With shifting employee demographics, technological advancement and political change, attracting young talent to the leasing and automotive rental industry continues to pose an interesting challenge.
Employers in this niche can no longer rely on simply having a strong corporate brand for candidate attraction. Consideration also needs to be given to fine-tuning their talent acquisition strategy to ensure it is multi-faceted and able to target individually the different generations within the overall candidate population.
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In order to achieve this, leasing organisations need to understand and recognise fully the key requirements of each generation and incorporate any differences within their brand and employment proposition. A ‘one-size-fits-all’ talent acquisition strategy will almost certainly miss the mark, especially when looking to attract young and emerging talent. The Millennial Generation (also referred to as Generation Y) are those individuals born between 1980 and 2000. This generation is projected to make up 75% of the global workforce in the next 10 years, so employers failing to adapt their employee proposition accordingly, may struggle to recruit and retain these individuals, while those that do will reap the rewards of an engaged, cohesive, productive and contented workforce.
Some leasing companies have already embraced this demographic shift and have implemented strategic initiatives to attract and retain Millennials. For those in the process of doing so, the following six steps may help:
1. Create a flexible work culture to appeal to their lifestyle
Millennials very much follow the ‘work hard, play hard’ ethic. They strive for a work-life balance with equal commitment to quality of work and quality of life. Adopting policies that promote this balance such as flexible hours, remote working and hot-desking should be considered. Other lifestyle benefits such as casual dress code, childcare policies and overseas assignments will also be seen as attractive. Although financial reward is important, it does not rank as highly compared to other generations. Creating attractive remuneration packages that offer lifestyle benefits will prove
distinctly advantageous.
2. Create an engaging workplace
Millennials are a ‘constantly-connected’ generation, surrounded by personalised technological communication platforms providing a stream of commentary on their lives. Developing an engaging workplace is crucial to holding their attention. Instant feedback and constant communication are therefore critical in fostering engaged individuals. Frequently surveying and responding to feedback from employees on what they would like to see in the workplace to promote morale and improve productivity would certainly be a step in the right direction.
3. Leverage technology for greater team working, flexibility and productivity
In keeping with the ‘constantly-connected’ theme, it’s no surprise that Millennials are comfortable with the rapid evolution of technology and social media sites such as Twitter, Facebook, MySpace, YouTube, Instagram and LinkedIn. Millennials have a preference for mirroring their personal lives in the workplace and expect to have access to the same technology experience in and out of the office. Studies reveal that employers investing in best-in-class technology and making it readily accessible to their employees benefit from improved team working, flexibility and productivity.
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By GlobalData4. Ensure the work is purposeful and its impact is visible and measureable
Recent research also suggests that Millennials value purposeful work more than financial reward. Remuneration is not as important to this generation, provided it is competitive and reflective of the value they add to the employer. The requirement to see their efforts translated into tangible business ‘impact’ is more important to them.
Leasing companies should therefore continue to introduce ways to improve awareness of this ‘impact’ and highlight the contribution made by young talent to the overall success of their business. Visible and measurable tracking with constant feedback is one way of achieving this.
5. Offer a culture of coaching and open dialogue
Corporate culture is cited as the number one reason young professionals give for nominating their business as a ‘great place to work’. They are more loyal when they feel they are being supported and appreciated through coaching and open dialogue. They are the biggest users of mentoring services, an initiative that has become increasingly popular over the past decade with many leasing organisations. Provide them with a seat at the table and give them a voice. They want to be trusted, respected and appreciated for what they have to offer.
6. Social and corporate responsibility
Many young professionals grew up volunteering and participating in group charity activities which they do not want to relinquish now that they have entered the workforce. Employers already supporting community involvement will do well with Millennials. Implementing a CSR policy and ensuring it is ingrained within the culture of the company with opportunities for donations and volunteering will galvanise this highly social generation to spread the news of the employer’s generosity. Many leasing companies have already implemented such initiatives; empowering this group to share and promote these positive messages and reinforcing brand attractiveness as a consequence.
In conclusion, engaging Millennials in the workplace is becoming increasingly important given that this group will comprise the majority of the workforce in the next few years.
If there was ever a time for the leasing and automotive rental industry to pay attention to Millennial recruitment, engagement and retention, that time is now.
Jane Theobald is recruitment director at New Leaf Search
