ALC - CareerArc blog

Update Your Retention Strategy for Retaining Millennials in the Workplace

Working with millennials is significantly different than working with their older colleagues. Millennial values are often in sharp contrast to Baby Boomers and Gen-Xers. Without the promise of pensions or hefty retirement options, millennials are more prone to job hop until they find an employer that can meet their checklist of desires. In the past year, 21% percent of millennials switched jobs, while the turnover rate for the general population was 19.3%. 

By 2020, almost half of the entire workforce in the United States will be millennials, according to the U.S. Bureau of Labor Statistics. So as the labor force in the U.S. shifts, your company has to strategically position your employer branding for millennials. In order to gain the attention of millennials, your employer branding effort must reflect the fundamental differences in values, beliefs, and lifestyles between their demographic and baby boomers. 

To recruit and retain industry top talent, employer branding differentiates your business in an ever-competitive labor market. It facilitates reputation management, talent acquisition, and employee attrition reduction in human resources.

No one likes to be the bearer of bad news, but sending a rejection letter when an applicant isn’t the right fit for a position is better for the candidate and for your business. 

Do you want to hear from top-notch HR leaders, learn about emerging HR trends and technologies, and obtain hands-on industry training that you can take back to the office with you? If so, the 2019 Social Recruiting Strategies Conference (#SRSC) is right around the corner. While #SRSC brings together HR thought leaders from across the globe—it’s up to you to make the most of your time at the conference.

The name of a company usually brings up a reaction to the company’s reputation, products, services, and leaders. For a small company, building an employer brand is vital since you only get one chance to make a great first impression.  The initial reaction someone has to your brand may attract, or deter, their interest as a potential employee.

You must have an online presence if you want to attract top talent—simply because that’s where the applicants are looking for job opportunities. But what does it really mean to “have an online presence” for your employer brand?

With lower unemployment rates than we’ve seen in years, the fight for top talent has gotten fierce. Not only do businesses have to work harder to attract terrific potential employees, but they also have to keep their existing employees. Essentially, you and your HR team have to build a strong employer brand to attract and retain the best people.

In a highly competitive hiring environment, recruitment systems and strategies that you’ve once relied one may no longer be effective. Defense contractor DRS Global Enterprise Solutions (GES), Inc. realized this firsthand when seeking to fill open positions with optimal candidates. The usual job board postings were not cutting it and success—characterized by increased job views and faster placement—required more than a new recruitment platform: it meant improving the organization’s employer brand.

What is the one thing you do when you need to find a good candidate for an open position? The likely answer is: You ask everyone you know if they know anyone right for the job.