The answer: older generations are retiring, and younger generations are taking over.
According to eremedia.com, “the U.S. labor pool is evaporating at a rate of 10,000 retirees a day.” Baby Boomers are on their way out, while Millennials and Generation iY are on their way in.
These young workers are bringing in a host of new ideas, from technological advancements to modern diversity initiatives and efficiency boosters. They also have new requirements, such as work-life balance, a sense of meaning in their work, and room for advancements.
Some relish this new transformation while others despise it. Nonetheless, there is one problem with this trend: young people aren’t succeeding the Baby Boomers quickly enough (eremedia.com). The result is a continuous job shortage.
RECRUITING THE YOUNG: Now more than ever, employers must direct their recruiting efforts toward a younger crowd. It is unsafe to assume that Millennials and Generation Y possess the same drivers as their parents and grandparents. Recruiters must find out what makes them tick on an individual and group level, whether it is career advancement, significance, praise, or a host of other factors.
Millennials and Generation Y often possess a different set of values than their predecessors. Employers must appeal to these values in order to attract and retain young, qualified talent. For example, modern generations tend to value community value above financial value. How does your organization benefit the society around you? How do you advertise this to the candidates you hope to recruit?
According to Amy Adkins of gallup.com, Millennials are the “most likely generation to switch jobs.” Combine this with a job shortage, and employers must take extra care to retain high-quality employees. This might include greater flexibility, creating a sense of purpose, listening to their ideas, competitive pay, and creating an energetic culture.
Far too often, however, organizations fail to understand the very people they are trying to recruit. This leads to company shortages, eternally open requisitions, and frustrated management teams. In the midst of a country-wide phenomenon, each of these elements become further exaggerated.
Don’t let this be you. Qualigence International can aid in your cross-generational recruiting efforts so that you can stay on top of the shortage. Our success comes from years of experience, a diverse team of researchers and recruiters, and modern techniques that appeal to even the youngest talent.
It’s time to get ahead of the national shortage. Don’t be overwhelmed; be prepared.