Millenials are often regarded as “serial job hoppers”. What can a company do to hire, and retain, them? Read on to find out.
Millennials are often known as “serial job hoppers”, rarely staying in a position longer than a year and moving on when something more attractive comes. Alongside those perceptions come equally unfortunate stereotypes, such as “millennials have no loyalty” and “millennials only want a paycheck”.
This is, at best, a vast oversimplification of the issue. Employer brand research has shown that in Singapore, while 57% of millennials left an employer because of salary dissatisfaction, 54% left because they felt a sense of purpose was lacking in their job. And while 65% said that salary and benefits were what the valued in a job, a large percentage of 58% prioritised a good work-life balance when contemplating offers.
HR Challenge: How can I attract millennial talent to my company?
In Singapore, millennials have finished their first stage of career development, and many of them are considering leadership or management-level positions. Also, due to the uncertainty caused by Covid-19, more millennials are searching for job security alongside fulfillment and opportunity.
More than simply a big salary, they wish to feel engaged and fulfilled in their work. When Gallup researched millennials who did not know about their organisation or what it stood for, they found that only 30% said they planned on staying till the next year. Plainly, millennials wish to find purpose in the work they do, and only by believing in it can they remain committed.
Career opportunity is also a big draw for millennials. Gallup found that 59% of millennial job seekers, compared with 44% of Gen Xers and 41% of baby boomers, stated that opportunities to learn and grow are extremely important to them when applying for a job. Locally, 46% of millennial jobseekers prioritised “career progression opportunities” when applying.
HR Solutions: Social Referral and Broadbean
Millennials are searching for employers aligned with their values and ideals, who will provide them with a place to fully explore their potential.
For the first, we recommend building an authentic brand image with a tool like SocialReferral. SocialReferral is an SNS for companies, which provides a platform for employees to share content, engage with each other, and in doing so author an authentic company story. You can host hashtag challenges, provide incentives, and promote an existing referral plan. It also boosts employee referral schemes, as existing employees can more easily recommend and refer people for open positions.
By letting your employees create the brand image from the ground up through natural engagement, what jobseekers see will be what they get – an accurate picture of your company culture and work. This is especially attractive to millennials who will find that your company is one they can resonate with and work on.
Besides showing an authentic employer brand, millennials are also attracted to job opportunities. Keep them up-to-date on the career advancement paths available in your company using a job posting system like Broadbean.
Vitally, Broadbean enables you to instantly distribute adverts to thousands of job boards and social media. Social media engagement is particularly important for millennials, who tend to only use job boards or portals when actively searching for a job. To catch their eye during the “downtime”, make sure you are visible on LinkedIN, Facebook and Telegram as well.
Interested in HR Solutions? Email email@example.com for a demo, or contact your CareerBuilder rep to learn more.
Photo by freepik