WIN Magazine - Spring 2015 - (Page 33)

MILLENNIALS How Well You Attract and Keep Them Could Be Your Competitive Advantage E BY TERESA VAUGHN, SPHR NERGY, AMBITION, FREEDOM, curiosity, corporate social responsibility, flexibility, balance, independence, hightech . . . What do these words have in common? They are all characteristics of the millennials in your workforce. Sure, that's a generalization. There are certainly millennials who were brought up in households with very strong cultures that value longevity and loyalty. But for the most part, these words work in describing that workforce that will soon make up a large part of the employees in your organization-if it doesn't already. To attract millennials, you need to tap into their world-the world that never knew what it was like not to be able to instantly find out what your friends are doing in the next five minutes, or transfer money in a nanosecond, or order absolutely everything you would ever need to live on this planet from your phone. They don't read the classifieds to find a job. They're even moving away from web-based job boards that we may have thought were the cutting edge and are more likely to find their next job on social media. They use Facebook, LinkedIn and other platforms. They have online profiles, not traditional résumés. If your recruiter is not posting your open jobs on your company's Facebook and LinkedIn pages (that is, if you actually have awesome pages that show photos of your employees enjoying all the characteristics that were mentioned in the beginning of this article), then your chances of attracting millennials is considerably less than your competition. So, how do you keep them happy once you have them? Millennials value freedom, flexibility, upward mobility, great technology, career paths and compensation to allow them to do what they want in their free time. It's easy to provide all of those things for every millennial you hire, right? Yes, it is challenging. But it's worth the effort if you want your company to continue to be relevant and to grow. Start millennials (and everyone else, of course) at salaries that are fair and based off of salary survey data. Know your stuff. Pay for a survey or two to get good data. Free surveys you find on the internet are made of up "selfreported" data and are not worth the virtual paper they are written on. If you try to undercut starting pay due to lack of experience, your millennial prospect will find the pay he or she are looking for somewhere else. continued on page 38 IF YOU MANAGE MILLENNIALS, REMEMBER THEY NEED FREEDOM, INDEPENDENCE AND FLEXIBILITY. W I N | S p r i n g 2 0 15 | 3 3

Table of Contents for the Digital Edition of WIN Magazine - Spring 2015

Cover Story: Will the Excess and Surplus Lines Insurance Business Saddle Up with Standards? By CJ Ketterer
Digital Maturity—or Extinction: Your Survival Now Depends on Digital Transformation By Scott Klososky and Corey White
Emerging Trends: The Technology Side By Greg Ricker, CPCU
Emerging Trends in the Property Insurance Market By Ralph Sabbagh, ASLI
Underwriting the Exposures of Business Operations: The Impact of Tenant Leases By Craig A. Mathre, CPCU, CLU, CIC, CRM, ASLI, RPLU, AU, AIC, ARM, AAM
Emerging Risks: Brain Research By Dr. Achim Regenauer
Millennials: How Well You Attract and Keep Them Could Be Your Competitive Advantage By Teresa Vaughn, SPHR
Volcanoes, Hurricanes, Tropical Storms and Floods: Perils and Exposures in Paradise By Sharon K. Lee
“Empowering the Wholesale Nation”: AAMGA Annual Meeting Registration and Room Block Are Now Open
Index of Advertisers

WIN Magazine - Spring 2015

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