Why You Should Put Millennials at the Heart of Your International Hiring Strategy - Jobs in the Netherlands
There are three forces acting on the world of international hiring and assignments and these are creating a need for recruiters and HR to shift their strategic focus to the Millennial Generation (Born 1998 -2002).
This does not mean discarding Generation Y (Born 1965 1982) and Baby Boomers (Born 1946-1964), as a multi-generational hiring strategy will lead to diverse teams that are more flexible and adaptable and more high performing; I am fully behind multi-generational teams!
However, the demographic shifts that are occurring in the candidate marketplace cannot be ignored as they are beginning to impact a global company's abilities to attract international talent. For example, research from Deloitte tells us that by 2026, both Millennials and younger workers will account for around 50% of the workforce. This means that if international businesses want to be able to effectively resource their teams with international recruits they must begin to develop processes that are especially attractive to Millennials.
Older workers less keen to travel while younger workers are keen jet setters
Another piece of research from the CEB suggests that 65% of global leaders, (who tend to be older working Generation X and Baby Boomers), are not interested in relocating internationally, and this contrasts sharply with Millennials as research from PWC shows that a massive 80% of Millennials are keen to work abroad and 70% of them want to use a second language in their careers. So, Millennials are a much more ready and willing to engage in international roles than older workers.
Reduction in assignment benefits may deter older workers...
Research from Cartus presented in its Trends in Relocation Study has shown how the global economic slowdown has forced a dramatic reduction in benefits that can be offered to entice/retain international assignees. As companies are forced to find cost savings they are cutting many of the perks associated with international hiring and the perks that have been cut the most are: pre-assignment trip, children's educational assistance, dependent visits, transport allowance, medical, language training,
Imporantly, this reduction in benefits may deter older workers but will be of less concern to younger workers who are less motivated by financial based benefits at this stage of their lives and more attracted by the idea of international work and personal development.
So, there are three compelling reasons why international recruiters should be increasing the focus of on to Millennials – as part of a multi-generational hiring strategy naturally. And below, I have set out several hiring strategies that can help to attract the millennial worker.
Both PWC and Deloitte highlighted several strategies that can be very effective in attracting, engaging and retaining Millennials and these are:
The opportunity for training and development was one the Millennials most valued benefits, so ensure to both develop and reflect your commitment to learning and development in your employer brand messages. Make sure that 'Mentors' are available on all assignments which Millennials can access as needed. Consider making use of 'International Stretch Assignments' which are developmental roles that are heavily supported with coaches and mentors and which allow less experienced workers to take up post.
Millennials want flexibility and job mobility so if you want your environment to be attractive to international Millennials ensure that you create plenty of opportunities for job rotations or better still, introduce a formal job rotation scheme.
Millennials are particularly sensitive to a company's level of social and corporate ethics so be sure to develop a good CSR approach and policy, especially if you trade in developing countries.
Modernize your work environment so that staff can learn, engage, discuss, solve problems, find answers and socialize via social media tools – as this environment is especially appealing to Millennials.
If you have any more ideas on how to attract Millennials, I would love to hear your comments.