Today, attraction and retention are a major issue for most companies, but this has not always been the case. How have we gone from generations who considered themselves lucky to have a job to the point of never leaving the hand that feeds them, to an era where stability and loyalty are obsolete? Intrigued by this new trend emerging, I looked into the subject.
Like every generation, Millennials (born between 1982 and 2004) do not escape stereotypes, and one of them is certainly changing jobs frequently. According to a LinkedIn study, the number of companies people worked for in the five years after they graduated has doubled in the last 20 years. They enter the labor market with a vision and values that are very different from other generations, and this is largely related to technology, which they mastered with greater ease than previous generations. Indeed, they grew up with instant access to information. That changes the game when it comes to “shopping” for a job! Today, not only are they spoiled with choices, but also have tools to filter and analyze their options before making a decision.
Millennials are not just different; they are also more educated and numerous than any other generation since the baby boomers, who will soon retire. We have every interest in understanding what attracts and motivates them because if studies like Millennials at work, from PwC (PricewaterhouseCoopers), are true, they will represent 50% of the global workforce by 2020.
A Major Shift
What was important before has changed significantly in recent years. Take job hopping for example; downsizing, unemployment rate, supply and demand and the growth of contract/temporary jobs have had an impact on the job stability that was once so important. To adapt to these variables, new generations have developed other methods which have given way to a new vision. Forbes Magazine stated in June 2016 that regularly changing jobs is positive because it is beneficial for career advancement, continuous learning, self-improvement and a better alignment between your values and the corporate culture.
In addition, it is mentioned that working more than two years for the same employer would make you earn 50% less money in your lifetime than those who are constantly seeking new challenges. So there is a direct correlation between change and your personal enrichment!
How to Cope with Change
There is no doubt; companies must adapt! Moreover, this new reality forces many industries to review their methods of attracting and retaining human resources as well as their views on certain values. Recruitment firms are directly affected by those changes and need to evolve with the job market to stay in the running. In order to survive in a role such as mine, we have no choice but to modify certain basic reflexes, when it comes to analyzing resumes that we received. It is also our responsibility to educate our clients on the importance of flexibility in meeting certain criteria, such as job stability. However, it’s far from being negative, if you want my opinion! After all, the longevity of employment was replaced by the thirst for growth, rather than staying in the comfort zone. In this way, the learning curve is maximized, and there is bound to be a monetary gain for the employer. In addition, people will tend to excel to make a good impression, knowing that they are there for a short period.
According to PwC Millennials at work, to attract this young workforce, you first have to understand its objectives. In order to remain faithful, they will need to feel stimulated. Continuous learning and mentoring programs can be an excellent way to keep your employees engaged. No need to look for a new challenge when you are constantly given new responsibilities to increase your skills! Also, setting up recognition and reward programs to promote self-improvement is worth considering.
Finally, flexibility is a great asset to attract and keep this new generation. Many business models emerge with variable schedules of work or remote work, more commonly call telecommuting. In fact, one of my recent articles was about Virtual Workforce. Check it out to see how much you could benefit from it! Being a virtual employee myself and part of this same generation, I speak the truth when I say that more freedom you will give your Millennials, more productive they will be!