The Next Generation

The era of Baby Boomer retirement has inevitably become a reality, and the US Bureau of Labor Statistics is predicting a shortfall of 10 million workers by the year 2010. The next generation of leaders is entering the workforce and will soon fill the shoes of the retiring Baby Boomers. This generation, known as the Millennials or Generation Y, encompasses those individuals born between 1977 and 1994. Today’s young workers are more educated than any other generation in history, value work-life balance, expect great compensation and benefits, and have been coached to act like entrepreneurs in managing their careers.

The demographic shift in the United States is taking organizations into uncharted recruiting territory. Organizational leadership must now view human capital as its most valuable resource, and recognize that the acquisition and development of talent is among the most pressing workplace issues faced today.

A first step is recognizing that successful talent acquisition is no longer a reaction to monthly and yearly hiring needs, but must instead be a process of building long-term talent acquisition strategies. A paradigm shift must occur among HR managers, and companies will need to transform into strategic human capital organizations to secure lasting, sustainable results. 

Self-examination is the first step in this transformatio n. Start by conducting an overall assessment of your organization. Are you attractive to top talent? If not, why? How does your organization stack up to competitors in terms of pay and benefits? Does your organization have a strong corporate culture? Does your organization empower employees to grow and pursue leadership opportunities?

Conduct a thorough study of each part of your recruitment and selection process. The next generation entering the workforce communicates differently and is highly technologically savvy. Young workers expect high impact options and have different priorities and expectations than those who are leaving the workforce. As such, the techniques used to recruit Millennials should play to their expectations and interests. After the evaluation has been completed, determine what can and cannot be changed about your process and identify key areas for improvement.

If you need to step up the effectiveness of your recruitment functions, a creative and proactive approach is to handle recruiting as a marketing activity. Develop high-tech, modern recruiting campaigns to promote differentiators, grab the attention of Millennials and distinguish your organization from the rest of the media storm. It is essential to create and firmly establish your specific employment brand in the market. Your employment brand communicates what your organization represents and what its employment experience and corporate culture is all about. By consistently and repeatedly delivering messaging about why your company is a great place to work, you can successfully gain the edge you need in attracting, recruiting and retaining top talent.

While high impact marketing and employment branding can enhance the recruitment process, remember that recruiting and retention are still highly personal functions requiring plenty of direct communication. Keep your employees updated on the latest and most accurate corporate messages, recent company milestones, divisional highlights and new product/service offerings so they can effectively communicate your organization’s competitive edge. Train each person employed at your organization how to be a ‘recruiter ’ and to market to potential hires wherever they go.

While attending events and conferences, encourage representatives from your company to be actively and intentionally looking for talent. Equip each person with your organization’s short elevator pitch, individual job profiles and knowledge of which positions are currently available. If an employee speaks to someone interested in working for your organization, he or she should know exactly how to direct the potential candidate on what to do next.

Generation Y is ready to make a meaningful impact on your organization and bring a variety of unique attributes and talent to the workplace. The organization that can leverage the potential that this generation has to offer will gain a distinct advantage – the opportunity to capture their contributions in this increasingly competitive marketplace.