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How can you accommodate millennials within your company?
Accountancy News |
Millennial is an almost inescapable buzzword at present. But there’s a reason for that. Companies are increasingly focused on selling to millennials, which makes it vital to incorporate these young people into a business strategy.
But it is just as important to ensure your business is accommodating millennials within. After all, they can provide an invaluable insight into what their peers are seeking from products and services. Millennials are vital in helping your business move forward in order to fulfil changing consumer demand.
Replacing retiring workers
With an upcoming retirement cliff, companies should be planning their hiring strategies to compensate for the fact a number of older employees will be punching their time sheets for the final time soon.
It means that replacements need to be lined up, preferably with enough time to learn the role properly from those already installed in the positions. Since millennials are younger - between 17 and 37 - you will have plenty of time to train these employees in your ways. They will also soon make up the majority of the workforce - with PwC forecasting that by 2020, millennials will make up 50 per cent of the labour pool - so it pays to get in early and learn how to accommodate them.
But how can you go about this?
One of the most important things in the workplace for millennials is making sure that the company culture aligns with their priorities and goals. If they aren’t happy with the way the firm operates, it’s unlikely that they will be happy at work, which can then negatively impact on their productivity.
Millennials tend to value innovation, which means that if you want to hire the best people, you should too. Millennials have grown up with technology and want to use it to work more efficiently. Embracing technology - for example, cloud-based financial services software - will boost your business in the eyes of potential employees.
This means that you should ensure you are hiring the people you know will fit in with your established staff and company culture. It’s important that you keep staff members happy since that leads to retention and reduced employment costs. The right recruitment agency can help you screen applicants to find the people you really want to interview.
Ensure that you are keeping this in mind when working out your hiring plans.
Making your workers feel valued is a hugely significant factor in accommodating millennials at work. Offering perks can go a long way towards making them feel that their contribution to the company is appreciated. According to a recent survey by Perkbox, more than three-quarters of employees in the UK between the ages of 18 and 24 consider perks important to their working lives.
Your company’s perks scheme should be something that is detailed from the beginning of the recruitment process. This will help ensure that top talent - people who may have numerous job offers from firms with fantastic benefits packages - think of your company as somewhere they want to work.
You should also be congratulating them on their good work and keeping the lines of communication open. Letting millennials know that they can offer their own feedback on company processes and other aspects of work lets them feel like they are a valued member of the team.
Accommodating millennials is largely down to being open and honest with them, right from recruitment. If they know what they are getting into, and this is maintained throughout their tenure at your firm, you should be able to attract and retain top quality talent.
By Jon Aspinell
Ashdown Accountancy Recruitment