Millennials are the individuals born between the early 80s and late 90s. And we can’t seem to stop talking about them. In fact, a new study by LinkedIn revolved around them – to understand how they approach job-seeking. The study surveyed more than 13,000 Millennial job seekers and asked Millennials three basic general questions.
- What attracts you to a job?
- What stops you from applying? and;
- What gets you to accept an offer?
The findings of the study are surprising. Here’s a quick glimpse at the most interesting findings:
Millennials are a force to be reckoned with.
At 71 million, Millennials make up half the current working population. And they will continue to dominate the workforce over the next decade. Although Baby Boomers have delayed retirement, the exit rate among them is pretty high.
Currently, with Generation X at 41 million, Millennials at 71 million, and with Baby Boomers retiring at a fast rate, the resulting talent gap will most likely need hiring from the youngest generation in the workforce.
Translation: We need the Millennials and we will be needing them more. As such, it becomes imperative that employers start building a marketing plan to recruit, train, and keep the best and the brightest Millennials today.
But how do they respond to career opportunities and what is their attitude towards brand loyalty?
Note: Baby boomers are people born during the demographic post–World War II baby boom about between the years 1946 and 1964. This includes people who are between 52 and 70 years old in 2016, respectively, according to the U.S. Census Bureau. The term “baby boomer” is also used in a cultural context. Generation X, however, refers to the generation born after that of the Baby Boomers (roughly from the early 1960s to mid-1970s).
Millennials are more active and eager for job opportunities than earlier generations
Linkedin found out that 93% of Millennials are interested in hearing about career opportunities and 66% of them are interested in talking with a recruiter. This means that Millennials are always on the lookout for opportunities.
Millennials are not only eager for job opportunities, they are also active in looking for newer opportunities. Thirty percent of Millennials see themselves working for less than a year in their current company (while 21% of Generation X and 17% of Baby Boomers prefer to stick to their jobs longer). This means that Millennials are not attached to their current roles and are always searching for new experiences.
From a talent acquisition perspective, the more interesting question would be: How do Millennials search for new opportunities and how do they respond to opportunities when presented one?
Millennials view referrals as the number one channel for new opportunities. This is closely followed by social media sites, job boards, and professional networking sites like LinkedIn. One out of three Millennials says they have used social media (i.e. Facebook, Twitter, etc.) to find a job. Needless to say, these are the channels employers need to focus on if we want to appeal to them.
But traditional employer branding efforts do not appeal to them.
Yes, Millennials are active and more eager for job opportunities but they are less likely to know about the company compared to the earlier generations. A quarter of Millennials says they haven’t heard or did not know about a company when hearing about a job opportunity compared to 18% for Gen X and 16% of Baby Boomers.
Unfortunately, one of the reasons why Millennials accept a particular job offer is knowledge about the company. Not knowing about the company is the No.1 barrier to millennials not taking a job. There is indeed a need to up employer branding effort. But how should employers appeal to millennials?
According to LinkedIn’s study, millennials are most eager to learn about a company’s culture and values. Millennials favor groups where they can fit in, likewise, they favor company cultures similar to theirs or are aligned to their values. So, it is desirable for companies to adopt a branding strategy focused on showcasing their culture, values, and core principles.
And Millennials aren’t as purpose-driven as we think.
But don’t be fooled. Although values appeal to millennials greatly, they are not as purpose driven as we thought. Research reveals that compared to earlier generations, Millennials care less about the belief that work should be purpose-driven (only 30% of Millennials believe so, as compared to 48% Baby Boomers and 38% Gen X).
So, to what are Millennials interested about?
At No. 1 are company culture and values. This is closely followed by perks and benefits and then. employee perspectives of the company. And the No. 1 reason millennials accept a new job is because of better compensation and benefits. This means things like a flexible work schedule, free lunch, and other perks are a big deal.