It’s projected that by 2025 millennial talent will make up three quarters of the workforce. And as this massive cohort continues to grow, recruitment strategies will need to change in order to stay competitive. Not only is this group significantly larger than the other generations currently in the workforce, but it also has unique ambitions and preferences when it comes to career planning.
Understanding what truly motivates millennials is paramount to successfully recruiting them. But their unique preferences lend easily to misconceptions that could hinder your recruitment strategy.
Here are two misconceptions to look out for.
- Millennials are drawn exclusively to startups.
This is an easy misconception to hold. The industries most attractive to them are also experiencing the largest job growth: software development and engineering. These are also industries in which startups are common. However the vast majority would prefer to work at a company with stability. In fact, it’s one of their top priorities. What they’re really drawn to in startups is the culture of innovation and flexibility. It’s an important distinction to make. Corporate bureaucracy puts them off, it’s not necessarily the volatility of startup culture that attracts them.
2. Millennials are more interested in freedom and mobility than they are financial stability.
Millennials came of age in a recession, and as a result, their financial well-being is a top priority as well. Though flexibility, culture, growth, purpose and collaboration are important to them, more so than previous generations, the importance of competitive salaries and especially, sound retirement packages, cannot be overstated. Just because they view work/life balance differently, doesn’t mean they aren’t concerned with earning potential and financial stability.
Avoiding these misconceptions can help shape your attempts to attract millennial talent. Along with highlighting compensation packages and development and advancement opportunities, it may be a good idea to shift corporate culture away from formal bureaucracy to match their preferences, and highlight the stability of your company as well. If three-fourths of your workforce will be comprised of these workers in the future, adapting to their preferences will only serve to set your company apart from the competition.