The Art Of Attracting Millennials Into Corporates In The Age Of Start-Ups
Keeping in mind the fresh ideas, agility and skillsets that millennials bring to the table, Indian corporates should rethink their approach towards attracting and retaining them
Millennials possess a strong sense of curiosity and individuality as well as the drive and desire to make a difference. With India set to become the youngest country by 2021, millennials are an extremely powerful and vibrant talent pool that Corporate India must set its sights on. However, with the startup boom in India, young talent is increasingly gravitating towards careers in startups given their entrepreneurial nature.
Keeping in mind the fresh ideas, agility and skillsets that millennials bring to the table, Indian corporates should rethink their approach towards attracting and retaining them. A step by step approach based on the following aspects can be adopted to revive the appeal that Corporate India once had amongst younger talent.
- Go Digital: Millennials have a strong affinity towards technology and are “digital natives”, having grown up in an environment of explosive technological innovation. Organizations must incorporate technology and digital platforms into the workplace to enable millennials to have a distinctive, individualized employee experience. Moreover, digital adoption also enables a greater degree of efficiency.
- Create an Open Culture: Young employees resent being tied down by hierarchy and silos as it stifles their growth. An environment in which they can actively contribute alongside senior management will help them grow faster. Startups actively market this as their USP since every employee is treated as an equal owner and contributor to the task at hand. As the lines between work and “life” blur, flexibility in handling their work schedules is important to millennials.
- Encourage Innovation and Entrepreneurship: While standard operating procedures are vital to keep things in check, employees must be empowered to experiment and take risks. Organizations such as ours, focus on encouraging our young talent to spot business opportunities, develop a business case and make engaging ‘elevator pitches’ to get their ideas noticed. Incubating their ideas and allowing them the freedom to pursue their “passion projects” are ways to engage millennials.
- Provide Diverse and Experiential Learning: Millennials have multiple and diverse interests and expect an organization to cater to their ever changing needs. It is de rigueur to have job rotations and special assignments in addition to a day job. Providing an immersive learning experience scores over traditional approaches to learning. Today, learning has to be embedded into everyday work. Organizations that invest in their employee’s personal growth and development, provide stretch projects, and take early bets on people, will have a clear edge over others.
- Chart Employee Career Growth: Leaders must take keen interest in helping young employees chart their career growth within the organization. Giving employees, especially high potentials, clear visibility on their future roles and learning experiences is a great way of retaining talent.
- Give Them a Purpose and Support Their Passions:Today,millennials want to make a difference and create an impact through what they do. Organizations that balance profit and purpose will therefore be seen as attractive to a millennial. Many organizations such as ours incorporate social responsibility and employee volunteering programs into work.
As the workforce becomes increasingly filled with millennials, it is imperative that organizations look to shed their ‘fuddy-duddy’ image and evolve in line with employee expectations.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.