by Meghan Fuentes
Millennials or Gen “Why?” is the most entitled, lazy, and uninformed generation to date (at least, according to some). They'd rather take hundreds of “selfies” and ensure their eyebrows are “on fleek” than exhibit an ounce of patriotism or spend an evening out socializing. Much to the dismay of the preceding generations, Generation X and Baby Boomers, there are about eighty million Millennials in America with $200 billion in annual buying power. Taking this statistic into consideration, companies are not putting enough effort into remodeling their marketing teams with members of this “lost” generation. In being forward-thinking by being inclusive of Millennials, companies more easily identify with the modern target market and therefore will thrive in the business world.
Generation X and Baby Boomers are primarily struggling to convince Millennials to join their teams AND are belatedly discovering Millennials are not enthused by old-fashioned monetary incentives. In fact, according to Millennial Branding and Randstad US, only 28% of Millennials claim to be motivated by money. In lieu of companies that promise affluent salaries or bonuses, Millennials tend to choose companies that have:
1. A Strong Sense of Investment- Millennials want a mentor not a manager. According to Joanna Barsh of McKinsey Quarterly, Millennials are accustomed to growing up alongside relatively young entrepreneurs, such as Mark Zuckerberg of Facebook. In consequence, Millennials anticipate similar privileges as those of said entrepreneurs. Millennials would rather create their own triumphs and expeditiously “move up” the corporate latter than succeed on behalf of someone else or accept a mediocre role.
2. Customized Benefits- According to LinkedIn Head of HR, Pat Wadors, in an interview with Talent Connect Anaheim, Millennials dislike the “one-size-fits-all approach” to awarding benefits. For example, some companies, such as Wadors, proposed to pay their employees $500 a quarter for the health-related program of their choice. In opposition to auto-subscribing all employees to “Soul-Cycle” or “Pure-Barre,” Wadors understands that some employees will utilize these programs on a daily basis while others may never set foot in the gym.
3. Stability and Consistency- Younger Millennials grew up watching their parents get laid off in a series of economic restructurings, globalization and recessions washing across the last 30 years within the United States. As a result, they prefer holding more secure, predictable positions that have clear paths to leadership roles.
Fortunately, using the tools of this generation can help to attract Millennials via company culture in straightforward ways. Companies can take advantage of trending social media accounts such as Instagram and Snapchat in order to share the daily happenings of the office. For example, a manager can “Snap” his or her “mentee” giving a major presentation. Not only does this provide visual insight to what it is like to work in the company, but also it shows how much the company takes pride in its employees. Moreover, companies can use the interviewing process to propose “long-term” projects and goals to potential hires. This can open the door to candidates feeling that they are appreciated by – and have a stake in - the company.
It is critical that employers tap into the Millennial “market” so that they can stay ahead of competitors. According to Lindsey Olson of U.S. News, this generation is open to learning whatever their mentors want to teach them. Moreover, Millennials are noticeably in touch with trending social media platforms. In reference to a study by HubSpot, 95% of marketers who use social media at least 6 hours per week indicated their social media efforts increased exposure for their businesses. Social media is not a fad and is quintessential in expanding one’s network. Lastly, hiring millennials is affordable! They do not expect a hefty paycheck and, as mentioned above, can be “paid” in a sense of investment, customized benefits, and job stability.
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