Almost 50 per cent of human resources decision-makers are concerned with their organization’s ability to attract and retain millennial and generation Z employees, according to a new survey by Allegis Group Inc.
The survey, which polled more than 1,000 senior human resources professionals, also found 62 per cent of respondents said they feel their organization’s issues with attracting and retaining these generations could have a negative effect on the business, including around company growth, productivity, innovation and hiring.
“Companies’ future success hinges on their ability to forge relationships with millennials and gen Zs, who are some of the most capable people in the workforce,” said Andy Hilger, president of Allegis Group, in a news release. “A talent acquisition approach built on respect and an understanding of the workforce will win today’s battle for talent. That need for understanding applies to recruiting talent of all ages, and we are pleased to shed light on the discussion.”
The survey also found 69 per cent of respondents said their organization has trouble providing incentives of interest to millennials and generation Z employees, such as flexible working, wellness programs, face time with senior leadership and fast promotions.
About a third (31 per cent) of respondents said their companies struggle to create a culture of collaboration to improve engagement among younger employees, and 71 per cent said outdated work practices, career paths that are unclear and limited advancements, skill development or mentoring could result in millennial and generation Z employees leaving the company.
Just 12 per cent of survey respondents said their organization considers diversity and inclusion as a key facet of their employee value proposition, and 17 per cent felt their programs in that area help them attract talent from younger generations. Some 16 per cent of respondents said the same about corporate social responsibility, with 13 per cent noting their organization’s efforts in the area attract younger staff.
“Millennial and gen Z populations are reshaping the global workforce. Considering their numbers, their skills and the concerns companies have about attracting them, tapping these generations is both a priority and a challenge,” said Hilger.