You’ve likely heard the statistic that by 2020, 50% of the workforce will be Millennials. Well… it’s 2020 and what is perhaps the most demanding generation yet has taken over. And sadly, this generation is not incredibly fond of the financial industry—especially when it comes to working for one.
Need some proof?
- 21% of Millennials would “rather not” work in the financial services sector. (PwC)
- Only 10% of Millennials working in the financial services industry plan to continue working in the industry long term. (PwC)
- The average length of employee retention for banking staff has decreased by nine months, from 26 to 17 months, in the past ten years. (LinkedIn)
- One-third of banks report that they are actively seeking to hire Millennials but are having trouble attracting these employees. (FBLG)
And don’t even think about trying to find a way around this generation of workers. You will not only need to start catering to them…but you will want to!
The millennial generation has the potential to greatly improve your business. One strength this generation has is their knack for technology, something the banking industry continues to require more of in this modern era. They grew up with cell phones, laptops, and instant access to information, making any of these Millennials more comfortable using key business tools than more senior workers. Also, as the Millennials continue to dominate the workforce, so will their presence as consumers. And, who better to attract Millennials than Millennials themselves?
So how do you turn this bad luck around and make your business more attractive to top millennial talent?
Hint: it’s not with cash. Only 48% of hiring Financial Institutions (FIs) believe successful compensation programs contribute to their success with attracting Millennials.