Factors that make a difference when creating an attraction strategy forÂ this generation.
By Brenda Leadley
By 2020, millennials will make up more than one third ofÂ the worldâs working population. Allianz Global CorporateÂ & Specialtyâs new report, Trend Compass 2019, found thatÂ the influx of millennial employees will be a significantÂ challenge for businesses over the next five years. OfferingÂ a creative and flexible corporate culture, introducingÂ transparent and fast communication and decision-makingÂ structures, and embracing a mission with a social impactÂ are some ways to engage this important segment of theÂ workforce. In the global war for talent, companies need aÂ clear millennial strategy.
What will this mean for businesses and how can employersÂ adapt to attract and retain millennial talent? Here areÂ three strategies that can appeal to these employees:
- Execute digital competency. Millennials areÂ technologically savvy and the digital skills they bring areÂ considered extremely valuable for companies. BusinessesÂ must be able to offer options in sectors such as artificialÂ intelligence, data science, or frontier risk management.Â Having positions and roles involving cyber or reputationalÂ risk can also set a business apart.
- Create work-life satisfaction. Hiring managers should beÂ aware that work-life balance and stability are becomingÂ some of the most desired requirements on millennialsâ jobÂ wish lists. A 2017 study by Allianz that surveyed more thanÂ 5,000 millennials revealed that when it comes to work,Â security and stability are top priorities. Millennials prizeÂ work-life balance along with a job that provides themÂ with a healthy compensation and allows them to travelÂ and enjoy different experiences. They also want to feelÂ like theyâre contributing to their community and have theÂ opportunity to grow in their careers.
- Establish agile environments and limit bureaucraticÂ formalities. Research shows that millennials prefer agileÂ environments that can respond quickly to changes ratherÂ than working within settings built on strict processes orÂ procedures. Millennials also prefer adaptable conditionsÂ and scheduling, and the option of remote workingÂ schemes. Businesses should respond by enabling a greaterÂ sense of autonomy and flexibility to attract talent.
Millennials also seek development opportunities withÂ low levels of hierarchy that encourage learning by trialÂ and error. Providing opportunities to gain new skills andÂ capabilities through upskilling and advancement willÂ appeal to talent, as many top performers are likely toÂ leave a company within two years if they are unhappy withÂ their development.
The success of todayâs businesses will rely on theÂ recruitment and retention of millennial talent. EmployersÂ must strive to deliver innovative and unique experiences,Â and take the necessary steps to improve corporateÂ culture and practices. But this is not a one-time exercise:Â Itâs a matter of continuous improvement and agility.Â Organizations that fail to connect with millennials do so atÂ their own demise, as change is todayâs only constant.
Brenda Leadley is senior vice president and head of HR Americas atÂ Allianz Global Corporate & Specialty.