How the Finance Industry is Evolving to Recruit Younger Talent
Millennials, generation Z, whatever they’re called, the youth of today are important for future success, as the next generation of executives. According to the Telegraph, millennials will make up 50% of the workplace by 2020.
Recruiters are fiercely competing for the best available talent to replace the baby boomers and introduce a new way of working. With the ever-growing opportunities for young people, it’s not as easy as it seems.
We’ve come up with five ways you can make your offering more attractive to this new workforce:
1) Develop a Business Environment Suitable for Young People
According to PwC, millennials value company culture more than any generation before them.
The culture of your company is a key ingredient in setting you apart from other organisations. Attractive facilities are bound to attract people – take the global office complex WeWork, which is hugely popular thanks to its free beer taps and regular events. Young people are aware that they spend a large amount of their life at work and look for an attractive, sociable environment to work in.
Technology also plays a crucial role in shaping company culture. Millennials have adapted to the fast pace of the digital world which means they want technology at work. As heavy social media users and adopters of new platforms, it’s important to engage with them on this level – as many would prefer to message electronically than talk face-to-face. This may mean that traditional forms of recruitment, which predominantly involves phone calls may be replaced by messages on LinkedIn or other platforms.
2) Go Digital
It’s 2017, so a digital presence is imperative – however, with an ever-growing amount of options, it’s important to get your organisation seen in the right places.
With the adoption of smartphones, apps are growing in popularity – even in the recruitment world. Take Hunted as an example, used to recruit recruiters and search executives. It gives you access inside to the inside of an organisation to see if it’s a good cultural fit for you. With the importance of culture previously established, this one seems like a no-brainer.
Here’s another obvious one – go social. Inc reports that millennials spend an hour each day on Facebook. If we’re aware of this prime location it’s important to take advantage and get your jobs posted.
Be creative. Now, this one isn’t directly related to finance but bares meaning. Apple recently advertised a role, hidden in the code of their website. This shows the importance of being creative and innovative in job ads if you want to set yourself apart from the competition.
3) Focus on strengths, not experience
Asking for examples of experience is common practice in interviews – but how is a fresh graduate expected to have a catalogue of examples?
It’s important to search for strengths to get a holistic view of a candidate. Everyone has to have their first opportunity before they can relay examples of prior experience – so why not give them a chance?
A strength-based approach allows your to find the best young talent, who may not have a wealth of experience.
4) Corporate Social Responsibility is Essential
There’s no doubt that CSR is becoming increasingly important for talent acquisition, especially with the young.
Millennials were raised to believe that they could change the world – and want to contribute to something more than lining the pockets of the top dogs. They want to work for a company that gives back, and so a good CSR programme will help to attract a younger workforce.
Of course, all of this hard work will go unnoticed unless communicated in a way that resonates with millennials. To put it bluntly, they’re tired of seeing the same stock images that don’t portray a real insight into the organisation. Photos of team events for a good cause humanise the brand and resonates with potential employees and should be splashed across websites and social channels.
5) Understand Their Needs
While a salary is one of the most attractive elements of a job, it’s important for companies to consider other ways to attract talent, such as perks and rewards.
Millennials are at the forefront of driving growth of flexible working opportunities. For them, working 9-5 is outdated and are seeking a better work-life balance. With some companies recognising this importance and offering days working from home – it’s important to understand what candidates are looking for.