Dahl Consulting’s Insight to Recruiting and Securing Recent Graduates
The unemployment rate has hit and remained at a rare low of 3.7%, the lowest it has been for a sustained amount of time since the 1960’s. This change has influenced the job market substantially and will continue to affect the way both companies and applicants view the hiring process.
Due to the growing opportunities for new graduates, businesses need to step it up a notch when it comes to recruiting and working to retain their new hires. According to the Pew Research Center, as of 2016, millennials have now become the largest generation in the labor force. As we all know, each generation differs in many ways, whether that be interests or communication style. That is why the impact that millennials have on the labor force needs to be addressed by adjusting the way companies manage their hiring process. Below, we've highlighted several tips to both attracting and retaining new graduates in 2019.
Attracting New Graduates
Highlight the Benefits
Even though this sounds rather obvious, some companies are skimming over their benefits, thinking that millennials are only keeping an eye out for that dollar per hour. This couldn’t be farther from the truth! A recent Merrill Edge report states that “Millennials are the first generation to plan long-term for financial freedom instead of retirement.”
This saving strategy may not be focusing as highly on the traditional 401K, but on all benefits that are going to provide workers the lifestyle that they are hoping for. If your company provides a good PTO package, or the newest trends in loan repayment plans, highlight it in the hiring process! Even the smallest benefits are going to draw in new graduates by showing them that you are sharing their interests and want to provide benefits that will help them in the long run.
Search for Ability
While this tip sounds to be directed strictly towards a company’s recruiters, it actually goes deeper than the act of searching through the mass of LinkedIn profiles that have been thrown your way. If you have looked at a recent job posting, you are probably familiar with the basic layout. You see the job title, a general summary of duties, location and hours, maybe some background on the company, along with a huge list of requirements for the position. These lists, while helpful, can be extremely daunting for a recent college graduate.
If your company is willing to put aside some of these requirements to hire those who have the ability but may be lacking some of the experience, put it right there in the list! Another simple technique is to list these as preferred instead of required. By including a long list of what is required, some very talented graduates are passing you by since they don’t believe they will fit into this list.
Now don’t think you can’t list any skillset or experience as required; some jobs really will require them. Just keep in mind, that some candidates may be able to gain knowledge and skills within their schooling and on the job training, instead of 5-7 years of experience.
Emphasize Work-Life Balance
Due to the constantly growing presence of technology in our everyday lives and more so, in our workplace, the need for work-life balance has never been so high. With emails popping up on our phones, and texts coming through from coworkers or clients, the traditional 9 to 5 workday just doesn’t exist.
Generations expert, Ryan Jenkins states that “for many millennials, success is having control over how and when they work and accumulating various life experiences, both of which are enabled by a better work-life balance.” In order to remain competitive when hiring new graduates, companies must realize that this is something that millennials, more than any other generation, are demanding.
“Nearly half of American workers would forgo the corner-office job and a high salary to gain more flexibility in their schedules.”
If your company is able to provide a healthy work-life balance, or are pushing for a more flexible work schedule, advertise this right off the bat to begin attracting new graduates!
Retaining New Graduates
Transparency in the workplace is simple in the fact that it builds trust between employees and leadership. It is specifically important to drive employee engagement, which in turn increases retention. Employees who work for companies recognized as “best places to work” identified the top three engagement drivers to be:
I trust the leaders of this organization to set the right course.
I believe this organization will be successful in the future.
I trust the senior leadership team to lead the company to future success.
These drivers indicate that employee engagement is clearly tied to trust in both leadership and the company as a whole.
For new graduates, business transparency is a way to show them what the company stands for and what they, as an employee, are contributing to. If a company is going through a rough patch, sharing this information with employees, and seeking support is a way to encourage retention through the not so easy times. Even though most people believe that millennials are quick to jump ship from their job the second things look gloomy, a recent Bridge study “found that nearly 90 percent of millennials are looking to grow their careers within their current companies”. If there is trust in the company, the loyalty will follow.
Prioritize Workplace Culture
We see it again and again; the higher employee satisfaction is within a company, the lower the turnover rates. One huge piece to employee satisfaction is fitting in with your company’s culture. Every company has a culture, whether it is strictly defined or simply based on the experiences and behavior of the employees. It makes sense that workplace culture should be considered while searching to fill a position, but it can soon get lost after that offer has been accepted.
“Employees who fit well with their organization, coworkers, and supervisor had greater job satisfaction, were more likely to remain with their organization, and showed superior job performance.”
Since a unified workplace culture can have huge benefits for a company, especially one that is facing change or volatility, it only makes sense that it should always be focused on. Workplace culture can be a powerful thing, since every worker wants to have somewhere that they feel comfortable, they are supported, with people they enjoy seeing. As time goes on, it is important not to let your emphasis on culture slip; because as soon as it does, so will the stellar new graduate you just found.
The workforce is constantly evolving, and you should be too! If your company remains neck and neck with your competition, your employees are much less likely to pursue opportunities elsewhere. New graduates are aware that they have countless jobs to pursue and experiences to gain. In order to have a leg up on your competition, you must be watching the industry standards and pursuing initiatives to constantly improve your business.
Consider your competitions compensation packages. With compensation being one of the main reasons employees stick with or move to a different job, it must be on your radar. As we mentioned above, millennials are demanding more flexibility, if possible, be the first to take a step towards this. Offer flexible hours or additional work from home days; whatever you can do within reason, do it. Finally, never stop providing opportunities. Employees what to grow, and they want to be challenged. If your company is pushing them and providing them with cutting edge training and career advancement opportunities, they won’t want to leave.
Since millennials have been taking over the workforce, companies need to continue to evolve by altering their processes to suit them. DAHL has provided several tips to both attracting and retaining talent that can be directed to recent graduates this year. millennials in the workplace are inevitable; you might as well work to attract and retain the best fit for your company!
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 https://www.cnbc.com/2017/05/23/heres-what-millennials-are-prioritizing-instead-of-retirement.html  &  https://www.inc.com/ryan-jenkins/this-is-what-millennials-value-most-in-a-job-why.html  https://gethppy.com/company-culture/business-transparency-is-key  https://www.getbridge.com/news/press-releases/millennials-are-most-likely-stay-loyal-jobs-development-opportunities  http://nreilly.asp.radford.edu/kristof-brown%20et%20al.pdf