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How Should You Go About Recruiting Millennials?
FirstJob, an organization that specializes in early career hiring, has just issued an interesting report on the subject. Eyal Grayevsky, FirstJob CEO and cofounder, starts out by reminding employers that Millennials need to be a part, in fact the biggest part, of their hiring strategies. However, even though most employers acknowledge that their future leaders are going to come from people in their mid-20s, “Their problem is that they just don’t know how to reach this new generation and get them excited about working for their brand.”
What’s Different About Millennials?
FirstJob’s Millennial Report 2015 cites the latest White House study on Millennials, which found several interesting items:
- Millennials are disproportionately more likely to be nonwhite, female, and better educated than any generation before them.
- Millennials are more likely to indicate that they want to work for an organization that fosters positive change in the world.*
- Millennials expect to be empowered to do their best work in order to help.
*Knowing they’re making a positive difference in the world is important to 84% of Millennials. (Bentley University: Center for Women & Business)
This is a great opportunity for organizations that don’t normally tout their positive contributions, the report says. It’s time for touting if you want to attract Millennial talent.
- It allows organizations to better understand how to create and sell products to the country’s largest generation.
- It positions the organization for a future where Millennials take their places as leaders.
The Largest Generation
Last year, the Millennial generation became the single largest generation in America, and with a median age of 25, they’re just getting started.
The Most Diverse Generation
FirstJob’s report notes that Millennials boast the largest share of females entering the workforce and are the most diverse cohort in postwar America. The share of non-Hispanic whites has fallen by 20% since 1980, and the percentages of those identifying as Hispanic and Asian have grown to 21% and 6% respectively (from 7% and 2% in 1980).
FirstJob’s statistics indicate the following about Millennials:
- Median age of 25*
- 33% of the population*
- 43% nonwhite
- 47% have a postsecondary degree*
- 25% first language not English**
- 85% own smartphones ***
- 86% live near a metropolitan area*
Sources:
Council of Economic Advisors*
U.S. Census Bureau**
Pew Research Center***
Nielsen Holdings N.V.****
In addition, the report states that Millennials:
- Are more likely than previous generations to stay with their first employer for 3 or more years;
- Prize time with their families;
- Are less likely than older generations to prioritize home ownership; and
- Prioritize living in urban areas.
How Can You Get Millennials Excited About Your Brand?
All great brands start with a story, FirstJob’s report says. Leverage your company’s mission and the problem it solves to tell your story to the marketplace and Millennials will be excited to learn more about your company and, ultimately, to come and work for you.
Campaign Optimization
A great campaign means that it identifies candidates who will be the right fit for your organization, for both skills and culture, the report says. To get started, the report suggests isolating variables that you’ve found correlate to positive outcomes for your business.
Making a Difference
Millennials want to feel like what they do for their company makes a difference to the bottom line (and makes a difference to the world). As part of your recruiting process, let candidates explore life at your company as well as the specifics of the role they’ll be signing on for, the report suggests. If they are not attracted, great, you’ve saved yourself from a bad hire. And, if they are excited about the role, they’ll be excited to help your company be its best, the report concludes.
In tomorrow’s Advisor, more on Millennials, plus an introduction to an interactive webinar, College Recruiting: How to Attract Top Performers through Relationship Building.