According to the U.S. Bureau of Labor Statistics, 40 percent of America's workforce will be eligible to retire by the end of this year.And while many will not be able to do so for economic reasons, a lot of businesses don't seem to be taking this threat to their future workforce seriously. What's more, talent and workforce development have been taken off the table during these tough times. Which may be ill advised - considering the projected shortfall of 10 million workers that talent leaders will have to contend with in the next few years. We can't stop people from aging, no matter what state our economy is in. But consider this: we will soon be facing the largest turnover of human capital in history. Because of this, it's vitally important to continue your recruiting efforts to maintain a pipeline of prospects and heighten your retention efforts to keep young employees challenged, motivated and dedicated to their jobs. Recently revealed in Talent Management magazine, Sarah L. Sladek, Gen Xer herself and president and CEO of Limelight Generations, discusses the challenges and opportunities of dealing with a young, independent workforce.  Les Gore
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Why You Should Hire Hotshots Half Your Age.
Like it or not, young and restless Generations X and Y
are your talent pools of the future.
High Performance, High-Maintenance
A combined demographic of 120 million people, Generation X (1965-1981) and Generation Y (1982-1995) count some of today's top performers among their ranks. They are also the most restless:
Young professionals under the age of 35 currently average 20 months per job. Independent, socially conscious, tech savvy and open to change, these groups are distinct from their predecessors, introducing an entirely different set of values, needs, wants and expectations about work, family and life.
As tempting as it is to ignore these generations, they are an organization's only succession plan. Organizations need the talent that only these generations can provide, and they aren't going to be swayed by yesterday's tired incentives, such as stock options.
Here are a few no-cost or low-cost strategies that you can use to successfully recruit tomorrow's workers today despite the economy and associated budget cuts:
Freedom to Work
Younger generations seek companies who will let them work when they want to work. That's not to say they won't get the work done. Both Gen X and Gen Y workers are renowned for being high achievers and dedicated employees, but they want the freedom to work when they want, where they want. These generations are not opposed to working in the evenings or on weekends, especially if it means being able to see their children's soccer games in the afternoons.
In fact, most X and Y employees view work-life balance considerations as critical to their decision to join or to remain with a company. According to a 2007 Universum Communications study, 59 percent of college grads chose balancing their personal and professional lives as their top career goal. This was noted as being even more important than the opportunity for financial growth and advancement or skill building, and professional growth.
Work-life balance benefits include flexible time off, flexible start and stop times, working at home, working less overtime, part-time work, two people sharing a single job and compressed workweeks.
Flexible Benefits
Retirement options, salaries and bonuses, stock options, investments and medical coverage have been the standard benefits for decades, but generations X and Y are changing the norms.
This demographic is already or soon will be caring for aging relatives and children under the age of 18. They want child care and elder care coverage to help them foot the bills and maintain balance in their lives.
Further, younger generations expect parental benefits, including paid maternity and paternity leave, the option of working part time or from home, access to near-office child care centers and on-site lactation rooms, and expert help finding day care solutions.
Unlike their predecessors, to whom salary is a primary motivator, Xers and Yers are most motivated by increased vacation time. They aren't as tolerant of stress as their predecessors and will expect considerably more time off. It seems as though U.S. workers want to enjoy as much leisure time as their European counterparts. France gives workers an average of 39 paid vacation days each year, followed by Germany with 27 days, the Netherlands with 25 days and Great Britain with 24 days.
In the same vein, some businesses are taking advantage of an idea that originated in academia. Sabbaticals, or extended vacations, offer employees periods of time to pursue other interests or tend to family obligations with a job guaranteed upon return. Most arrangements are for unpaid leaves from three to six months.
Some companies are beginning to offer a choice of benefits. Would employees rather receive an extra week of vacation or its equivalent in salary? Attend a holiday party or spend the day building homes for Habitat for Humanity? Attend an awards ceremony or a training seminar?
Paying close attention to what employees want and ask for and then providing those benefits can be effective.
Learning Opportunities
To recruit generations X and Y, appeal to their desire to learn. Younger workers value learning a variety of skills, like a good challenge and will readily take on more responsibility. Ironically, the more marketable you make them, the more likely they are to stay with you.. When a company commits to their education and promotion by offering paid training and skill development opportunities, Xers and Yers will appreciate the investment in their careers and opt to stay.
Gen X and Gen Y employees want to make rapid progress. Engage them in your company's growth strategies and help them understand how they affect your bottom line. They want to understand what is expected in their present capacity, and even more important, what will be required to move into the next opportunity. If your organization can demonstrate a timely career path, you will have an advantage and an opportunity to retain Xers and Yers much longer than the competition.
Community Giving
A priority for work-life balance leads young professionals to pursue employment that is worthwhile and meaningful.
These generations are attracted to companies that are supportive of community causes, such as the consulting company that pays employees to work with nonprofits, the pharmaceutical company that gives employees the opportunity to work on diabetes research, and the financial planning company that builds a playground in a disadvantaged neighborhood.
New Recruiting Strategies
Businesses everywhere are experimenting with new forms of recruiting to attract the next generation of workers to their ranks. Here's a list of the latest innovations in recruiting:
Adventure travel: The escalating talent war has led some companies on a real adventure. They are recruiting soon-to-be graduates by taking them on adventure trips, such as skiing down snow-covered mountains in Utah. Others are wooing job candidates over wine tastings, baseball games and charity auctions.
Online career fairs: In addition to traditional career fairs, online career fairs are another way to grab a candidate's attention. Create a custom, interactive event where students can apply for jobs, chat via instant messaging with recruiters or employees, view video presentations and access company information.
Prospect calls: Here, the first person that young prospective hires hear from is a young employee within the company, and the call comes almost immediately after application. This puts young applicants at ease, and they can have a candid discussion about how the job really works - both the pros and cons. If the applicant has a question you can't answer, the prospect is referred to other managers or human resources. This call program serves companies well, engaging employees while simultaneously responding to younger generations' relationship-building needs and desires.
Referral bonuses: Employee referral systems can pay out generous bonuses to workers who recruit among their peers. Often these bonuses extend beyond employees. For example, someone may be offered incentives for making referrals to a friend's company. The referring person's name can be entered into a drawing for a chance to win an iPod or other prize. Plus, if the referred individual ends up getting the job, the initiator can receive a monetary bonus.
Unconventional advertising: If you want want to attract this new breed, you have to be willing to use unconventional means and advertise in unusual locations. Companies are attracting young applicants with signage and fliers at skateboarding parks, public libraries, Internet cafes, video game stores and Web recruitment drives.
The list goes on and on. Companies are getting creative with their recruitment efforts - and it makes a difference.
Companies that don't yet understand the value that generations X and Y bring to the workforce likely will suffer severe talent shortages in the near future. As we approach the largest turnover of human capital in history, these generations become a critical source of workforce inventory - and an organization's only succession plan.
Sooner or later, our sluggish, unpredictable economy will rebound. Eventually the retirement wave will wipe out a huge percentage of our workforce, and talent will become a highly sought-after commodity.
So the more you do to cater to younger generations now, the more likely it is that your company will recruit and retain the talent you need, when you need it most. Because the battle for talent is a battle you can't afford to lose.
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Comments
If you would you like to comment about this article or have ideas about future articles, please email me at les@execsearchintl.com.
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About Les Gore
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Les
Gore, founder and managing partner of Boston-based Executive Search International has more than 25 years of recruiting, career development and
human capital experience, working with individuals and
organizations ranging from multinational corporations to small, entrepreneurial
businesses.
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