How to scale with Millennial Talent Rob Blythe, Founder & Director, Instant Impact
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This document discusses how to retain millennial talent as they make up most of the workforce. It recommends having clear progression structures and investing in training to overcome issues with no easy wins. It also suggests focusing on an inspiring mission and strong culture/values to address millennials seeking approval. Providing excellent experiences and feedback can help with their need for instant gratification. Retaining millennial employees requires making the company a great long-term place to work.
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How to scale with Millennial Talent Rob Blythe, Founder & Director, Instant Impact
- 1. HOW TO SCALE WITH MILLENNIAL TALENT Rob Blythe Director & Co-Founder @rfblythe www.instant-impact.com
- 2. 20 PASSIONATE EMPLOYERS 300+ FAST GROWING CLIENTS 1,000+ PLACEMENTS
- 4. THE MILLENNIAL GENERATION By 2025, 75% of workers globally will be Millennials (Time)
- 5. THE MILLENNIAL GENERATION Average tenure for millennials is just 2 years (Yahoo)
- 6. THE MILLENNIAL GENERATION Costs £20,000 to replace each Millennial employee (Microsoft)
- 7. SIMON SINEK The power of ‘why’
- 8. THEME 1 - NO EASY WINS
- 9. SOLUTION 1 Have a clear and meritocratic progression structure
- 10. SOLUTION 2 Invest in training
- 11. THEME 2 – SEEKING APPROVAL
- 12. SOLUTION 1 The ‘why’: Have an inspiring mission
- 13. SOLUTION 2 Focus on culture and values
- 14. THEME 3 – INSTANT GRATIFICATION
- 16. SOLUTION 2 Encourage 360° feedback
- 17. SUMMARY Keeping millennials engaged and inspired is challenging. However, if you can make your company a great place to work and stay one step ahead you’ll see the reward!
- 18. HOW TO SCALE WITH MILLENNIAL TALENT Rob Blythe Director & Co-Founder @rfblythe www.instant-impact.com
Editor's Notes
- So, who am I? Co-founder & Director of Instant Impact – leading intern & graduate recruitment agency. Work with fast growing start-ups and scale-ups who are looking to scale. Work across all industries and have developed a good understanding of attracting, recruiting and retaining millennial talent both through personal experience and that of our clients.
- Millennials are people born between the early 1980s and early 2000s. It ranges from old teenagers who will shortly be entering the workforce to people in their mid-30s.
- By 2025, 75% of workers globally will be Millennials If you’re looking to scale you’re going to have no choice but to hire Millennials.
- The average tenure for millennials is just 2 years compared with 5 years for Gen X and 7 years for Baby Boomers. For recruitment the numbers are even lower… This is a very different generation to any that has previously entered the job market and the trends are only going to increase for Gen Z so it’s worth investing the time in understanding them!
- Once you’ve decided that you need to hire millennials you’ll need to understand what drives them so that you can keep the talent necessary to take your business forward.
- Simon Sinek is a leading voice on the millennial generation. He talks about the power of ‘why’ – the purpose of what we’re doing, the bigger picture that drives the ‘what’ and the ‘how’. If this is a topic that interests you and you haven’t already watched any of his talks I’d strongly encourage you to do so. I’ve picked out 3 key themes and applied them to our experience and those of our clients. This talk focuses on what you can do as a business to harness the great potential of the millennial generation and how to avoid common mistakes.
- The first theme is that the reality of the workplace is nothing like what millennials have been brought up to expect. A combination of parenting techniques and education has resulted in millennials being brought up thinking that they’re a superstar and that they should win everything! They aren’t used to failure Millennials have grown up in a world of social media and instant gratification for every need. It’s no surprise then that they get frustrated with a lack of vision / direction and can get bored quickly.
- Millennials need to see where they can go as well as where they are now. Never leave anyone wondering about what could be next or how to get there. To combat this you can create a clear and meritocratic progression structure that provides reward and recognition for top performers and something for everyone to strive towards. Introduce ‘mini-wins’ along the way so that you can re-enforce positivity and provide immediate and constructive feedback to those who are falling short. So what sort of progression can work for the recruitment industry? Can people develop into managers? How would they get there? Develop clear gateways and maybe even a fast track option.
- We all know that recruitment isn’t easy so it’s important that we invest in training to help our employees achieve their goals. We need to ensure that everyone is continually improving through: Combination of internal and external training Mentoring / coaching for senior team members. Peer-to-peer development and on the job learning. Even if you don’t have the resources to have fantastic training, showing it’s a priority and giving the team some control goes a long way.
- Millennials have grown up in a world of likes and shares. Social media has had two major impacts: Millennials constantly seek the approval of their peers; and, It’s very easy for them to feel that the ‘grass is always greener’ because they only see the most positive updates from their friends.
- Deloitte’s 2017 Millennial Survey found that 76% regard business as a force for positive social impact. In order to feel that they’re making a difference, they need to buy into the ‘why’ of both the business and how their role fits into that. We need to give them something that they can talk about and be proud of at the pub. A way for them to contextualise the value that they’re adding. In recruitment we need to fight to have a mission beyond making placements and money! For Instant Impact that’s “to make entrepreneurial companies the first choice for top talent” It’s an act of storytelling – make the most of the why, what and how. We’re obviously target and numbers orientated but the additional aim can help lift and provide extra meaning to the day to day. It’s something that we try and re-enforce through all of our internal and external communications but we’ve got a long way to go. The final point here is that Millennials are smart, the world is changing incredibly quickly and you should involve your team in the direction and mission of the company. Provide opportunities for creativity and involvement to your top talent. Avoid dictating change make them feel involved in it instead.
- Your team need to be able to compete with their peers on more than just making money. To get the most out of Millennials they need to enjoy their working environment both in terms of the people around them and the opportunities on offer. Culture is king! Consider how you can make your company fun to work at Bring a social element into work life, use events as things to look forward to. Hire against a set of company values and involve your team in the process Make sure to shout about what you offer as today’s rewards become tomorrow’s expectations!
- Millennials are used to having an instant gratification for every need from ordering a taxi to organising a date! It’s no surprise then that they get frustrated with a lack of vision / direction and can get bored quickly.
- In a world of instant gratification, any failure to meet pre-set expectations is a retention issue waiting to happen. Whether that’s with the progression structure that you put in place or the culture and office events. It’s crucial not to exaggerate, you need to be realistic with what you can offer and make the most of that whilst constantly striving to improve it. In recruitment we need to be especially clear with setting expectations for new joiners – failure and dealing with ups and downs is unfortunately part of the job. Millennials should know that before they join. If you value an employee, stay a step ahead, pay more than fairly and give raises before they’re requested. As we all know, it’s never been easier to find another job so don’t set things up on the wrong foot! Millennials are very digital, they're quick to feel betrayed and slow to come to management with concerns – they’d rather leave
- Encourage immediate feedback from and to all members of the team, even you! Make sure that feedback is both positive and constructive. If anyone comes to you with feedback address any issues that arise quickly as a priority
- So that’s it from me guys, I hope you found some of the insights useful. Please feel free to get in touch if you’d like to discuss anything that I’ve mentioned any further!
- Overview on II and on me