The “war for talent” was first defined by the authors of a McKinsey study in back 1997 but it’s just as relevant today, with many employers struggling to recruit the right staff.
As millennials are predicted to make up 75% of the global workforce by 2025, it makes sense to think about the attitudes and preferences of this generation. Is there anything more your company can do to attract the cream of the millennial talent?
Corporate Social Responsibility (CSR)
Millennials want to work for organisations that foster innovative thinking, develop their skills, and make a positive contribution to society, according to Deloitte.
A well-thought-out CSR strategy can help a company stand out from its competitors among potential employees who want to be inspired and to join an organisation that fits with their values, says Grégoire Vigroux, Vice President of Marketing, Europe, at TELUS International.
It’s not just about recruitment: CSR is also an increasingly important driver of employee retention and engagement, Vigroux explains. He cites a report by Project ROI which found that a year-round CSR programme can reduce a company’s staff turnover rate by up to 50% while increasing employee engagement by up to 7.5%.
The candidate experience
The most talented candidates have more opportunities and can afford to have higher standards when it comes to choosing where to work.
A superior experience throughout the recruitment process makes a candidate feel special, says Igor Bobryk in a blog for Talaera. As we’ve already discussed, millennials also want to feel good about their employment choice, with a shared sense of purpose.
Wherever possible, the candidate experience should include a glimpse of the organisation’s culture – for example by letting candidates spend some time on the premises and talk with employees. This will enable them to make a more informed decision concerning their future employer, resulting in greater commitment and less chance that they will accept a job offer from a rival firm.
What’s more, it’s worth bearing in mind that candidates often share their experiences online – and negative reviews on a site like Glassdoor could put off many talented candidates in the future.
Lastly, machine learning can help connect employers with the best and most suitable candidates.
According to Dakota Younger, founder and CEO of employee referral network Boon, it can identify patterns in data that produce the best results, narrowing the field of search and allowing recruiters to focus on the intangibles.
“From this, a stronger hire is made” Younger says.