The U.S. job market has been slow to recover from the Great Recession, leading many hiring managers to believe it’s a buyer’s market for talent — but the truth is more complicated. According to a recent study from research and advisory firm CEB, although many recent college graduates are struggling to find jobs, the most talented and promising new graduates are getting a disproportionate share of the job offers — and the average millennial job candidate gets 12.5% more job offers than job seekers from older generations.
This means that while the job market is tight, competition for the top millennial candidates is still high. Often, hiring managers are missing out on this sought-after demographic because of a generational disconnect with what younger employees want from employers.
The millennial generation is looking for different things in a workplace than previous generations, both in style and substance. Understanding the needs of top young talent starts with the hiring process.
Here are a few insights into hiring millennials:
Understand how millennials want to grow
Even if you’re hiring for entry-level jobs, today’s college graduates are more likely to care about their future growth potential. They want to learn about where they can go in the future within the company, or what kind of transferable skills they can learn on the job that would be helpful later in their career.
Work-life balance and job security matter less to millennials than to older generations, according to the CEB study quoted in Fortune. Millennials are very willing to work hard, make sacrifices for the company and deal with uncertainty, as long as they see potential rewards for themselves.
Be creative with job interviews
The traditional job interview is limited in its appeal to millennials. Instead of sitting in a conference room asking a list of prepared questions, look to build trust with job candidates by having an informal meeting at a coffee shop, introducing them to some of the most interesting and innovative people at the company, or allowing job shadowing so they can learn more about how it feels to work at the company. Pique their interest and help them visualize a future at your business, and you’ll be more likely to hire them.
Get traditional referrals
Millennials are known for being avid consumers of social media, but according to the CEB study, only 29% of them believe the information about employers that they see on social media. Instead, millennials are more likely to trust the recommendations and opinions of family and friends. Traditional recruitment referral programs still have a lot of value for hiring today’s top talent.
Hiring top millennial talent doesn’t have to be time-consuming — but it does require some creativity and a willingness to adapt for a new generation of workers.
Insights on the top cash flow challenges business owners are facing today.
Browse All Articles »
Receive an email with featured articles and valuable insights for today’s business owners.
Give us a call at 1-855-762-2365 or fill out our simple form and a PNC Business Banking representative will get in touch with you.
Request a Contact »
PNC is a registered mark of The PNC Financial Services Group, Inc. (“PNC”). This article has been prepared for general information purposes by the author who is solely responsible for its contents. The opinions expressed in these articles are those of the author and do not necessarily reflect the opinions of PNC or any of its affiliates, directors, officers or employees. This article is not intended to provide legal, tax or accounting advice or to suggest that you engage in any specific transaction, including with respect to any securities of PNC, and does not purport to be comprehensive. Under no circumstances should any information contained in the presentation, the webinar or the materials presented be used or considered as an offer or commitment, or a solicitation of an offer or commitment, to participate in any particular transaction or strategy or should it be considered legal or tax advice. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc., will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission. Banking and lending products and services, bank deposit products, and Treasury Management products and services for healthcare providers and payers are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC. Lending and leasing products and services, including card services and merchant services, as well as certain other banking products and services, may require credit approval.