According to Google, millennials are essentially people who hit the young adulthood phase in the first few years of the 21st century.
The Pew Research Center, on the other hand, described millennials as individuals whose date of birth fall anywhere between 1981 and 1996.
Interestingly, that’s pretty much the same range of years mentioned by Gallup in their “How Millennials Want to Work and Live” report.
Well, whichever definition you agree with, the fact of the matter is, millennials are now adults and they make up the largest chunk of the current workforce.
The U.S. alone is home to more than 73 million millennials. And if you combine that with stats from other countries, it turns out millennials are so many that they’ll make up about 75% of the global working population by 2025, according to Harver.
So, believe it or not, millennials are taking over the working world. And going by the impact they make on pretty much everything they lay their hands on, you can bet workplaces are now changing more than ever.
What does this mean for you?
If you expect to see an increased influx of job applications from all these millennials, sorry to burst your bubble but that’s not happening anytime soon. The unemployment rates are currently experiencing record lows and job market trends are progressively changing.
Gone are the days when all employers had unlimited options. The tables have turned and the show now belongs to prospective employees. They are the ones who get to choose who they want to work for.
And as it turns out, the most skilled millennial workers care about more than just a fat paycheck. Your job offer has to go beyond the usual stuff if you intend to attract and keep the best of the best.
Hence, here are a couple of proven tips on making job offers irresistible to millennials:
1. Put Some Fun in the Job and the Workplace
Millennials cannot stand a boring working place. If your job offer seems to follow the same old script, be prepared to lose quite a large chunk of your prospects.
And no, even a seemingly attractive compensation package cannot convince them otherwise. A survey conducted by the Intelligence Group established that 64% of millennials would pick an annual salary of $40,000 for a job they love as opposed to settling for a boring one that pays $100,000 a year.
In other words, a bland job position could lose you the most outstanding prospects, and to make matters worse, they’d possibly end up chasing employers who pay much less.
So, how exactly do you convince millennials that they’ll love the job?
You just need to create a fun work environment and highlight all its perks in your job offer. Don’t overdo it though, because even the simplest stuff might do the trick.
Something as subtle as free workplace snacks or drinks has worked for many employers. Millennials would also love a casual, laid back environment where they’d be free to express themselves. Then occasionally, you could host fun social events like parties, dinners, adventures, etc.
Additionally, if your budget allows you, renovating your office premises would be a good idea. You could install new furniture, create a friendly lounge, or perhaps include even a couple of fitness rooms for letting off steam after work hours.
2. Offer Flexibility
Another workplace feature that millennials are increasingly prioritizing over paychecks is flexibility. That’s why self-employment and freelancing rates have been rising sharply in this age group in the recent past.
A Millennial Branding report that sampled responses from a wide range of workers found that 45% of them would pick job flexibility over great pay. And it doesn’t end there.
A separate study by Deloitte established that 88% of millennials desire a job that allows them to choose when and where to work.
According to Talk-Business.co.uk, 18% of millennials chose “extra annual leave” among the top five things they wanted to ask their employers for.
Well, understandably, applying these principles might seem like an impossible proposition at first, especially if you’re running a fast-paced office. But, when you come to think of it, making room for flexible working hours and spaces could boost productivity as well as employee loyalty.
Companies that allow their employees to work remotely, for instance, have noticed that their workers take fewer sick days and breaks. The result, according to a Stanford research study, is a 13% bump in productivity.
Therefore, all things considered, it’s a win-win situation for everyone. Entice millennials with a flexible schedule and chances are, you probably won’t have to micromanage them.
3. Set up a Career Growth System
At the moment, millennials happen to be the most volatile group of workers. Their poor retention rates and incredibly high job turnover tendencies are costing the U.S. economy as much as $30.5 billion annually.
But then get this. 90% of millennials admit they’d hang on to their current position if it came with yearly raises and real career growth.
Additionally, it’s worth noting that about a third of millennials leave their jobs because of finding better opportunities elsewhere.
The bottom line here is, millennials hate hanging around the same spot for far too long. So, you might want to include a career growth plan for your job offers.
You could, for example, identify exciting opportunities for learning new skills and gaining new experiences. Millennials enjoy things like seminars, conference trips, as well as short training programs from time to time.
Consider taking a cue from Discover Financial Services, a company that enjoys a top rank in the list of the best-rated workplaces for millennials. It sponsors each US-based worker through a fully online bachelor’s degree course.
Finally, remember to mention that your company rewards productivity with reasonable pay raises.
4. Integrate Current Technology
While most workplaces now come with standard PCs, it takes much more than that to attract millennials.
This age group lives, breathes and eats technology. It’s a way of life for them. Look around and you’ll notice they spend a heck of a lot of time on smartphones, tablets, video game consoles, iPads, etc.
They’ve become so accustomed to tech that standard PCs barely excite them. They always seek the latest next-level computers, they can find on the market.
Now that’s the sweet spot when it comes to hiring millennials. Bring in high-end technology to your workplace and they won’t be able to resist it. Then to top it off, you could even promise to provide successful applicants with top-of-the-range personal devices for work.
And while you’re at it, remember to streamline the work environment by integrating effective software applications for increased, collaboration, flexibility, innovation, plus communication. A well-digitized environment makes work easier and much more enjoyable.
For most employers, the most discouraging bit is the cost of these workplace changes. But, while some of them might indeed turn out to be quite expensive, you should think of them as indirect investments to your business.
Ultimately, attracting and retaining the right skills translates to better productivity.