Today’s tight job market is creating a new business challenge—how to attract and retain top talent.
How the tides have changed. Not long ago, an employer-driven job market meant a wealth of qualified candidates applying for a job. Today’s tight job market has turned the table, putting candidates in the driver’s seat. With millennials estimated to make up 50 percent of the U.S. workforce by 2020, companies need to take heed on what this generation really wants from its employers.
While salaries are always a consideration, research shows that millennials aren’t all about the money. Companies that are flexible and think ‘out of the box’ in terms of their benefits and corporate culture are better aligned to attract and retain millennial talent.
In order to stay competitive, many companies are taking a close look at the benefits they offer. In fact, according to the 2018 Employee Benefits Survey, administered by the Society for Human Resource Management (SHRM), more than one-third of the organizations surveyed (34%) increased benefits offerings in the last 12 months. Of those, 72% cited retention as a reason for doing so and over one-half to attract new talent (58%) and/or respond to employee feedback (54%).
While every generation would like a work-life balance, according to a FlexJobs survey, 35% of millennials value schedule flexibility over pay, indicating they would be willing to take a 10 to 20 percent pay cut in exchange for telecommuting options. From flexible work schedules to personal time off (PTO) to virtual offices and advanced training programs, the millennial workforce is challenging corporations to be more creative when developing employee benefits packages.
Positive Corporate Culture
According to the 2018 Mercer Global Talent Trends Study, thriving employees are three times more likely to work for a company with a strong purpose. Many millennials are seeking to work for companies that have a well-developed corporate social responsibility program. Millennials want to be part of a positive workplace culture and are looking to build their careers at companies that aren’t fixated on profits. In fact, the Deloitte Millennial Survey 2018 found that respondents are looking for business leaders to take the lead in solving the world’s problems. The same survey found that good pay and positive cultures are most likely to attract millennials, but the keys to keeping them happy are diversity, inclusion and flexibility.
Looking to Find the Right Person—For the Right Job?
At The Rowe Agency, a sister company to Capitol Concierge, we understand the challenges in finding and hiring top talent in a tight job market. We offer a wide array of staffing services and solutions with a tailored approach to the individual requirements of each client. Our expertise delivers exceptional talent and is the reason why we serve as the preferred staffers for some of the most influential companies in the world. Whether you are looking for Temp, Temp to Hire, or Direct Hire, let us find the perfect candidate for you. For more information, visit our website.