5 ways to attract millennials to your business
Retaining and attracting young employees is a constant challenge for financial services firms. Millennials approach their career differently to older generations, moving between organisations more frequently and ensuring they get an even balance between work and personal life.
Banking in particular has seen a reduction in young talent, finding that many graduates are opting for careers in technology, engineering and healthcare. Last year, banks such as ING were forced to commence recruitment 6 months earlier than usual and other banks raised the base salary for junior bankers in order to encourage them to join their programmes.
With the growth in well-paid opportunities from other sectors and the change in nature of how millennials want to work, what can you do to engage them?
1. Opportunities to progress
It is becoming increasingly important for businesses to provide growth and progression for millennials to keep them engaged in their role. The development of technology and social platforms means that control of your own career and success is more accessible than ever and millennials are taking advantage of this. There are thousands of case studies detailing the achievements of young entrepreneurs, so offering a career which promises autonomy and the opportunity to make an impact on a business should be a key focus for employers.
2. Development and training
Employees of all generations value solid development and training throughout their career. But millennials expect rapid growth, clear goals to work towards and regular feedback. Reports from HR Magazine show that 53% of millennials are disappointed by the lack of personal development training they have received from employers and they consider this more important in their role than an attractive salary and benefits package.
They need to feel like they are recognised for their efforts, so an encouraging management style is preferred and many would rather keep contact via telephone or online resources. Use of technology is an integral factor for millennials in the financial services sector, but PwC found that 54% say that older senior management don’t understand the way they use technology at work. Could there be improvements made to your training technology or communication to ensure integration between generations?
3. Flexible working
There is a lot of research and promotion around flexible and remote working and it truly is becoming an important structure to have in place in current working environments. Flexible working encourages autonomy, signifies trust and aligns to their preferred management style and use of technology. But how do you create and effective remote working programme? Here’s an example of how companies such as Deloitte, Dell and UnitedHealth Group have effectively implemented this strategy.
Since the banking crisis, many millennials are wary about making a move into financial services, therefore look to join a business who shares the same values as them, both culturally and commercially. Technology has a huge impact on the reputation of businesses, potential employees now have the ability to make connections with your staff through platforms such as LinkedIn, gaining inside knowledge before they have even stepped into your office. They want to hear from the people who work for you and company review website’s such as Glassdoor provide that transparency. It’s vital for organisations to prove to younger generations that their business is honest and trustworthy.
5. Salary and benefits
High tuition fees and debts means that millennials expect to move into a role which has a good salary and benefits package. This is more so for those opting for a career in financial services, PwC found that 38% said that starting salary was a key factor in their decision to accept their current job, however they also find extra holidays and flexible working appealing when making a decision to work for a company.
It is clear that advancements in technology and changes in approach are affecting the way in which millennials want to work and financial services businesses need to adapt and adjust to satisfy both your business needs and those of the people who will shape the future of your firm and industry.
Is your firm fully prepared to engage millennials? Do you think any of these steps could be easily introduced into your recruitment processes?