Our own Kim Kreps
, VP & Executive Search Director, is often asked for her insight on pressing issues and industry trends. Find out how today's workforce is evolving when it comes to recruitment and retention of talented employees across every generation.
Q: What are some ways a multi-generational workforce impact the banking and credit union industry?
A: For the first time in history, we have four generations working side by side. It is important to understand that each generation has different work and lifestyle expectations, and what worked 10 years ago—or even two years ago!— to recruit talent is not effective today. One size fits all just doesn’t work, and you can be sure your competitors are taking a much more aggressive approach to strengthen their arsenal to walk into this War on Talent every day.
Therefore, we must reevaluate our recruitment toolboxes constantly and measure our recruiting and retention results in order to be successful.
Q: What do we know about Millennials as it relates to the current and future landscape of the workforce?
A: Millennials (born between 1982 and 2000) are the largest generation in history. According to Pew Research
, this generation currently accounts for 34% of the American workforce, a number that is expected to grow to 75% by 2025.
Generally speaking, Millennials seek tools and ways to make life easier; prefer to conduct business online; actively use social media; and
prefer to shop local/family-owned/small businesses over “big-box” or large corporations. This is an exciting revelation that gives community financial institutions a huge opportunity to attract Millennials as both customers and employees. You can best reach them via social media platforms such as LinkedIn, Twitter, Snapchat, Facebook, and the like.
Q: What are some common workplace values that each generation shares?
A: Regardless of age or job description, everyone needs to have a clear understanding of his or her responsibilities and know what is expected of them when it comes to priorities, goals, and performance.
Whether you’re 25 or 55, you want to be recognized for your successes. A company should have recognition and reward systems in place, utilizing everything from verbal praise to coaching to incentive and bonus plans.
Also, at every level within the organization, regular feedback and two-way communication are vital to making employees feel valued. While this does require leaders to seek out their employees and ask for input or ideas on important issues, the effort can produce innovative ways to improve service and performance.
One CEO at the conference meets with a randomly selected group of employees for lunch once a month to bounce ideas around and solicit feedback. He said it has made a positive impact with retention and staff morale, and they have had fewer growing pains since opening up the lines of communication.
Q: How can a company attract top talent, regardless of age?
A: We live in a time where companies must
build a brand and position itself as a great place to work, in order to remain competitive in recruiting and retaining talent. You don’t want to be just another place to work; you want to differentiate from your competitors and be a MAGNET. Using Millennials as an example, they would typically want to see evidence that your company is a fun place to work. Positioning your company in innovative ways also attracts talent and displays the organization’s culture in a powerful way.
Q: What are some ways to keep recruiting costs down while still being competitive?
A: Successful organizations are taking a much more aggressive approach with
recruitment. This includes creating a recruitment culture within the company, letting staff serve as brand ambassadors and talent scouts. This also involves making vendors aware of hiring needs to build a network for quality referrals and leads.
I can’t stress enough how important it is to make sure your current recruiting and retention strategy is relevant and frequently evaluated. Companies must attract the right candidates
who not only bring the essential
skills but also fit the corporate culture.
Knowing these things, is it time to reevaluate your recruiting and retention strategy?
To connect with one of our recruiters, contact us at 866-264-5017 or send us an email at firstname.lastname@example.org
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