a recruiter’s guide to — attract & retain millennials · — a recruiter’s guide to ......

Millennials&attract retain

— A Recruiter ’s Guide to —

A Research eBook by:

®

© 2016 iCIMS, Inc. All rights reserved.

https://www.icims.com/hire-expectations-institute

Much Ado About Millennials

As the Millennial workforce grows, companies will need to change their recruitment strategies to stay competitive.

Tomorrow’s workforce won’t just include Millennials, it will be dominated by them. By 2025, it’s projected Millennials will comprise three-fourths of the workforce. (1)

1. Brookings, http://www.brookings.edu/research/papers/2014/05/millenials-upend-wall-street-corporate-america-winograd-hais

However, every generation makes up the

majority of the workforce at some point.

What makes the Millennial workforce different?

PO

PU

LA

TIO

N

A g e i n 2 0 1 5

5m

4m

3m

2m

1m

15 20 25 30 35 51 55 60 65 7036 40 45 50

The Millennial cohort is significantly larger than previous generations, and has unique career preferences and ambitions.

92 M 61 M 77 MMillennials Generation X Baby Boomers

Source: Goldman Sachs http://www.goldmansachs.com/our-thinking/pages/millennials/

M=million

© 2016 iCIMS, Inc. All rights reserved. 2A Recruiter’s Guide to Attract & Retain Millennials®

Millennials: They’re on the Move

By the age of 30, Millennials have almost twice as many job and organizational changes as Gen Xers, and almost three times

as many job changes as the Baby Boomers and Matures.(3)

One of this generation’s notable characteristics is its increased willingness to make career changes. Eighty-three percent of Millennials are willing to relocate for the right job that provides them with a higher salary or better advancement opportunities.(2)

2. CareerBuilder & Inavero Survey3. Psychology Today https://www.psychologytoday.com/blog/diverse-and-competitive/201503/are-millennials-more-likely-switch-jobs-and-employers4. Glassdoor http://www.nasrecruitment.com/uploads/files/glassdoor-50-hr-and-recruiting-stats-2015-113.pdf

41% of Baby Boomers think

workers should stay with an employer for at least

five years before looking for a new job.

ONLY13%percent of Millennials

agree.(4)

M e a n O r g a n i z a t i o n a l C h a n g e s <24 25-29

N u m b e r o f C a r e e r M o v e s

0 0.5 1 1.5 2 2.5 3 3.5 4

Matures

Boomers

Gen Xers

Millennials

Source: Psychology Today


WhyShould Recruiters Care?

Finding ways to better attract and retain Millennials is crucial for organizational success.

© 2016 iCIMS, Inc. All rights reserved.

5. 2015 Millennial Majority Workforce Study, http://www.elance-odesk.com/millennial-majority-workforce | 6. Millennial Branding https://www.tinypulse.com/ultimate-guide-recruiting-retaining-millennials 7. Aon Hewitt http://finance.yahoo.com/news/aon-hewitt-study-reveals-nearly-152300696.html | 8. 2015 Millennial Majority Workforce Study, http://www.elance-odesk.com/millennial-majority-workforce

53% of hiring managers surveyed said they

have difficulty finding and retaining Millennials.(5)

Approximately one-third of companies lost 15% or more of their Millennial employees in 2015. (6)

Millennials will leave if they’re not satisfied. 43% of Millennials were actively searching for a new job in 2015.(7)

Should the rise of a Millennial workforce

affect how companies approach recruitment?

YESDoes the Millennial Workforce Have Unique Skills?Hiring and keeping Millennials is important; 68% of hiring managers say

Millennials have skills earlier generations lack. (8)

68% of Hiring Managers

Say YES!


How Can You Attract More Millennials?


Forget the Stereotypes

These preferences can shape how you speak to Millennial job seekers on your career portal and other recruitment

marketing channels.9. Pinpoint Market Research, http://pinpointmarketresearchblog.com/2015/07/13/twenty-somethings-want-tangible-benefits-from-employers-not-a-fun-culture/ | 10. 15th Annual Retirement Survey by the Transamerica Center for Retirement Studies, http://windgatewealthmanagement.com/millenials-the-diy-generations-take-on-401ks-how-do-you-compare/ | 11. Forbes, http://www.forbes.com/sites/danschawbel/2013/12/16/10-ways-millennials-are-creating-the-future-of-work/

What Millennials see as important to their careers might surprise you.

Stability Eighty-eight percent of Millennials say

company stability is a top priority when

considering employers.(9) This doesn’t mean

they like corporate bureaucracy, but they

aren’t drawn exclusively to start ups, either.

Collaboration Though Millennials are often labeled as

“entitled” or “self-serving”, 74 percent prefer

to collaborate in small groups. (11)

Financial Security Millennials came up in a recession—

understandably, their financial

well-being is paramount. It explains

why 67% would be likely to leave

their job for a similar job with a better

retirement package. (10)


Focus on What Really Motivates Millennials

1. 2. 3.

13. LinkedIn, https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic

The three factors you should highlight to get a Millennial to accept a job are:

Compensation Package

Professional Development

Opportunities for Advancement

12. LinkedIn, https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic


Use Social Media—Strategically

62%

60%

Many Millennials want more than a highlight reel of your last office party. Instead, they want to know how to land a job with your company.

Make social media a resource for job postings, upcoming events, and industry insight.

of Millennials visit a company’s social media sites

to acquire information about jobs.

-2015 Talent Trends Report

of Millennials surveyed say they chose to join their current

employer in part because of the organization’s sense of purpose.

-Deloitte Millennial Survey 2015

Millennials also care about a company’s values and its ability to do good in the world more than any other generation.

Attract more candidates by using social media to offer insight into this aspect of your company.


Offer the Right Candidate ExperienceSeventy-eight percent of Millennials say the overall interview experience is very important to their decision to accept a job offer. (13)

13. LinkedIn, https://business.linkedin.com/talent-solutions/blog/2015/05/what-you-need-to-know-to-successfully-recruit-millennails-infographic | 14. Entrepreneur, http://www.entrepreneur.com/article/234891 15. LinkedIn, https://www.linkedin.com/pulse/your-candidate-experience-millennial-friendly-catherine-hess

Millennials want to know they’re

not just a number. Make your

recruitment efforts more

individualized with personal email

communications, social media

interactions, and event invitations.(14)

Make information about company

culture, history, and mission easily

accessible on your career portal.

During the interview process, allow

Millennials to meet other employees.

Millennials value transparency.(15)

Because Millennials are fast-paced

and more likely to apply from

remote locations, video recruiting

software gives Millennials the ability

to interview anywhere, without

exhausting time or money.

Personalized Informative Convenient


How Can You Keep Them Around?


Feedback & Growth = Happy Millennials

Effective onboarding can be a launch pad for career success. Create individualized new hire tasks and provide access to resources to ensure

new hires have a clear sense of how to excel in their position. 16. Elance-oDesk and Millennial Branding: https://www.elance-odesk.com/millennial-majority-workforce | 17. Glassdoor http://www.nasrecruitment.com/uploads/files/glassdoor-50-hr-and-recruiting-stats-2015-113.pdf18. Glassdoor http://www.nasrecruitment.com/uploads/files/glassdoor-50-hr-and-recruiting-stats-2015-113.pdf

Millennials take their careers seriously and value honest, frequent feedback from managers.

Feedback nurtures growth, which Millennials also highly value.

of Millennials surveyed want feedback in real-time.(16)80%

60% of Millennials consider growth opportunities

to be the most attractive job perk.(17)

46% of Millennials left their last job due to lack of career growth.(18)


Offer Genuine Work-Life BalanceMore Millennials are working as dual-income families, and they’re working more hours. This makes achieving a work-life balance challenging.

19. EY Global Survey http://www.ey.com/US/en/About-us/Our-people-and-culture/EY-work-life-challenges-across-generations-global-study | 20. Pinpoint Market Research and Anderson Jones PR http://www.businessnewsdaily.com/8194-benefits-millennials-want.html21. Ernst & Young’s Global Generation Research http://www.ey.com/US/en/About-us/Our-people-and-culture/EY-study-highlights-work-life-is-harder-worldwide#.VnG5dkorKUl

38% 57% 1/3of U.S. Millennials say they would move

to another country with better parental

leave benefits.(19)

said they would leave a job that doesn’t

provide the work-life balance they want.(20)

say that managing their work, family, and personal responsibilities has become more

difficult in the past five years. Forty-seven

percent are now working more hours—a higher

percentage than Gen Xers and Baby Boomers.(21)


Empower Them

22. Harvard Business Review, https://hbr.org/2015/02/what-millennials-want-from-work-charted-across-the-world | 23. Intelligence Group Studies, http://www.forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it-to-them/24. Mainstreet.com, https://www.mainstreet.com/article/millennials-want-to-be-the-boss/page/2

If you were able to choose your manager, which of the following

would be most important to you?

empowers their

employees(22)

When asked

The top response of U.S. Millennials was:

Millennials want to empower others; 40% said it was their biggest motivator to become a leader.(24)

72%of Millennials would like to be

their own boss.

But if they do have to work for a boss, 79 percent would

want their boss to act as a coach or mentor.(23)


How iCIMS Can Help

Connect with iCIMS on social media!

iCIMS is a leading provider of innovative Software-as-a-Service (SaaS) talent acquisition solutions that help businesses

win the war for top talent. Scalable, easy to use, and backed by award-winning customer service, iCIMS enables

organizations to manage their entire talent acquisition lifecycle from building talent pools, to recruiting, to onboarding,

all within a single cloud-based platform that is connected to the largest partner ecosystem of HR technologies in the

industry. Supporting more than 3,200 contracted customers, iCIMS is one of the largest and fastest-growing talent

acquisition solution providers.


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