Start-ups are in a unique position to attract the best and the brightest of the Millennials because you’re not encumbered by an existing culture, policies, and infrastructure. Even if some of those elements are already in place, they’re probably still pliable enough to accommodate some change. So, what should you be doing to attract Millennial talent to your start-up? In the same way that you’re getting to know your target market and how to most profitably meet their needs, you must understand those who can help you get there – specifically, the talent you will need to hire.
Who is a Millennial?
While there is no official consensus on the birth years of the Millennials (a.k.a. Generation Y), many experts in the U.S. have settled upon a start date of 1982, with end dates extending into the early 2000s. By those dates, Millennials from 1982 to around 1992 are either already in the workforce or are trying to enter, and each passing year brings more Millennials to the workforce. At the same time, with each passing year more Baby Boomers are exiting the workforce, and so the demographics of the talent pool are shifting.
Millennials Are Different
Millennials are different from the generations that preceded them, and while the experts opine on the reasons why, businesses must address those differences in order to attract and retain Millennial talent. In a recent article on Inc.com, How Millennials Think and What To Do About It, Brian Halligan, CEO and Co-Founder of HubSpot (and a self-professed OWG – Old White Guy), provides 4 tips to attract and retain Millennial talent in your start-up:
-
- Money vs. Mission. Millennials are more motivated by a mission than by the financial reward for accomplishing that mission. You should set the goals and objectives of your start-up accordingly.
- OCD vs. ADD. Millennials are excited by the learning opportunity that a project presents, so to keep them engaged you must keep challenging them. If you don’t, they’ll move on to the next company in search of the next exciting challenge.
- Place vs. Idea. To Millennials, work is not a building they go to between 9am and 6pm, and if that’s the environment you’re offering them, they’ll quickly become disinterested.
- Rules vs. Judgment. Millennials see rules as a sign of your distrust in their ability to think for themselves and use good judgment. Steer away from rules, and instead, empower them with the knowledge to use good judgment in the absence of rules.
As you contemplate these tips, particularly if you’re not a Millennial yourself, use this information to inform how you choose to communicate to them, both as an entrepreneur and how your start-up is represented, internally and externally. Millennials are not necessarily averse to working hard. They just need to be given reasons that resonate with them, and they’ll work as hard as any generation that preceded them.