Is your Employer Brand attractive to Millennials?
Employer branding was once defined as an “organization’s reputation as an employer”. It has since evolved to encapsulate both employee engagement and advocacy, and is a hot topic for both communications and HR professionals.
In a recent survey of talent acquisition professionals in the United States, 65% of respondents indicated that their company’s employer brand was a top priority for them in the coming year. The need for businesses to invest in employer branding is simple; a strong employer brand can lower cost-of-hire by as much as 50%, reduce turnover by 28%, and positively impact the ability to hire the best talent.
But who are the individuals that make up the current talent pool? And what do they value in an employer brand? The majority of the talent will be chosen from the group that currently makes up the largest generation in the American and Canadian workforces, Millennials. So, how can employers shape their brand to become more attractive to this group of people as they increasingly enter the workforce?
A strong employer brand is crucial, but crafting a consistent Employee Value Proposition (EVP) that goes along with it is an integral part of attracting the right talent during the recruiting process. When organizations effectively deliver on the EVP, new employees arrive with higher levels of commitment to the organization compared to organizations with poor EVP delivery. A company’s EVP can tell a lot about the culture of the workplace, and like other generations before them, there are very specific things that Millennials look for in a company’s EVP.
According to Kelly Services, 70% of Millennials are changing jobs every two years. A large number of individuals from the generation are straying away from the typical 9-5 and finding contract work more attractive. With flexibility rated as a top perk for Millennials, many companies are making the transition towards flexible hours. Employers are even finding that, when recruiting young talent, their offer of flexible time off policies are far surpassing the importance of higher pay rates.
Opportunity to grow
Another value for the generation is the ability to grow in the workplace. A recent study found that Millennials seek to gain skills that enhance their future career prospects and like to see the value of their contributions. A study shows that 64 percent of Millennials state that one of their career priorities is “to make the world a better place”. Companies that highlight the link between innovative products and societal outcomes (such as sustainability and infrastructure development) generally have a brand that is more attractive to this demographic. An added value is placed on CSR as an opportunity for Millennials to grow and give back to their communities.
Technology and innovation
Research shows that Millennials prefer to work in open environments where technology is central and innovative products and solutions are highly visible. A platform for young talent to voice their innovative ideas is also a priority. Being part of a company that thinks differently and encourages new ideas are generally environments that this generation thrives in.
Because Millennials will make up seventy-five per cent of the global workforce by the year 2025, it is important to recognize what this generation values in an employer. In a world where the talent level is high and the workforce is extremely competitive, it is imperative for businesses to define their employer brand and EVP in order to attract and retain the best possible talent.