In 2019, millennials surpassed baby boomers as the nation’s largest population. As a result, recruiters and hiring managers have been working to adjust their talent searches and retention strategies to bring on more of these workers. This shift in the ages of our primary talent base signaled big changes to the world. Gone are the days when workers stayed in a job until retirement. Instead, millennials are staying in jobs for much shorter timeframes, which means that hiring teams are working harder with the kind of revolving door that typically follows the millennial worker.
What other strategies have hiring teams adopted to cope with the rise of the millennial population?
Always Be On the Lookout for Talent
According to the Bureau of Labor Statistics, the average tenure of workers aged 55 to 64 is 10.1 years. The median tenure for a millennial-aged 25 to 34 is just 2.8 years. Given that the millennial population was born between 1982 and 1995, they have decades left in the workforce to switch jobs. These shorter tenures will certainly affect companies by increasing the costs associated with turnovers. That means training and the time spent on new hire paperwork, orientation, and even the recruiting effort will all increase. This is something to consider carefully; the Center for American Progress says the cost of replacing an employee can run anywhere from 16% of their salary to 213%, particularly for high-level positions.
To respond, hiring teams must build a candidate strategy that works constantly to attract candidates from a wide pool of sources.
Shorten Your Time To Hire
Much has been made about the millennials and their love of technology. The immediacy of these tools has made this population impatient with the long cycle recruitment process found at many corporate firms. Today, if your time to hire is too long, the chances of you losing a candidate to the competition is high. Streamlining the interview process and making websites mobile phone responsive are two strategies that recruiters must use to attract the millennial population.
Get Active on Social Media
Millennials spend a record amount of time online. They grew up with social media as an everyday activity and most still use these tools as a communication platform. Hiring teams must use these tools as well to bring jobs to the millennials. Too, many of these interactions are on the millennial’s smartphone. Companies must work to increase the volume of posts they make on social media, leveraging the tools that millennials use every day to get the word out about the jobs they have available.
Attracting More Millennials to Your Team
Unlike the baby boomer generation, millennials are focused on short team goals in their jobs. But hiring teams can use digital technologies in new ways to improve their strategies for reaching these populations. To find out more about how to attract more youthful talent to your team, contact us.
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