Decoding the talent acquisition strategy for the millennials
CHROs need to change their approaches towards talent acquisition, say experts
It can rightly be said today that the modern workplace belongs to millennials and they are expected to comprise majority of the global workforce by 2020. Therefore, chief human resource officers need to change their existing approaches towards talent acquisition and retention based on these new strategic realities.
Thus, the 46th Hindustan Times Shine HR ConclaveMumbai was about decoding talent acquisition strategy for the millennials.
Prem Singh, president, global HR, Wockhardt Ltd opened the stage for the discussion.
Giving the real scenario on how organisations of today are having the maximum number of millennials, Shanta Vallury Gandhi, head HR, CSR & internal branding, RBL Bank shared her views. She gave a brief about her organisation and how they were able to transform a 70-year-old bank in five years. She also added that 68% of their employees are now millennials.
Gandhi said: “Our talent strategy has been focused on bringing the millennials in and at the same time retaining them. This generation wants instant gratification; they want to know how their career is progressing.”
In reference to the young generation and their career, she said, “you catch them young, you get them big.”
When asked about how to deal with the millennials changing mindset and the aspiration levels of not only their career but also on having a balanced life, GM Prasad, group head HR, Kotak Mahindra Life & General Insurance, said: “We are still evolving in terms of how to handle the aspirations of the new millennials. If you look at it quite honestly this group expects the best of all the worlds and it is extremely difficult to balance it. When you talk about having them in the system they would like to get to the core of the entire system. The millennials want flexibility in terms of their work but they are also seeking a full time job as well and this becomes challenging for the organisation. Their mindset is not of status quo but of growth. So, organisations now are trying to see to what extent they can provide this flexibility within the eco system of the organisation structure.”
Taking the discussion further, Harsh Bhosale, chief people officer, Essar Oil Limited talked about talent retention in reference to the oil & gas industry and the challenges faced especially with the millennials.
“Our product is considered to be hazardous but you need to use
EXPERTS ALSO SAID THAT BEFORE TAKING UP A JOB, MILLENNIALS SHOULD FIRST LOOK AT WHAT’S IN
STORE FOR THEM
it every day. The challenge we face when we have to hire people is how to attract them.Fortunately, in India because of the literacy level, economic scenario & many more, we do not face major challenge for attracting talent across different areas. What becomes important, thereafter, is retaining them”. He added, today before taking up a job, millennials priority is to look for what is in store for them.
Bhosale explained: “Since we get people from different industries, we need to constantly train them. After investing on them, we need to make sure that everything is in order be it continuous feedback or addressing their individual needs. It is important to give them ownership to make them feel challenged and motivated. In order to retain them, we need to ensure that our response to their grievances or any other issue needs to be quick else we start losing them.”
Though finding millennials and attracting them for a job is never a worry for the HR department but at the same time the biggest challenges they face today is setting aside the stereotypes and evaluating if their workplace is actually attractive for the millennial generation. Moreover, firms need to work on their employer brand and craft appropriate messaging. This will be the right blend between what candidates are looking for and the unique value proposition being offered.