Where will all the grads go?
And more importantly, will they stay put? Nearly two million members of the Class of 2016 in the U.S. have hit the job market this summer, and the outlook is strong.
A survey from the National Association of Colleges and Employers finds that employers are planning to hire about 5 percent more new college graduates than last year, and the Bureau of Labor Statistics reports that the unemployment rate for those over 25 with a bachelor’s degree is 2.4 percent, less than half of the national average of 5 percent.
While the job outlook is strong, Millennials are looking for more than just a job — they want a career that they are passionate about. And they will not settle for anything less.
Millennials have different needs than previous generations.
According to a study from Bentley University, “Millennials have not rejected the corporate world, but they will seek other options, such as starting their own companies, if they cannot find workplaces that accommodate their personal values — prominent among them time allocation, relationships and job security.”
How to attract the best Millennials to your company
In order to recruit and retain Millennials, you first need to understand their needs. It is essential that companies invest in their candidates from the very beginning… and that means getting to know them — inside & out. This generation has been described as everything from self absorbed to free spirited.
While making sense of Millennial preferences might seem like a tall order, a simple personality questionnaire puts it within reach. HR managers and recruiters can now use a psychometric assessment to uncover a person’s motivations, leadership style, and more.
This is a vital resource for understanding the mindset and strengths of today’s college graduates. I reached out to a recent grad who was on the hunt for a job she could invest herself in. As a millennial in the tech start up world, Addison wanted to see just how accurate this assessment was at gauging her unique needs.
Addison noted, “my motivation radar was spot on. Without relating to others on my team coupled with a strong work life balance, there is no amount of money that can keep me happy at a mediocre job.”
But these are just Addison’s unique results, employers must find ways to meet expectations of the new generation’s vast and diverse motivators.
Investing in employees is more important than ever, especially if your company plans on retaining them. To get a better idea of what a millenial will need to be a glowing and fulfilled asset to the team; it is best to do the extra work during the interview process, or you may see them heading for the door.