Unemployment in the U.S. has recently hit an all-time low of only 4%. However, for companies that are currently looking to hire young talent, this low unemployment rate is a blessing and a curse at the same time as this significantly low unemployment rate also shrinks the overall candidate pool. With fewer people to choose from, it is getting increasingly difficult to find the right people. So what can you do to stand out as a company to attract young, rising talent?
For starters, make sure that you understand what your target audience is looking for in a company. We are in a unique situation by having five different generations sharing the workplace and it’s not easy to please everyone. Some “older folks” might value your company 401k match while others value your flexible hours, the unlimited PTO days, or the community involvement you’ve supported.
But how exactly do you attract young talent? Studies have shown that Millennials (age 18 to 38) are looking for a competitive salary and generous health benefits. Do you offer any health benefits? If so, how good are they? How do you compare to your competitors? Find out how your offerings compare to your closest competitors and be prepared to up your pay or benefits. You want to stand out by offering top-not benefits and amazing perks such as free beverages and/or free food. Just look at what Google and Facebook are doing. Since Millennials spent a good amount of their time at work, why not make work their home? People generally work much better in an environment they enjoy so maybe give that a thought and start little by little. Finally, millennials value flexible hours, PTO days, and an overall friendly company culture that offers advancement opportunities.
If you want to attract young talent, you – as a company – have to stand out, and you’ll soon have lots of young and qualified people lined up wanting to work for you!