As the workforce drastically changes with a new dominant age group, companies continue to analyze methods for hiring and retaining millennials, otherwise known as Generation Y. We recently published a blog post on making your staffing agency a favorite among millennials utilizing Jim Lanzalotto’s information that was presented at Bond’s 2016 User Meeting. The presentation incorporated so much valuable data that we are continuing to share more of Jim Lanzalotto’s compiled data for identifying best practices on hiring and retaining millennials. The more research you have on the needs and wants of this diverse talent pool, the more informed you will be on changing your agency’s internal hiring practices and educating clients and prospects. Here are some things you might not know about millennials:
Glued to a screen
A lot of statistics show that millennials are completely addicted to their phones. On average individuals in this age range absorb 18 hours of media at least once a day, usually from several different platforms while multitasking. 14% of those 18 hours are spent on social media sites. For staffing agencies, this means incorporating digital outreach to candidates and temporary employees is becoming a necessity. Not only are these approaches important for excelling at enhancing the candidate experience, but it’s also imperative for keeping up with the competition. With the right ATS software, automating processes and connecting with talent through digital platforms can save time and increase productivity.
Priorities at work
Hiring managers have very different outlooks on hiring and retaining millennials than how the age group perceives their own wants and needs. According to Jim’s Lanzalotto’s research, approximately two-thirds of millennials would prefer accepting lower wages for a position they love rather than making a six-figure salary at a job they perceive as boring. This contradicts 75% of hiring managers who believe millennials prioritize earning potential over other job factors. Opportunities where creativity and collaboration re valued and allows for flexible work schedules are highly desirable for Generation Y. Not only can this information be used for educating clients on hiring and retaining millennials, but it can also help shape your staffing agency culture to prepare for what the majority of the workforce values.
Maybe your agency has been successful at recruiting millennials, but what about retention? The stereotypical job hopper behavior appears to be a reality as 91% of millennials do not plan to stay at a company past three years. The reason for this could be that statistically 65% of Generation Y identified personal development opportunities as the biggest motivation for accepting a new position. Jim Lanzalotto recommends companies focus on job satisfaction and provide opportunities for development and growth as the solution for retaining this elusive talent pool. By offering professional training for temporary employees, your staffing agency will have a better chance at retaining a millennial workforce and limit internal turnover with growth opportunities.
As the millennial generation forces recruiting and hiring practices to evolve, make sure your agency’s ATS software is able to transform along with the industry’s demands. If you would like to learn more about how your ATS software can help reach candidates on digital devices, easily track an individual’s work priorities and enhance the candidate experience for better retention, schedule a demo with us today!
Alissa Martin is the marketing assistant for Bond. Her experience in the staffing industry fuels her passion to help agencies find solutions to increase efficiency. She is responsible for content creation and social media management for Bond.
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