Retaining and Recruiting the Millennial Talent

Abstract
Millennials, also known as Generation Y or the Net Generation, are the demographic cohort that
directly follows Generation X. The term Millennials is usually considered to apply to individuals
who reached adulthood around the turn of the 21st century. [ CITATION How91 \l 16393 ]
In the era where there are 4 generations working on the same plane. Millennial workforce ought
to be the best versions among the others. They are the one who knows about their problem and
how to solve them instantly because they are more educated and firmer in their base as compared
that of their predecessors.
According to the Deloitte Millennial Survey 2016, if given the choice, one in four Millennials
would quit his or her current employer to join a new organization or to do something different.
To engage this young talent and retain their workforce for the benefit of the organization is a
hard task [ CITATION Buc16 \l 16393 ]. Future millennial talent to a great extent reflects the
more noteworthy representative population in their desire for compensation, work/life parity, and
professional success openings; in any case, HR usage of these contributions can extraordinarily
influence enlistment and maintenance consequences of millennial ability. Among the numerous
ongoing HR developments, we trust that tweaking profession advancement and building a
culture of straightforwardness will be powerful in separating authoritative advancements and
retention strategy in future years to come.
Keywords:
Millennials, Generation Y, Retention Strategy, Efficient, HR, Organization, Motivation Factors

Introduction
Numbering approximately 76 million and aged 28 and younger, Millennials, or Generation Y,
have a significant impact on the size and characteristics of the United States labor force
[ CITATION Too09 \l 16393 ]. Millennials are the most recent and potentially largest generation
to enter the workforce. is well educated to have substandard decision-making and
communication skills[ CITATION Cru07 \l 16393 ] . Millennials tend to focus more on
individual needs rather than on organizational one’s challenge [ CITATION Ros10 \l 16393 ] . A
current challenge for many organizations involves recruiting, retaining, and motivating
Millennial employees[ CITATION Jen08 \l 16393 ] , For Example, Millennials are attracted
towards working for the brand which they admire as consumers[ CITATION PwC11 \l 16393 ] ,
and for the organizations which provides advanced training[ CITATION Jes12 \l 16393 ].

Review of Literature
1.Gig Economy
Being famous as "Job Hoppers"[ CITATION Ste18 \l 16393 ]. Millennial Workers value freedom
and flexibility more than previous generations, such as Baby Boomers or Generation Xers
(Phillipe,2013). Organizations have come up with this fact and are going on the right path to
promote the gig economy for the millennials. Every millennial like to work for new challenges
within a new culture, which gives them a new experience and goal to their life. Thus, increasing
their efficiency and productivity to work.

2.Career Development
Millennials have a constant desire to learn and grow. In a study by Forbes Magazine, 65% said,
"the opportunity for personal development was the most influential factor in their current job.
“Their desire to learn and lack of tolerance for boredom leads millennials to constantly seek
opportunities to grow throughout their careers. Career development also can help with retention
because employees can develop a sense of loyalty for employers who are willing to invest in
them. Similarly, when it comes to hiring new employees, career development programs can be
attractive to job-seekers.
Different Strategies used by the Organization are:
2.1Advance Job training-
One of the biggest reason’s millennials leave jobs is to advance their careers, especially if they
don't see a path forward with their current company[ CITATION Jim17 \l 16393 ]. The thirst to
learn in Millennials never finishes, so to fulfil this thirst there should be a proper Training
module designed according to the trends and the needs of the people.
2.2The idea of a career lattice-
Move organizational attitude from a career stepping stool to a career lattice. Strict career ladder
can smother representatives who might need to investigate or may profit by distinctive career
openings. 6 Moving to a career lattice, which energizes sideways just as upwards moves might
be best when:
 Flexible culture embraces any movement (up, sideways, or down) as successful;
 The organization allows for faster or slower career progression with particular
attention placed on accelerated career paths for high potential, interested employees;
  Performance is evaluated in outcomes rather than just time spent at work or in a
role.

3.Employer Brand and Culture

The employer should brand his/her organization into the needs of the millennials. The
millennials are the biggest stakeholders of the organizations. There should be a culture shift in
the organization as till 2020 there would be 50% millennial workforce (PwC,2014). For example,
one company used their BrandBuilder findings to inform their employee resource groups and
identify people with expertise in certain skills that other employees could tap into when they
needed help. Another has relied on the data to brainstorm more tailored rewards programs and
offsite events. We have also seen organizations benefit from increased transparency, more
informed candidates, more detailed and accurate job descriptions, new employee advocates, and
an improvement in candidate experience scores from interviewees.

4.Transparency
The Millennials ought to be very clear and straight forward for every work which they do and
perform. Complex structure and talks results to a higher attrition rate. The benefits should be
discussed clearly. Ensuring transparency is a critical element of success for new program
development. The process and results must be presented to all stakeholders clearly and the
participants must be shown how their participation is making a positive impact on the
organization.

5.Recognition
Millennials are hungry for getting recognized. They are not paychecks. For example, in any
stores, you let the employees make the schedule and give them to approve. They got to choose
their shifts and hours they wanted which created space for them to have a strong work-life
balance. Share the "perks" of working for you that include the intangibles that you may have left
out in the past. Show them the rewards and awards you give out for great performance and great
customer experience.
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