Millennials Present Significant Turnover Challenges to Employers
Much of today’s workforce is comprised of millennials, but employers are struggling to appeal to them, thus contributing to a high millennial turnover rate. According to a survey by Gallup, millennials change jobs at a rate that is three times higher than workers from older generations. Replacing one entry level to mid-level employee can cost a company up to nearly $10,000, and this level of millennial turnover is estimated to cost the U.S. economy approximately $30.5 billion annually.
The process of recruiting and hiring has been continuously changing over the past few years in order to reach the next generation of workers, but as each generation proves themselves to be more connected than the next, employers must adapt to meet the unique needs of each new group of candidates. Millennials have become the largest generation in the workforce, surpassing both Gen Xers and Baby Boomers. The oldest of Generation Z, born around 1995, are now in their early 20’s and joining the workforce as well. In order to stay competitive in the job market, employers need to drastically update their recruiting and hiring process.
Here are some areas employers can focus on to improve their recruiting of the next generation of workers:
An Engaging WebsiteAccording to a CareerBuilder survey, 73% of candidates start their job search via Google search. Typically, the next thing a candidate does after learning about a job opening is to visit that company’s website. Having career opportunity information easily accessible on the site is just one of many important details. What job searchers find (or don’t find) when they browse a company’s website will help them determine whether or not to send their resume in. Companies with websites that consist mainly of stock photos and generic information are often passed over by job searchers in favor of companies with more engaging content.
Some examples of engaging website content include:
- Professionally shot photographs (used with permission and signed photo releases) of actual employees in action.
- A “who we are” video that gives website visitors a peek into the company culture.
- An active blog with relevant informational articles as well as posts about outstanding employees and company events.
Mobile AccessibilitySoftware company iCIMS released their survey entitled The Modern Job Seeker, which highlights the online habits of job searchers. The survey found that 66% of working Americans, including 82% of Millennials, expect companies to have mobile‐friendly career sites and job application processes. That need for accessibility doesn’t end at recruitment, either. Employees want mobile accessibility when it comes to things like accessing their work schedule, paychecks and pay history, time off requests and more.
More Efficient Means of CommunicationBeing mobile-friendly extends to more than just websites and social media profiles. According to a Gallup survey on communication, sending and receiving text messages is the most prevalent form of communication for Americans younger than 50 - 90% of people read a text message within the first 3 minutes of receiving it.
An iCMS survey called The Class of 2018 Report, noted that 41% of college seniors mentioned missing a potential job opportunity because they weren’t able to connect with a recruiter or hiring manager due to a missed call or an e-mail going to spam. Not only is text messaging one of the most efficient ways to communicate with friends, family and colleagues - that efficiency applies to job candidates as well. For example, with candidates who spend a large portion of the day on their feet or on the road, not at a desk with a computer, it can be hard to elicit a timely response. Utilizing text messaging can improve a company’s overall candidate response rate, allowing recruiters to access a larger pool of candidates and fill open positions more quickly.
Don’t Forget the Onboarding ExperienceThe recruitment process doesn’t completely end once a candidate accepts the job offer. Onboarding is an important step in the recruiting and hiring process that sets new employees up for success and can help shape their path to advancement within the organization. Today’s workers are always looking ahead to what might be on the horizon, so letting them know from the beginning that there are options for them in the future is a great way to engage and retain modern candidates.
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