Millennial employees make up the largest demographic within the U.S. labor force today. They are disrupting the traditional 9-5 structure that the Baby Boomers embraced so heartily in the past. To add to the turmoil they’ve created, the unemployment rates have been historically low as well. This has forced employers to drastically change how they’ve approached their strategy in their talent management initiatives to attract and attain the best available Millennial human capital remaining.
Millennial Employees and Your Talent Management Strategy
Sweeping changes to social views and priorities along with the constant temperamental, partisan politics fueling a frenzy across the country have created disruption in how Millennials are thinking and strategizing their employment gambits. For example, the healthcare industry has been in flux for a handful of year, especially now, since the current administration, led by President Donald Trump, has been openly sabotaging the Affordable Care Act (ACA) through Executive Orders, loopholes and a recent court case in Texas putting the entire healthcare law up in the air.
Because the healthcare market is in flux, many employers are looking to work with benefits brokers in offering numerous voluntary healthcare benefits such as Critical Illness Insurance and Hospital Indemnity Insurance for example.
This is just one example of many that some employers are implementing to help their prospects further in attracting and attaining the best talent for their businesses. The talent management umbrella covers a few key areas which include recruiting, onboarding, performance evaluation, learning management and succession planning.
Let’s discuss the ways to attract, engage, attain and retain Millennial talent.
Attracting Millenial Employees and Your Talent Management Strategy
Attracting people to be interested in a company’s employment opportunities is a science that is constantly evolving, especially for Millennial employees. During the recruiting process, businesses can follow these tips to improve the attraction process for them.
Build a culture worth sharing
Millennial employees want to work for a place that has some type of meaning for them. Whether that be career development, community outreach initiatives, the amount of money in their paycheck, the amount of travel they get to do, or how much PTO they can use per year, employers need to find something attractive they can offer to potential employees and promote it.
Having great identifying “perks” that employees want can help build demand in the number of people who want to compete to work for a company. These perks are great to have when companies need help building up their employer brand.
Offer something more than just salary
Above, we mentioned that voluntary benefits are rising to help offset the skyrocketing healthcare costs, but what else is there an employer can offer to attract Millennial employees? This area can be an array of options and it’s up to the employer to figure out what they can do to improve this area. Employees are motivated by different things such as stock options, travel compensation, flexible work hours, remote days, gym memberships, technology discounts, access to entertainment, dining and more.
Employers can better gauge their workforce and potential candidates through a simple survey system. The more data acquired over time, the better offerings an employee can come up with to attract the best talent available.
Simplify the recruiting process with automated tools
An automated Applicant Tracking System (ATS) helps to enhance workflows which help to improve processes during the recruiting process. An ATS can help simplify the recruiting process for Millennial candidates by doing the following:
- Making available positions easily accessible through mobile-friendly sites
- Allowing candidates to seamlessly apply for positions with a smartphone or tablet
- Letting applicants stop and save the application process regardless of where they are
- Completing the application process in under five minutes
- Providing applicants with markers or indicators so they know how far along they are
Engaging and Retaining Millennial Talent
As businesses begin attaining their Millennial talent over time, they will need to have strategies in place to keep them engaged to help keep them retained. Or else, they will be at risk leaving their company behind for greener pastures if they feel like they are not being fully utilized, or are simply unhappy with their future prospects.
The easiest way for businesses to keep track and be on top of the current temperature of their Millennial employees is through the utilization of cloud-based HR automated solutions that fall under the Talent Management umbrella. With these modules, HR administrators and business strategists can count on increased workflow efficiencies, accurate reporting for government compliance and a surge of accurate data to improve various talent management processes. Employees using these applications will also feel empowered to have access to the information that helps them improve, be better engaged and more.
Keep Millennial employees engaged with Performance Management
Millennial employees are in need of feedback. Today, it’s simply not enough to just have yearly performance reviews. Millennials need to know that the work they are doing means something to them and to the company they work for. With an automated performance management module, administrators can configure the process to how they please. Maybe they want to have a performance review two times a year, or even quarterly?
With a well-defined review process in place, as well as including weekly, or bi-weekly meetings, this will surely help to keep Millennial employees engaged and on-objective. A performance management module will allow managers and employees to establish:
- Workplace performance goals
- Plans of action
- Specific steps defined to keep everyone on task
Keep Millennial employees wanting more with Learning Management
Improving one’s self personally and professionally isn’t just a Millennial cause, but you can bet that many would relish in the opportunity to access self-improvement if offered by an employer. With a cloud-based Learning Management module, businesses can offer their employees numerous training opportunities in a variety of areas in business such as compliance, cybersecurity, sales courses, business ethics and much more.
A module such as this centralizes and automates employee development, which makes learning, collaboration and ongoing training both efficient and effective. This helps to keep employees engaged in their work because they can watch and keep track of their development as their career ascends within the business.
Keep Millennial employees retained with Succession Planning
There’s no better feeling than when you’re approached by a manager or c-suite executive and they want to talk about your future career prospects with you. In most cases, this is a good sign because they have identified you as someone within the company who can be a direct contributor in the way the business forms in the future.
With an automated Succession Planning module, companies can combine employee performance and readiness with comparative ratings, scorecards and through 9-box talent matrices. It allows them to provide real-time insight into the existing (and future) talent bench within their business. The module helps to improve employee development, boost employee retention and reduce organizational risk. Millennial employees who are prospected for leadership positions will more than likely remain with their employer to fulfill the path that has been laid for them.
InfinityHR: Talent Management System
The cloud-based InfinityHR Talent Management System helps employers attract and retain employees through various automated workflows that improve HR processes in:
- Recruitment and applicant tracking
- Performance Management
- Learning Management
- Succession Planning
Each individual module streamlines the flow of data to help administrators and employees perform their essential tasks easier and faster. With over 300 partners integrated with InfinityHR, clients are able to sync their technology with numerous HCM platforms, ERP systems, payroll providers, insurance carriers and other third-party applications to enhance their processes even further.
The full cloud-based InfinityHR HCM Platform
Aside from the substantial talent management capabilities in Applicant Tracking, Onboarding, Performance Management, Learning Management and Succession Planning, the full platform holds automated tools in HR Management and payroll processing. The full platform rounded out includes modules in:
- Benefits Management
- ACA Compliance
- Core HR
- Employee self-service (Employee Portal)
- Workflow Management
- EZ Sign (electronic signature)
- Employee Record Management
- Payroll Processing
- Time and Attendance
Schedule a demo with InfinityHR today to see how the cloud-based HCM platform can help you solves your clients’ pain points.