It was recently reported in the news that the final ever video recorder will be produced in Japan this month. Not that long ago, these were the most innovative, must-have items in the home. People thought they’d be around forever. Soon, they’ll be consigned to the history books.

It’s a rapidly changing world that we live in. So it comes as no surprise that the attitudes of its newest additions – the Millennial generation – have evolved too.

Millennials have longer careers ahead of them than any generation before them. They’re in it for the long-haul. They know that they’re going to spend the bulk of their lives at work. So they want to know what’s in it for them.

A new Millennial mindset is emerging. They’re asking ‘what can I gain out of this?’, and making career decisions accordingly.

Millennial career motivators

For employers, the challenge is on. They need to stay on top of these changing attitudes and get under the skin of what motivates the next generation. Most importantly, they need to evolve their attraction and retention strategies, if they want to attract and retain talent in the long-term.

We decided to see just how well senior HR professionals understand the preferences of Millennials. We started by asking Millennials what they look for when choosing where and how they work. The answer? Money, security, and time off. Millennials want to be rewarded, feel secure in their employment, and have the freedom to stop and refuel along the way. Climbing the corporate ladder isn’t their top priority. Quality of life is becoming more important than ever.

We asked the same question to 250 senior HR professionals from across the UK. As our recent report Millennial Mismatch – Why It Matters showed, they knew job security was important. But interestingly, they rated CSR practices, benefits, and the location of the job as being much more important for Millennials than they really are.

There’s clearly a mismatch between what Millennials are looking for, and what employers think they’re looking for. And that’s a divide that must be bridged – quickly.

One-size-fits-one

It’s time for Human Resource professionals to dig below the surface of this new Millennial mindset and move away from a one-size-fits-all approach to talent, recruitment, and retention. We must be careful not to make generalisations. But, on closer inspection, we may find that the values, drivers, and needs of Millennials are not all that different from other generations in the workforce.

Organisations should embrace the opportunity to truly understand, develop and engage with this new Millennial mindset. Businesses that do will be the ones who remain competitive and innovative. And, most of all, they will truly benefit from the passion, creativity and unique capabilities that Millennials hold.

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For a more detailed look at the motivators and preferences of Millennials around the world, take a look at our recent report Millennial Careers: 2020 Vision.

Six years have passed since we first introduced the Human Age at the World Economic Forum. We’d identified that human potential had become the catalyst for change in the world of work, so were keen to introduce the key talent-related trends that were disrupting how businesses operate. One of these trends was ‘shifting demographics’ – and since 2010, we’ve seen the impact of changing workforce demographics escalate.

Not so long ago, developed economies were used to seeing their population numbers grow. As a result, they were afforded an abundance of talent when they wanted to recruit. But things have changed, and nowadays these workforces are static or shrinking. In Europe, for example, the working-age population is expected to drop by 10% by 2020. Talent is becoming increasingly harder to find.

Honey, I Shrunk the Workforce

Changing workforce demographics means talent is becoming scarcer and candidates with in-demand skills are now firmly in the driving seat. They’re rapidly being snapped up – and they can pick and choose where and how they want to work.

Businesses that want to grow need to have the best talent on board. If you want to get and keep them, you need to compete for them. And to do that, employers need to think and act differently. They need to realise that if they don’t act and engage candidates quickly, then others will. They need to think about how they can make applying for their roles quicker, easier, and more convenient, if they want to compete.

Take the application process as an example. Let’s face it: modern life is hectic. From mobile apps, to contactless cards and video on-demand, we all want things to be delivered right now. Unsurprisingly, candidates want the same thing when it comes to applying for jobs. Employers that engage with candidates in the quickest, easiest way possible are going to be the ones that win.

Making your application process as simple as possible pays dividends, because quality candidates will be more likely to engage and apply. At Manpower, we’re a perfect example of this. When we introduced our new website, we decided to simplify the application process from seven steps to three. As a result, we saw applications soar from 6,000 per month to more than 35,000.

Speed is of the essence

Slimming down your application form isn’t a complicated, resource-heavy task. It’s a quick, straightforward change that can have a big impact on how candidates engage with your business. In a candidate-led market, it’s simple changes like this that will make all the difference.

Shifting workforce demographics will continue to change the structure of the global labour market. Employers are already having difficulty finding people with the right skills, and that’s unlikely to change any time soon. For companies to compete in the Human Age, organisations need to think carefully about how they can position themselves as an employer of choice, and how they can make their candidates’ lives easier.

Watch our new YouTube series to find out more about the Human Age trends which are driving changes in today’s world of work.

Some employers don’t struggle with candidate attraction. I’ve spoken to plenty of hiring managers, in the retail sector in particular, who’ve told me that they receive more than enough job applications. In fact, some have even said, ‘we attract so many candidates we don’t know what to do with them all!’ Life’s rosy for them, then? Not quite. With hundreds of applicants lining up at the door, they’re faced with the prospect of sifting, screening, interviewing and regret managing a flood of potential employees. To call it ‘time consuming’ doesn’t cut it.

The issue of poor candidate experience damaging brand reputation isn’t a new one. But it’s not just reputation that is damaged, it is profits too. Most organisations have put processes in place to make sure it doesn’t happen. But all too often, they’re focused on making sure the successful candidates are happy. But what about the unsuccessful ones? All too often, they’re a bit of an afterthought. And that’s dangerous, particularly when you’re inundated with applications, where people are more likely to be unsuccessful than not.

Recently, a well-known food and beverage retailer stated that their average consumer will spend more than £11,000 in their stores during their lifetime. If they were to apply for a job and have a poor experience, that revenue is at risk. And what if they told three of their friends which affected their consumer spend? And what if there were 2,500 unsuccessful applications and 20% had a poor experience? That’s £16,000,000 lost cash. Granted, this is an extreme example. But the issue of poor candidate experience affecting profitability is a real one that can hit company profits by millions.

Companies can’t afford to overlook the impact that a quality candidate experience for unsuccessful candidates can have on their overall business results. Here are a few changes you could look at making to your hiring processes:

Out of the running shouldn’t mean out of touch

Even if a candidate isn’t right for the role you’re recruiting for right now, they might be perfect for a role you’ll be recruiting for in a years’ time; whether it’s due to increased experience on the candidate’s part or a role being different than the initial one. Instead of reinforcing the sting of rejection though silence, use the opportunity to open an honest, respectful long-term dialog with applicants. Talent pool development in particular springs to mind.

Automate less, talk more

Company reputations suffer when unsuccessful candidates attempt to follow-up on their applications, only to be lost in an endless loop of autoreplies and voicemails. Make sure you have a comprehensive candidate care process in place, and always have someone on the end of the phone who candidates can contact. Automated recruiting processes are brilliant, but need to be used as a support mechanism rather than a ‘way to a means’.

Make the most of touch points

Shrewd companies recognise the benefits of quick phone calls that update candidates where their application stands in the process or whether they are being repositioned for another role. Calls keep candidate and employer on the same page and can even help with onboarding.

Ask for feedback

Someone who’s applying to work for your company is probably applying for five or ten other jobs at the same time. They’re directly comparing your application process against that of your competitors. So, whether they’re successful or not, ask them what could be done better, so you can improve your processes for next time. In my experience, this demonstrates a humble approach to the recruitment process, and positions your company brand as one always looking to improve; a very strong and compelling message.

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Not all people realise that an RPO solution can focus on distinct components of the recruitment process. It doesn’t have to cover the full end-to-end process, it can just focus on one or two elements – like screening or telephone interviewing all of your applicants. If, like the retail employers I spoke to, you’re struggling to manage your abundant talent pool, you’re at risk of having a poor candidate experience. In turn, you’re risking your brand reputation and revenue potential too.

This risk needs to be mitigated, so you may want to look at taking one or two of the resource-intensive elements of the hiring process off your plate. Not only can this ensure candidate experience is consistent and excellent, but it can come with many added benefits including improving time to hire, reducing attrition and reducing resource cost in the internal department just to name a few.

At ManpowerGroup Solutions, we’re award winners for candidate experience, and we’ve delivered leading RPO solutions for companies of all shapes and sizes. Our experience has shown us that when it comes to candidate experience, even a small gesture can go a long way. For one retail employer, for example, we gave every applicant a coupon to spend in store, whether they were successful or not. It protected their brand reputation, and made sure every candidate felt that the time they spent on their application was worthwhile, even if they didn’t get the job. If you’re interested in finding out more, please don’t hesitate to get in touch.

Millennials entered the labour market during a global recession, with record youth unemployment, faster-changing business cycles, and increasing demand for new skills – which they’re often told they lack.

Entering the jobs market wasn’t easy for the Millennial generation, and it’s unlikely to get easier anytime soon. In fact, they’re working longer and harder than any generation before them. As our recent ‘Millennial Careers: 2020 Vision‘ report showed, over a quarter are working two or more jobs, 73% are working more than 40 hours a week, and more than half expect to be working well past the age of 65.

The Millennial Mismatch

To remain employable over such long careers, Millennials need to think carefully about the skills and experiences they will need going forward, and build a plan to attain them.

Yet, when we interviewed 250 senior HR professionals from across the UK in our new whitepaper ‘The Millennial Mismatch: Why It Matters‘ the message was clear – there’s a mismatch between the skills businesses need and the skills Millennials possess.

Time and time again, the HR professionals we interviewed said Millennials lack the ‘life skills’ and communication skills required to confidently liaise at all levels of business. They also noted that the expectations of Millennials entering the workforce are not always realistic.

Something needs to change, to bridge this divide and ensure Millennials are prepared for the needs of businesses throughout their long careers.

Action is needed

It’s often suggested that changes in the education system would help. Two-thirds of HR leaders told us that they think traditional learning models are falling behind in teaching the skills required in today’s world of work. To quote one Head of Learning & Development:

“The current approach is piecemeal, short term and disjointed… not meeting the needs to sustain this and future generations transitioning from education into work”

But we can’t rely on the education system alone to fix the problem. It’s everyone’s responsibility help prepare the next generation. And ManpowerGroup is no exception, which is why we’re proud to be involved in a number of initiatives that help to enhance the skills of Millennials – including Movement to Work, PPMA Rising Stars, and our Tomorrow’s Talent series.

By 2020, more than one-third of the global workforce will be a Millennial. They have long careers ahead of them, and need to be prepared with the skills businesses need. Organisations who embrace the opportunity to truly understand, develop and engage with Millennials are the ones who will not only remain competitive and innovative, but who will truly benefit from the passion, creativity and unique capabilities that Millennials hold.

To read the full research download our latest report.

Just as a country’s Gross Domestic Product (GDP) is used as an economic indicator, the 2016 Contingent Workforce Index (CWI) is an indicator of contingent workforce availability. The report compares the relative ease of sourcing, hiring, and retaining a contingent workforce in 75 competing labour markets around the world.

It provides unparalleled insights into workforce planning which helps organisations develop short and long-term business and workforce strategies – from expanding MSP programmes internationally, to capacity planning, site selection and global sourcing. Each country is ranked across four categories:

Key findings from the 2016 Contingent Workforce Index

The insights from this year’s report include:

• APAC
  New Zealand maintains its top ranked position in both the region and globally for the second year in a row.
• Americas
  The United States and Canada hold the top two positions in the Americas region for the third consecutive year.
• EMEA
  Israel maintains its top ranking in the EMEA region in 2016, moving up from fourth in 2014. They currently rank ahead of Ireland, the United Kingdom and South Africa.

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The global conversation among HR leaders of Millennials in the workforce is not new. Yet are we at risk of reinforcing the negative stereotypes this generation are often associated with? Or do we appreciate the wealth of possibility unique to this talent pool and acknowledge the ongoing responsibility we hold towards helping them recognise their potential?

To enhance our perspective of the reality of Millennials entering the world of work, ManpowerGroup surveyed a number of senior HR professionals in the UK. Respondents were asked their opinions on the readiness of Millennials for the world of work, the development initiatives that are currently in place, and how best to engage and retain this generation. Recognising the valuable viewpoints of Millennials themselves on some of the main themes addressed, we compared responses with results from a ManpowerGroup Global Millennials Study.

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