Are Millennials really the entitled generation who want to start at the top? Or, are they just more flexible and willing to take risks? James Durham, my friend and podcast Producer, shares his insight on millennial values and the challenges companies face in attracting next generation talent.
For my generation of job applicants, the benefits they desire are not homogenous. The long-term upsides of 401k matching or retirement plans don’t resonate for everyone the way they used to. -James Durham
Takeaways + Tactics
- Some want freedom and immediate gratification. Others see success as a goal they must work hard to achieve. Companies must pivot to both to match and manage expectations.
- They are very tech-savvy, and highly skilled
- Companies need to leverage social media for marketing AND recruiting. Many millennials want to see companies active in social dialogue and modern in their social mindset.
- Younger workers have become geared towards schedule flexibility, travel opportunities, and autonomy. More importantly, though, it varies greatly from person to person. Want to know what a worker wants? Then be prepared to ask them a direct question.
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In the beginning of the episode, we talked about how college graduates see the workforce and how likely they are to be attracted by companies who either promote themselves as culture centric (e.g., Google and Amazon) or companies who come with the offer of steady growth. James also shared his opinion on why millenials are more likely to take risks and why they have less to lose than baby boomers did when they were in their twenties and thirties.
We also covered:
- The impact of the “prolonged adolescence” on the workforce
- Why influencers on social media are good at delivering the information to millenials
- How the lack of job security has made people think about betting on themselves and starting a business instead of working in the corporate world
Millennials are starting families later in life, traveling extensively and changing jobs more frequently, which is having a big impact on the workforce. They are also more likely to take risks and build their own business, as they often feel they don’t have much to lose. Providing relevant benefits and a path for growth is the key to harnessing the power that they bring.