HR: Attracting and Retaining Millennials
Huffington Post recently published an article titled “Forget the Flashy Office, Millennials Want Jobs with Security” which shed light a key insight – “A big salary is not the only motivator”. In fact, it’s not the main motivator.
Through our proprietary Student Pulse research property, we’ve been probing Canadian youth on what they’re ultimately looking for in an ideal work environment. What you might think are trivial, non-material details are important considerations for new grads. Case in point, social media freedom and device flexibility rank ahead of salary. Surprised? Nearly half of new grads would accept a lower paying job with more flexibility on device selection, work mobility and social media policies. And, more than half of new grads would rather have no job than a job they hate (thanks to the Bank of Mom and Dad).
From a staff retention perspective, here are few considerations for HR managers:
Instant Recognition. Millennials prefer on-the-spot recognition to traditional performance reviews. 80% of Millennials said they would rather receive feedback in real time, in addition to frequent check-ins to keep a pulse on progress.
Motivation. True motivation comes from an alignment of core values. Millennials want to believe in the work they are doing. They also want to learn, grow and contribute in meaningful ways.
Collaboration. Millennials are natural collaborators, particularly when the group’s purpose and goals are understood.
Within the next decade, Millennials / Gen-Y’s will comprise 75% of the workforce. HR managers should be re-evaluating their corporate policies now to ensure their work environments are up to par with tomorrow’s leaders.