This blog is the third part of a 3-blog series.
Recruitment is a series of challenges that the HR department has to continually solve, from sourcing candidates to screening, interviewing, choosing the best fit and persuading them to accept the offer. Each challenge can be solved, but how well depends on organisations’ willingness to look at each group of candidates and do the following as it pertains to the successful recruitment of each group’s members: 1) keep the effective solutions, 2) stop the ineffective ones and 3) start new strategies. This is called the K-S-S method.
When applying the K-S-S method to recruiting Millennials, what should you focus on? There are three aspects that require your thorough consideration. In this blog, we will discuss the final aspect.
Get Millennial-friendly with Benefits
Employees in a company receive the same benefits package, but individuals favour different types of benefit. In a survey by MetLife, 56% of Millennials agreed that benefits are the driving factor in deciding whether to accept an offer with a company. This shows that creating benefits packages that are attractive to Millennials is essential.
Keep: Training and development benefits
To keep Millennials engaged with their current jobs, self-development opportunities are ranked at the top of the priority list.
Millennials with insufficient experience look forward to learning opportunities in the job for which they are applying. Therefore, we advise you to keep the coaching, mentoring, and experience- and knowledge-sharing sessions going. Also, financial aid for external courses should be considered. No matter which development benefits you offer, though, it is important to promote the connection among Millennials for mutual support, sharing and growth.
While these benefits are no stranger to many companies, there is rarely clear communication of them to this young generation. Hence, making it clear that these learning opportunities are available will show young candidates how good a place your company is when it comes to nurturing a passion for learning and continuous improvement.
Stop: Applying one benefits package for every generation, in every situation
Despite the similarities we discovered in workplace expectations between previous generations and Millennials, a misalignment still exists. Financial factors remain key, but it is wrong to assume that Millennials only need a high salary to be satisfied. They also pay much attention to family-related benefits. The majority of Millennials are now starting to build their own families; therefore, besides health care benefits allowing coverage for family members, they also appreciate flexible working hours.
Moreover, “Work hard, play hard” has become a slogan for Millennials, who express their desire to connect with colleagues on both a professional and personal level. Opportunities for achieving work-life balance have indirectly helped organisations in building their reputations as they pertain to potential candidates.
We do not advise you to keep a benefits system that was approved several years ago. Instead, review and modify these frequently for a better fit with current employees.
Start: Designing customisable benefits packages for employees in different positions and using these in your employer branding plan
To attract young candidates, it is imperative to know what makes them tick and focus on benefits that are suitable to them while meeting the requirements of your position. You want to hire a salesperson? Allow them flexible working hours as long as they hit the targets. If you are going to recruit some interns, highlight training, coaching and experience-sharing programmes by top current performers in the same department to draw the candidates’ attention.
And where should you put these “areas of attraction”? The answer is of course in your requisitions. Also, consider using an employer branding plan to communicate these benefits to candidates. They have the right to know what benefits they will receive once they become employees in your company.
Research has shown that a Millennial, on average, receives 12.5% more job offers than members of previous generations. The talent war has become more fierce than ever, which transfers the bargaining power from the recruiter to the candidate and makes the labour market candidate-centric.