Is your Employee Value Proposition attracting Millennials? - Part 2
Research shows that, in comparison to Generation X, millennials are far shrewder when shopping through their career prospects, meaning that employers need to implement innovative recruitment strategies in order to attract the best of the best!
In Part 1 of this series, we explored the recruitment strategies being implemented by certain companies in order to target the millennial candidate market. As a follow up, we take a closer look at how Generation Y is reshaping the workplace, and how employers will need to adapt their working environments, structures and practices as a result.
How the Generation Y workforce is driving innovation
Nearly three years ago, Chris Kerridge - former Business Analyst and now Product Owner at MHR – a leading provider of software and services for talent management, HR and analytics – predicted that employers would need to remodel the their employee value proposition to meet the evolving needs and demands from candidates.
He wrote: ‘With the shift in the dynamics of the labour market, few workers expect or desire lifelong employment in a single firm. Boundary-less careers which encourage flexibility, mobility and development of knowledge, are now becoming the mainstream; therefore the employee value proposition for this workforce is likely to change.’
In today's millennial and candidate-driven market, it is no longer enough for employers to rely on traditional values such as salary, reward and compensation as the primary selling points in their talent acquisition strategy. Millennials are more interested in the values that make up an organisation, their mission, their culture, what they stand for and the people that it employs.
According to a recent survey by PwC, millennials tend to be uncomfortable with rigid corporate structures and find information silos repugnant. These individuals also tend to like rapid career progression combined with constant feedback.
Given the changing workforce and the millennial generation, employers will now have to differentiate themselves from other organisations. Companies that offer flexibility, mobility, the use of advanced technologies and opportunities for professional development will be the most successful in recruiting from a generation that is no longer motivated purely by salary and job security.
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