Let me hit you with some scary numbers.
Right now, Millennials make up 35 percent of the workforce. By 2025, that number will grow to 75 percent. The United States' unemployment rate, at 3.7 percent, is at its lowest in nearly 50 years.
In short: The job market is increasingly Millennial, and job seekers have never had more leverage than they do right now.
If you're not a Millennial, that may be the most frightening stat you've heard in a while. After all, this generation already has a reputation as being entitled job hoppers. How's any company that's not Snapchat supposed to compete?
Easily, in fact.
Millennials are just like the rest of us: passionate and hardworking. But unlike other generations, they're driven by much more than money.
Tweak your approach to match their mindsets, and watch those applications pile up.
They know all about you -- what are you telling them?
Thanks to social media and tools like Glassdoor, job seekers are more informed than ever. They know what your company does, how many employees you have, and, in some cases, what salary you might offer them.
The best way to prepare this kind of candidate? Pay attention to what people are saying about your company. Own the conversation as much as possible by establishing a social presence that shows more than your products.
Millennials, like the workforce at large, want to feel a sense of purpose. They want to feel good about their work. They want to know their personal values are aligned with their company's, and that their role is an extension of both.
Create a digital persona that focuses on who your company is and what it stands for. In doing so, you'll instantly draw the appeal of candidates eager to step into your culture -- and ones who will be motivated to produce because of it.
Personalize their onboarding process.
Nearly every aspect of Millennial life, from lunch options to Netflix lineups, is now catered with their particular interests in mind. Tailoring a young employee's onboarding process in the same fashion gives them a sense of familiarity that can set your business apart.
This can be achieved with relatively small gestures that go a long way. Upon joining your team, give them options. Do they want a standing desk? What kind of headphones do they like? What's their preferred shirt size and color for team events? What might their insurance and benefits necessities be?
By being upfront about these options early in the interview process, you're making it clear that your business goes the extra mile in catering to each employee's likes and dislikes. It's the kind of personal touch that goes a long way, without requiring much effort.
Yes, give them participation trophies.
We're all familiar with the cliche: All this generation has ever known is receiving trophies, regardless of winning or losing. In the workplace, though, there's value to that underlying idea.
According to the study, just 29 percent of Millennials feel engaged at work, and only 21 percent feel their performance is managed in a way that motivates them to do outstanding work.
When it comes to their company's review system, 69 percent of respondents see major flaws, and 88 percent say they would feed more confident in their role if they had ongoing check-ins with their managers.
This isn't a Millennial issue. Employees want direction and regular feedback so they can progress in the right direction. That applies across the board.
At my company, Arkadium, our employees' quarterly performance reviews and weekly one-on-one meetings have question-and-response templates that are designed to keep everybody moving forward in a meaningful way. We acknowledge accomplishments -- big or small -- and track them back to larger personal objectives that directly feed into larger company goals.
Appealing to younger employees may seem like a challenge. But follow these guidelines and you can end the job-hopping epidemic once and for all.