Attracting and Retaining Millennial Hires – Survey Results
LoveLocalJobs.com conducted a local survey this April to test the temperature of business growth across the region and organisations’ engagement with today’s jobs market, particularly the next generation of millennial workers. The survey was completed by businesses across Sussex, ranging from SMEs to large corporate organisations with more than 300 employees.
The survey discussed how businesses plan to find fresh talent, top hiring frustrations and the role young people will play in the future of business in Sussex. As a result, we have gained a deeper understanding of the modern hiring climate and the importance of millennial engagement to improve future staff retention.
The results revealed that the current climate is optimistic about the next 12 months ahead, with 80% of respondents expecting to hire within the next year. The majority of businesses – 73% - said that they use online job boards to attract top talent, followed by LinkedIn (63%), word of mouth (63%) and other social media channels.
A key focal point raised is that our workforce is now of the millennial generation - 55% of businesses who took part claimed that the majority of their current workforce is between the ages of 25-34 years, while 53% placed their workforce in the 35 - 44 age bracket. What was very revealing was the claim that 73% of businesses expect the age of any upcoming hires to fall under the millennial 25-34 bracket.
The millennial generation – those born from the early 1980’s to late 1990’s and ‘came of age’ or ‘came into the workplace’ after the Millennium (also known as Gen-Y) – have grown up in a digital age that is heavily influenced by online social networks. Surveys around the globe show that millennials stay at their place of work for 12 to 48 months rather than view a role as a lifetime occupation. It is said that by 2020 millennials will make up 50% of the global workforce, but with more businesses finding it harder than ever to attract millennial talent, hiring managers are beginning to alter trends and workplace cultures to appeal to this fast-moving and tech-savvy group.
A frustration highlighted across the local business scene was inadequate levels of talent within their immediate vicinity - 63% of businesses said they have experienced this frustration when hiring. What exacerbates this is the issue of local talent traveling out of our region to commute for work, which begs a central question: how do these businesses not only attract but retain talent commuting on our doorsteps in Sussex to drive our future economy?