Finding qualified candidates has become more and more challenging. Employee retention is a priority for many priorities as the average Millennial (also known as Generation Y) stays with a company for 2 years. So, what are some factors to consider when competing for the best talent?
Perhaps, it’s considering what environment would be the most conducive to the many Millennials joining the workforce. When it comes to where priorities lie, Millennials differ from previous generations in that they are not as worried about job security and structure.
We asked hundreds of students from across the U.S what they look for most when considering a place of employment, and the following infographic shows the result of that survey:
Growth gets the gold!
Without fail, growth is the most important thing on their list because they are a generation of chronic learners. If they are not learning, they are standing still. Making sure they are aware of your company's Career Pathways will let them clearly see what future opportunities are available and give them a reason to stick around.
Growth doesn’t always mean promotions and higher pay. It can mean giving them autonomy and added responsibilities. They are not afraid of more work, in fact; they prefer it. If it means they can wear multiple hats and soak up more skills, they will stay with you longer than the average (as long as it makes sense).
Salary comes in with silver!
You didn't think that wouldn't matter, did you? As a result of the financial crisis, many applicants between the ages of 18 and 35 have buried themselves in educational debt! In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year. The economy hit them the most. While they are looking for competitive pay, many of the students we surveyed said they would forgo a higher paying job for a job that would give them more opportunity and a chance to grow.
Flexibility takes bronze!
When it comes to flexibility, having a work/life balance is very important among the younger generation. Many more Millennials and college grads are looking to invest their time with companies that want to invest them. Whether it's occasionally working from home or giving them the responsibility of a project that many others wouldn't give them without years of experience, it's clear that college grads are looking for employers that will have their best interest in mind.
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