression ranked far ahead of work perks (4%) like flexible hours and free lunches. Office culture, training and development, and company values also all ranked ahead of salary. So you might want to rethink that ping pong table and invest in defining who you are as a business and what kind of employers you want to be if you want to retain bright young staff.
So how do you get millennials past the two-year mark?
- Define who you are as a business, what are your values, what kind of employer do you want to be. Communicate this in your recruiting process, as well as in your new starter inductions. Regularly evaluate if you are meeting your objectives – consider feedback from performance reviews, look at staff turnover, conduct exit interviews.
- Outline your Organisational Structure – focus on defining roles and required skill sets to highlight potential paths of progression, rather than hierarchies.
- Each role should have a Job Description with agreed, measurable KPIs – include a training component and progression path. This should be the base for recruiting and for performance reviews.
- Have regular conversations with your team around work opportunities and potential development with each team member’s role. This should be outside of performance reviews, i.e., in coffee catch-ups, the weekly WIP and 90 day goal sessions.
- Conduct six monthly performance reviews. Ensure promotions are rewarded when previously agreed KPIs are met.
- Create a vibe in the office that people want to be part of, over and above the ping pong table. Make your employees feel valued, have open communication channels and say thank you.
- Make it personal: think about the personalities in your office and what makes them smile.
- Support, develop, communicate, collaborate.
Published BY BUSINESS CHICKS, JULY 5, 2017