The millennial generation is changing how the job market operates, primarily due to the fact that they actively look for new positions on a far more frequent basis that their predecessors. On average, millennial workers are three times as likely to leave their current role, which dramatically changes the way the staffing industry needs to operate.
We are seeing the rise of flexible working, as well as short-term employment contracts, particularly among the millennial generation. This is one of the reasons why we are seeing many traditional recruitment agencies converting into hybrid professional consultancies, as working on specific projects on a short-term basis is more appealing to the newer generations. There is a desire amongst many millennials to not be tied down to permanent contracts, so workforce solutions companies need to be tailored towards more short-term positions.
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When it comes to IT, professionals tend to have a specific skillset, with a preference for certain types of project. A hybrid consultancy model caters towards this by knowing which projects certain individuals have expertise and interest in, ensuring a better relationship between candidate and client.
One of the many things that has changed in recent years is the number of start-up technology companies springing up, with many millennials preferring to work in these, as opposed to traditional enterprises, due to their culture. This is something that agencies must consider: if they only work with larger corporations, they may fail to appeal to millennials candidates.
When it comes to millennials, the priority is no longer towards compensation, but toward personal development. This is the insight staffing companies should pass onto clients. Attracting and retaining talent is a huge factor behind successful businesses, and we should use our knowledge to ensure that our clients provide suitable opportunities that will be welcomed by millennials.
Typically millennials are looking to move up the ladder faster than previous generations, with career progression being the main attraction for 52 percent of millennials, when looking for an employer. When dealing with this generation, it is important to recognise this, providing employees with opportunities that offer the potential for career growth, rather than just a competitive salary.
There can on occasion be tensions between millennials and older generations, with 38 per cent of millennials expressing that older management do not relate to younger workers. Many millennials are critical of senior management of not relating to younger workers, so it is crucial that we assist in bridging this gap. It is up to staffing companies to assist with the on-boarding process, not only to ensure that revenue is secured, but to maintain a sense of customer centricity, which is crucial to keeping repeat clients.
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