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Attracting & Retaining Millennials

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Della Notonagoro

on 29 July 2015

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Transcript of Attracting & Retaining Millennials

Attracting & Retaining Millennials
Summary
Millennials are quickly taking over the workforce
To remain competitive we must shift our organization's culture
Be open to innovation and changes
Which generation is the least engaged of all working generations?
a) Traditionalists
b) Baby Boomers
c) Gen X
d) Millennials

Reality Check
Millennial Work Values
Millennials look for
flexibility
,
transparency
and
community
Millennial Work Values
Reality Check
Which working generation is the most likely to leave their job in the next twelve months?
Gallup, State of The American Workplace Report, 2013
Gallup, State of The American Workplace Report, 2013
Additional Statistics
Millennials will make up the majority of the workforce by 2025
91% of Millennials will only stay at their current job for 3 years or less
45% of companies reported that turnover rates for Millennials are higher
Forbes, 2012
Forbes, 2013
Born into technology (very tech-savvy)
56% would not accept jobs from companies that ban social media



Different traits and expectations
flexibility
Forbes, 2012
Forbes, 2012
Some degree of control and flexibility in choosing their schedule
Deloitte & Touche's "Small Things Big Difference" Program
Learn as many skills as they can

transparency
Prefer to work remotely
45% will choose flexibility over higher pay
Flextime or Telecommuting
Are task oriented
89% prefer to choose when and where they work
Location
Schedule
Work Assignments
Want to see the big picture
How, what, why the decisions were made
Want constant updates - through technology
Day-by-day feedback
Want recognition

community
Relationship focused (with the boss, coworkers, etc.)
Motivated by meaning
Look for social opportunities at work
NACE Student Survey, 2014
A 2014 survey asked recent college grads what their top considerations are when looking for a job. The top answer:
Opportunities for Personal Growth
The top three benefits graduates look for in employers are:
More than two weeks of vacation
Tuition reimbursements
Promises of annual salary increases
Strategies to Attract & Retain Millennials
Shifting perceptions/redefine Caterpillar's brand
Offer opportunities for advancement
Build a virtual presence
Craft a better work environment
Shifting Perceptions
Caterpillar's "Built For It Trials - Stack: Largest JENGA Game" has about 2.5 million views
Manufacturing?
3D Modeling, laser cleaning,robotics, complicated software would attract millennials' attention

Important to remain open to new ideas and encourage innovation
Build a virtual presence
Word of mouth
More likely to trust first-hand experience from a friend or a peer
Posting recruitment videos of employees telling their own stories would help millennials get more info and get a feel of what it's like to work for the firm
Real Cat Folks
Showcase company's philanthropy
How does Caterpillar contributes to the society?

Millennials want to make a difference in the world, or at least in the company (Cause Conscious)
Socially responsible generation
Important to tie campaigns to social causes they care about
Would like to work with a brand associated with a good cause
Reputation of a firm affects prospective candidate's decision on working with the firm
Offer opportunities for advancement
Opportunities to advance
Team participation
Leadership opportunities
Personal development
Mentors
Apprenticeship
Training
Use websites and social networks
Access information at the touch of the fingertips
Monster.com
LinkedIn
Williamson et al (2010)
A study of 150 MBA students who evaluated 144 firm websites
How does vividness and content of company's website affect applicant's evaluation of the organization?
How does company's reputation affect applicant's evaluation of the organization?
Vividness: Amount of text and pictures
Content: Which websites contain important topics (info on organization's culture, training opportunities, career progression)
Firm reputation: Whether the company has an excellent reputation or not

H2: Supported
Amount of company and job content info (+) related to applicant attraction
H5: Supported, not in a way initially hypothesized
Predicted: High level of vividness and info = greater attraction (especially for weak reputations)
Finding: Vividness and info did not act as complimentary attributes; neither enhanced the affect of attraction
Implications
Consider firm reputation
Low reputation - focus on information
High reputation - focus on either info or vividness

Social Networks
Want to be connected online and offline and value constant interaction with friends.

Value brands that have a presence on Facebook and other social media outlets more than those that do not (to gather information about organization's culture).
Video games as a tool for selection process
New platform of interviewing process (Online/virtual Interview)
Standardized questions
Cost saving
Flexible
Fosters collaboration
Insight on candidate's personal life
Body language (compared to phone interview)
Craft a better work environment
The office is the second home
"Work family" with superiors and coworkers looking out for them as individuals
Overprotected by parents compared to other generations
Let parents join in on the conversation - get insight of candidates personally
Parents newsletter
Bring Your Parents to Work Day
Sense of community
Expect a less formal environment
90% want their workplace to be social and fun
Running clubs, pizza part, mixers, picnics, exercise boot camps, etc.
Flexibility and use of technology
Realize that the business and technology is constantly changing
Expect to be changes (don't agree just because it's always been done that way)
Frequent feedback
Recognition
Collaborative work groups
Forbes, 2012
Online recruiting events
Authentic, real-life insights into what it means to work for the company

Encourage existing Gen Y employees to blog, tweet and talk about their experience on social media! Get them to share real images, stories, and personal experiences with their Gen Y peers. Speaking in social currency terms, this “Word of Mouth” promotion is worth so much more than glossy advertising!
Fishing for Gen Y
Making a job offer through social media
ePrize showed their love for Samantha Bankey over Instagram
Love letter
Recruitment Videos
Niche Hash Tags
“The great thing about my story is that it really shows the culture and atmosphere that ePrize has. It’s a very fun, vibrant place to work. It’s their job to develop relationships with brands so they can help with their digital presence. They do a lot of work through social channels (like Instagram,Facebook, Twitter,Pinterest, and so on) so what better way to practice what they preach than to get employees involved?”
-Sam Bankey
42Floors proclaimed their affections by writing a a love letter to a candidate that they were sure was THE ONE for the job and they shared the letter through social media for everyone to see
https://www.smartrecruiters.com/blog/8-great-company-culture-videos-by-companies-of-all-sizes/
Use social media as "bait"
Use # to follow conversations of specific audiences --> engage those users for recruiting and build relationships
#hirefriday
. A popular Twitter chat held on Fridays at 12:00 PM EST called Hire Friday, which helps job seekers network with other job seekers and recruiters. This chat gathers much of the #hfchat community as well. Be sure to check out , another hash tag for recruiters and job seekers to connect.
#internpro
. A Twitter chat hosted on Mondays at 9:00 PM EST focused on interns and college students who are entering the professional world or have questions on how to obtain an internship.
#jobhuntchat
. The first Twitter chat for job seekers hosted Mondays at 10:00 PM EST. Also a great place to view job seeker specific content and build relationships with active job seekers from all industries.
#usguys
. A fun Twitter community for those interested in marketing and social media topics. This group serves me well answering specific questions about marketing and social media very quickly is very active. From this hash tag, I’ve developed some great friendships and learned valuable tips from this Twitter community.
Full transcript