Attracting best millennials vital for SME’s future

SMALL and medium size enterprises create about 7 million jobs in Australia and contribute 57 per cent to the nation’s GDP, according to Ipsos data.

In another survey conducted by NAB, more than 65 per cent of small and medium size enterprises (SMEs) recently indicated they wanted to grow their business during the next three years, therefore requiring more employees.

Meanwhile, our workforce is ageing and in less than 10 years the last of the baby boomers will be over 65, and by then millennials will make up the bulk of the workforce.

It is well documented that millennials look at the world differently, often being criticised as spoiled, lacking commitment and chipping away at traditional values and societal norms. More deeply, millennials have grown immersed in technology and can often feel socially disconnected.

A recent PwC survey found that 95 per cent of millennials rated integrating work and life as important, rather than seeing work and life as competing forces.

Overall this generation looks to achieve a level of fluidity by not necessarily having rigid boundaries between work and life, but rather seeking a sense of freedom and flexibility in both their professional and personal lives.

Moreover, in seeking empowerment, millennials will place greater importance on an organisation’s values and ethics as part of their criteria.

Therefore, attracting the right people during a time of generational change is critical for SMEs.

While larger organisations have the corporate assets to develop strategic human resource plans, how can the SME sector respond and adapt quickly in the market place?

In businesses that are recruiting the next generation, managers or HR resources firstly need to understand the business needs and the desired output.

Secondly, businesses need to create a two-way conversation about cultural fit and mutual benefit in interviews with millennials to enable them to see why they want to

MILLENNIALS RATED INTEGRATING WORK AND LIFE AS IMPORTANT, RATHER THAN SEEING WORK AND LIFE AS COMPETING FORCES

work with you. Thirdly, balance what your business wants with what the business offers to potential employees. For instance, consider rewarding on results and not by hours worked.

With good communication and effective leadership to ensure balance, businesses can overcome the issues millennials may potentially bring and employ a generation that is better educated and more innovative than ever. Remember millennials need to know ‘why’ they would work for you, and it will not just be for the pay. PAUL WHITE IS A POSTGRADUATE STUDENT AT SOUTHERN CROSS UNIVERSITY