A recent survey conducted by the HR search specialists, The Three Partnership has discovered that less than half of HR managers and directors believe their organisation’s talent strategy is ‘millennial ready’ – a concerning statistic whereby another report from PricewaterhouseCoopers (PwC) estimates millennials will make up half of the global workforce by the year 2020.
More than a third of respondents claim to see no value in adopting a millennial approach – meaning the implementation of modernised factors such as flexible or home working – and a further one third have only recently adopted an informal approach to dress code.
Director of The Three Partnership, Sarah Barwell, said: “Part of attracting and retaining millennials is how your talent strategy focuses on organisational values and ethics. There is no doubt that competition for the best talent remains intense – and so those organisations that are not adapting their talent strategies to appeal to this group risk not only losing out on the best people – but also severely damaging their employer brand.”
She continued: “There is no doubt that future leadership teams are going to look very different as millennials progress through an organisation and talent strategies need to evolve rapidly in order to appeal to what is a very different mind-set.”
Nonetheless, the research also indicates that social media is now playing an integral part in the recruitment process; with 68 per cent of respondents admitting to using social platforms to attract fresh talent.
Find out more about The Three Partnership here