As more and more baby boomers (a phrase used to describe those born in the post-world war II population increase) begin to step away from the workforce to enjoy their retirement, younger workers begin to flood the market and inhibit the lower rungs of the career ladder.
By 2020, it is expected that almost half of the workforce will belong to the millennial generation. So not only is the face of the workforce changing, but so too will the way that organisations seek to attract and retain their employees.
Employers need to be aware of the changes occurring in the recruitment marketplace in order to understand and effectively manage candidate expectations whilst nurturing a company culture that engages and welcomes employees of all ages.
The impact of having a cross section of employees of varying age groups cannot be understated, with older, more experienced workers able to help train and pass on their knowledge to younger generations. Younger workers also add value by bringing new skills and enthusiasm to the workplace, so a combination of workers of all ages has a positive effect on any business.
But how businesses go about attracting these millennial workers need to be readdressed. Candidate expectations have changed rapidly in the past five years, and with the UK experiencing a major skills shortage, jobseekers are becoming increasingly choosy about the jobs they apply for.
Many businesses have overhauled the perks and benefits on offer to get ahead in the war for the best candidates, with many providing flexible working hours, childcare schemes and enhanced career development opportunities as incentives to attract the best candidates.
What businesses need to be aware of is that these perks not only act as an effective tactic to recruit candidates, but are a great way of retaining their existing workforce regardless of age. Therefore now is the ideal time to revisit your proposition to prospective new employees to engage the best millennial candidates joining the workforce and hold on to the talent you already have in place.