Millennials now represent the largest generation of population in Canada. This means that today’s workforce is primarily comprised of Millennials. While society is often quick to label this group with negative attributes (like being demanding and needy), it’s not fair to stereotype the entire generation. In reality, they’re really not that different from other generations, but when it comes to attracting and retaining employees in the financial services sector, Millennials do need a different strategy. Here’s why:
- They rely heavily on digital channels
- They look for telecommuting options to allow them to maintain their lifestyles
- They job hop
- They’re highly educated
- They’re environmentally conscious
- They’re entrepreneurial
While many of these can be positive attributes to your workforce, using traditional recruitment and retention methods may not be effective with this generation. Here’s how to reach Millennials and ensure they’re on board with joining your team indefinitely:
Use Social Media
In the past, social media websites and apps were intended for personal use and employees were frowned upon for using during 9-5 hours. Over the last 5 years, use of the websites have evolved to become organizational tools for promotion and attracting talent. Most HR Managers and recruiters are actively using LinkedIn, but Millennials are no longer just using this platform for job searching. They’re looking for career opportunities on the social media channels they’re spending a lot of time on including Instagram and Facebook. Use these best practices to take advantage of the social media platforms Millennials use:
- Post your openings to Facebook Careers
- Share insight into your company culture on Instagram
- Build overall brand awareness by publishing content to these platforms consistently
Offer Flexible Hours
Millennials typically enjoy their social activities, travelling, and having control over their day-to-day life. Offering your employees flexible hours, telecommuting options, and ample vacation time will act as an incentive to this generation as they can maintain a work life balance and support their entrepreneurial characteristics.
Provide Unique Benefits
Employers will need to look beyond the standard employee benefits in order to attract and retain Millennial candidates. Sociable by nature, Millennials value perks like offsite retreats and team lunches. The younger generation of Millennials may still be paying off student debt and providing financial assistance for this can be an attractive perk to offer. With a strong interest in health and wellness, Millennial candidates may also see value in gym membership benefits, workplace wellness programs, or even on-site fitness facilities. Millennials are typically environmentally conscious so offering eco-friendly perks like bike to work financial incentives not only help you attract Millennial talent but also support reducing fossil fuel emissions.
Value Their Skills and Education
A crucial part of nurturing Millennials into long-term employees is demonstrating your appreciation for them. Overlooking this important factor is what can provoke employees to look for new jobs. Support personal development with training programs, experiential learning, and individualized growth plans.
While Millennials have common characteristics, generalizing the entire population won’t allow you to effectively customize the recruitment and retention that works best for your company. Be sure to communicate with your workforce and specifically ask how your organization can support their needs.
Struggling to attract the right employees for your financial services organization? Let’s chat about your acquisition needs today.