Millennials, also known as Generation Y, can seem like a tough cohort to attract, and more importantly, to retain. Millennial Branding recently published a study that indicated that 45% of employers contacted for the study experienced high turnover when it came to Generation Y. Hiring can be expensive, but if that new hire leaves early, it adds up to lost productivity, lost knowledge, and (if your Millennials leave for the competition), it can also result in stolen market share and trade secrets. You can stem the tide of departures by learning how to deliver three items on a Millennial’s job wish list that they wouldn’t trade for anything else.
1. Social Value
Millennials really and truly do want to save the world and, when your company offers this type of social value, it’s hard for other companies to compete on the same level. It shows your company has integrity and is an organization that a Millennial is proud to associate with, providing social status and bragging rights within their peer group.
For the group that got trophies for showing up, it’s still important for them to receive recognition, even on an entry level job. They do like a pat on the back, official recognition, or private kudos. They won’t readily quit when if you assign them a mentor who believes in them, guiding them to top performance, while providing the type of positive feedback they expect on-the-job.
Gen Y believes in non-conformity to the point that you can’t really argue for a 9 to 5 fresh graduate job and expect them to take it seriously. They like flexibility in their working day, and work space, and appreciate the use of technology to help facilitate unconventional work hours. Adjustable schedules are big positive, when it comes to this generation’s personal preference for new grad jobs.
To find Millennials that match your job culture, contact FirstJob.com for more information.
Sean Little is the VP of Marketing for FirstJob.com. FirstJob matches current students and recent college graduates with internships and quality career opportunities. Sean also runs FirstJob’s campus ambassador program at campuses across the country, helping students learn marketing topics while connecting them with top brands and job opportunities.