It had to happen eventually, and now it has. The Millennials are finally beginning to understand what really matters. Recently, Futurestep, the recruitment process outsourcing (RPO) arm of Korn Ferry, released a study detailing the new Millennial attitudes. They used to value money over all of the other aspects of employment. Now, Millennials are “placing greater value on understanding what a company stands for and how, as employees, they can play a role in growing the organization into a better, stronger brand,” according to the Korn Ferry study.
For the purposes of this study, the company defined Millennials as everyone born after 1980, actually lumping the next generation (The Homelanders/Generation Z) into the mix – which may explain why the results turned out as they did. (We typically define the Millennials as those born 1980 to 1997; and the next generation, we define as those born 1998 and later.)
What Matter Most to Millennials
The study “highlighted the top considerations for attracting and retaining Millennial employees and recruits.”* When asked what matters most to employees who are part of the Millennial generation the greatest number of respondents (23 percent) said it was “the ability to make an impact on the business,” followed by “a clear path for advancement” (20 percent) and “development and ongoing feedback” (16 percent). Income came in at fourth place at only 13 percent.
What Influences their Employment Decisions
When executives were asked “what makes Millennials choose one job over another,” more than a third (38 percent) said “visibility and buy-in to the vision of the organization” while 28 percent said “a clear path for advancement.” “Job title and pay” came in third place at 18 percent.
Best Tactics for Millennial Recruitment
Moreover, the survey revealed that 42 percent of respondents believe social media is the best tactic for recruitment, followed by “word-of-mouth/networking” (28 percent) and online talent communities (19 percent).
What These Results Mean for Employers
Trish Healy, Futurestep vice president of RPO Operations in North America said it best, “This research demonstrates the changing priorities of today’s young workforce.” Wise employers will take these new priorities to heart and recruit on social and mobile platforms. They will also build these new Millennial priorities into their onboarding processes, clearly communicating opportunities for development and advancement.
* It is important to note that Futurestep asked executives for these answers, not the Millennials themselves
To read the entire survey results, visit http://futurestep.com/press/futurestep-survey-finds-compensation-one-least-important-factors-recruiting-millennial-talent/.
