Millennials, those born between 1980 and 1996, make up a majority of the workforce and by 2020 will comprise nearly half of all workers. Millennials, as with previous generations before them, have been labeled as job hoppers. Perhaps job hopping is a symptom of youth or perhaps millennials truly are different from previous generations. Either way, understanding the job issues millennials must contend with and their motivations will help you better retain them as employees.
According to Gallup, these are the five most important issues millennials consider when applying for a new job:
· Opportunities to learn and grow
· Quality of manager
· Quality of management
· Interest in type of work
· Opportunities for advancement
Below are a few statistics that paint a better picture of the millennial workforce climate.
· Sixty-three percent of millennials have a bachelors degree.
· Forty-eight percent of them work in jobs that don’t require a four year degree.
· 6 in 10 millennials are open to different job opportunities.
· 21% of millennials have switched jobs in the last year – 3x higher than non-millennials
· Non-engaged millennials are 26% more likely than engaged millennials to take a different job for a raise of 20% or less.
· Of the millennials that changed roles last year, 93% did so by changing companies.
· 59% of millennials say opportunities to learn and grow are extremely important to them when applying for a job.
· 48% say that overall compensation is extremely important to them when seeking new opportunities.
· In their current jobs, 87% rate professional or career growth as important to them.
· Less than 50% of millennials strongly agree that they’ve had opportunities to learn and grow in the last year.
· 77% of millennials say that flexible work hours are essential to boosting their generation’s productivity.
· Fifty percent do not believe Social Security will be available when they reach retirement.
· Fifty-six percent would not work at a company that banned social media access.
· Sixty-nine percent believe office attendance is not necessary on a regular basis.
· 89% of smart phone owning millennials regularly check email outside of 9-5.
We now have a better view of the picture plaguing employers. Millennials want more growth opportunities. Millennials are working in jobs that don’t require a degree. Millennials desire more work/life balance. Millennials value social media and half feel they need to earn money now because no social security will be waiting for them when they retire.
Employers must do a better job of retaining their millennial workers by offering growth opportunities and benefits such as flexible hours that are more in tune with millennial desires. They must also continue using social media and technologies such as video interviewing to reach younger workers routinely accessing the web and their social media presences over their phones.
As mentioned, 46% of the workforce will be made up of millennials in four years and if 60% of them are open to new opportunities, you have a significant chunk of the U.S. workers who could be jumping ship. This benefits nobody in the long run. So if you are looking for a New Year’s resolution it should be to retain, retain, retain.
You have heard all about video interviewing and its potential benefits to your hiring process. You may have read blog posts and reviewed the websites of several vendors trying to get a better sense of what to expect but still are a bit confused. Here is where I break it down for you.
As a user of a video interviewing product you will be given access to a portal from where you can access a number of functionalities. Within most vendor portals you should be able to do the following:
- Access candidate interviews.
- Invite candidates to take live or automated interviews.
- Create custom questions which your candidates will answer.
- Share completed candidate interviews with colleagues or clients.
Eighty percent of your portal usage will either be in setting up candidates or in reviewing and sharing candidate interviews. Video interviewing vendors will each offer their own bells and whistles but the majority, if not all, will offer the basic functionality listed above. Other common features are scoring candidates and the ability to compare interviews of a set of candidates side-by-side.
Inviting candidates to complete a video interview generally takes less than a minute. When you share a completed interview with a colleague or client, they will receive a link to that candidate’s interview. In most cases, videos cannot be downloaded and stored locally. They are hosted in a secure environment on your vendor’s servers.
Vendors are required by U.S. law to store your video interviews for a period of up to one year (and 2 years in California). Even if you cancel your subscription, those interviews should still be available to you.
Job candidates for the most part will receive an email invitation from you to complete a video interview. You may set the expiration date by which it must be completed. Candidates may log in on a computer or on a compatible mobile device. Most vendors provide apps with versions for Android and iOS devices (ipads/iphones).
After logging in, your job candidates will be provided with basic instructions and then will be taken through a brief process that tests your candidate’s camera, speakers and microphone to ensure they are working properly.
Once your candidate begins the interview, the questions generally will appear one at a time on the screen and your candidates will have one chance to answer them before moving to the next question. The length of time your candidates have to respond will depend on the parameters you established when you first setup the interview. Response time may vary from sixty seconds to an unlimited amount. Some vendors provide options that allow candidates to re-answer the question. Once a candidate completes the interview they can log out.
If a candidate is taking part in a live interview with you, they will log in and meet with you online through your vendor’s interface. Once you have concluded asking questions, you and the candidate may exit the interview. Some providers offer the option to record or not record the live interview.
If you have any further questions please ask us. Hire-Intelligence has been a pioneer in the world of video interviewing. We are happy to assist you with your needs.