Understanding Millennials: The Key to Your Future Hiring Practices

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We all want to plan for the future, right? My parents and I watch the news habitually for the weather forecast to plan our week. Finance teams around the world invest people’s life savings based on informed investment forecasts. Fortunetellers line many of America’s favorite summer beach boardwalks hoping to offer patrons a taste of their future. Your organization needs to plan for the future if expected to sustain and increase its long-term growth. Decision makers need to gather accurate quantitative and qualitative information to make informed decisions about the company’s future. While not always perfect, forecasting shapes firms.

Staffing Industry Analysts published statistics around the millennial generation who will represent 75% of the global workforce in 2025. They addressed the next generation’s professional goals, hopes, dreams and expectations. These specific numbers stuck out to me:

  • 88%, aged 20-29, said they seek a consistent work/life balance
  • 57% said they will leave a job if they aren’t getting it
  • 72% choose companies with work-from-home options
  • 47% choose fewer hours over more pay
  • 60% choose “love of job” over money earned

With this evolving workforce, you need to consider the following question as a responsible business leader: How do I retain the best talent, maximize productivity and satisfy employees who fuel our strong results? We need to understand the next generation of employees.

As we mentioned on this blog in previous posts, effective communication channels simplify the information gather stage of decision making by welcoming comments from employees. Millennials rely on digital communication. Social media presents an opportunity and danger for your organization. It allows you to create easy-access, natural listening channels; however, most social media’s public nature could endanger a brand when employees share negative feed. Tools like an intranet, an internal site exclusive to your company, enable you to reach an increasingly digital generation while maintaining internal privacy as you garner feedback.

While you work to grow your business, staffing firms alleviate much of the pain associate with future planning. Where are the best candidates? Why are they not working for you? Do you struggle to understand compensation trends? How are your recruiting vendors telling your company story to constituents and candidates? Might you manage the process more effectively? If these questions give you pause, consider how a firm like Marchon Partners can enhance and contribute to your company growth.

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