Law of Attraction
According to the Huffington Post, by 2020, millennials will form 50 percent of the global workforce. At 77 million strong, millennials represent 24 percent of the total U.S. population. What are companies doing now to attract and retain millennials? The Law of Attraction is the name given to the term that "like attracts like" and that by focusing on positive or negative thoughts, one can bring about positive or negative results. Therefore, how can we attract millennials and retain them so this is always a positive attraction with positive results?
What attracts millennials? How can we retain millennial talent through attraction?
Culture
According to Deloitte’s 2015 Millennial Survey, “Globally, more than seven in 10 (73 percent) millennials believe businesses have a positive impact on wider society.” The millennial generation is very flat. The sense of “we” over “me” is much greater because there is technological globalization. When it comes to culture, millennials want to work for a company that is contributing to a worldly cause. Whether this is through a philanthropic initiative or the industry itself, millennials want to be a part of something more. Because millennials are virtually connecting to the world, they want to feel as though they are attributing on a great scale. Moreover, in a recent survey from Business2Community an overwhelming 74% of millennials surveyed said confidence in their leadership was a key driver of engagement. Thus, every great leader should follow the trend; leadership is to serve. The more involved a leader is in bettering the community, the more likely current and future millennial prospects will engage with that business.
Personal Development
Personal growth is an attractive factor when obtaining millennial talent. Deloitte’s 2015 Millennial Survey says millennials who feel a strong sense of purpose are more likely to: financially perform well (within a year), have a higher level of satisfaction, and encourage people to join the company. A sense of purpose reverts back to personal development. This development could be a title change, a leadership role, new responsibilities, problem solving, or enhancing a skill-set or focus. The millennial needs to have a clear vision of how their personal growth will be obtained. When millennial’s feel satisfaction in their personal growth, there is satisfaction in their performance. When personal growth and satisfactory (or above) performance are attributing to a millennial’s career the odds of them retaining employment with this company are much greater.
Social Talent Acquisition
In the last year, 14.4 million job seekers turned to social media for their next opportunity. As a result, over 94 percent of employers already use, or plan to use, social networks as recruiting tools. In addition they have seen enhancements in candidate quality, quantity, and employee referral quality and quantity. According to ZenithTalent, the numbers show a 49% increase in candidate quality, 43% increase in candidate quantity, and 32% increase in employee referral. Lastly, 25% of millennials share content on social networks, 3.6% more than the average. Therefore, employers who post opportunities for talent on social media, will have a strong likelihood of obtaining millennial attention.
There are numerous factors that contribute to attracting and retaining millennial talent: culture, personal development, and social talent are just a few. There are vast facets to each attraction. Companies who are looking toward 2020 and obtaining millennial talent while keeping them engaged, are investing in a lot more than the millennial generation, they’re investing in a healthy organization.