Three ways SMEs can attract and retain millennial talent

Millennials will make up half of the global workforce by 2020. This group of adults aged between 19 and 35 is set to become the largest generation at work, and is distinctly different from other generations.

This rapid change of guard has many business owners and hiring managers thinking about how to recruit and retain millennial talent that is technologically savvy and poised to innovate when given the right tools and corporate culture.

In the Middle East and Africa, the number of millennials is increasing faster than anywhere else in the world. High youth unemployment across the region means there is a need for more small businesses to be successful and create jobs.

And small businesses in particular need to know how to work with this generation.

Microsoft commissioned new research among more than 1,000 millennials and uncovered four secrets that will help them thrive in the workplace:

• create a culture of collaboration

• offer the latest technology

• keep data safe

• have a strong purpose.

The research also revealed certain nuances that can make the difference between a stable, thriving company and one plagued by a millennial exodus.

There are three best practices for your company to appeal to this important generation.

1. Foster a culture of collaboration: Contrary to the belief that millennials are digitally isolated, research shows the majority of respondents said ‘good team collaboration’ was the most valuable attribute in their ideal workplace. Sixty-five per cent preferred face-to-face meetings with their managers, and 51 per cent preferred in-person meetings. This could be a driving factor in why a surprising number of millennials aren’t working remotely — 49 percent say they “never” work from home.

2. Invest in a modern workplace: Not surprisingly, millennials in the workforce demand adequate technology to do their jobs, and almost all respondents (93 per cent) said the latest technology was important in choosing an employer.

From a recruitment standpoint, it’s significant to note this and encourage open communication among employees around what technology they need to be successful.

Making sure you are on the latest technology also increases your data security. In fact, 81 per cent of respondents said they consider security when developing, communicating and sharing sensitive information at work.

3. Live by a strong mission and value systems: Today’s younger workforce has an independent mindset and is looking to align their careers with a higher purpose. They see their career paths as something they have control over, instead of something that’s laid out for them (80 per cent of respondents agreed they are creating their own career path). They’re also picking companies to work for that have clearly defined values and a strong mission. A global survey released at the World Economic Forum found that 65 per cent of millennials said one of their top three goals in selecting a job was to make a difference in society, their city or country.