In my previous installment, I mentioned that hiring Millennial advisers is a great way to attract younger clients. As noted, research indicates 90% of Millennial clients want an adviser who is within 10 years of their own age, and firms with NextGen advisers are positioned to grow at a faster rate. Given this information, it seems that the future of the financial industry truly lies in the hands of Millennials.
As a result, it is imperative that you hire a member of my generation and create the profile of an attractive employer. But how?
Here are 5 ways to position your firm as an ideal employer for Millennials:
1. Career advancement opportunities
According to a PWC report, career advancement opportunities are the top priority for Millennial workers. In fact, 52% of responders detailed in the report indicate that such opportunities are the main factors that attract them to employers. Make sure you discuss the timelines for progression with your new employees. If you don’t you may find it hard to keep them with your company.
2. Competitive wages and good benefits
Many sources indicate that money is, while not the highest priority, still a large factor in the Millennial decision making process. As such, remaining as competitive as possible from a compensation standpoint should be one of yours. According to EY, some organizations are creating a larger initial salary component for recent college graduates in order to remain competitive with the industry and to help support their young FAs as they begin their careers.
“Our capacity to attract, retain and manage executive talent does not depend on the compensation package, but rather on our ability to create a sense of belonging to an organization that offers a long-term relationship and a professional development opportunity, and that has a clear conception of itself, of what it wants to be, and of how to achieve it.” – Armando Garza Sada, PWC
3. Training and development programs
As a Universum report states, Millennials appreciate when organizations prioritize the learning and development of their employers.t 44% of responding business students indicated that they were seeking employers that offer training and development. Effective onboarding strategies paired with on the job training measures are greatly useful.
4. Friendly and innovative work environments
Research indicates that Millennials will feel more at home in work environments that utilize cutting edge technology. Leveraging the naturally “tech” gifted Millennials and having them train on new technology platforms and tools may allow you to get more value out of them when senior advisers use them. Moreover, Millennials are quite interested in “friendly work environments.” In fact, Universum indicates that this was named as a key consideration by 40% of the students they surveyed. Make sure you broadcast images of your team bonding! Especially if you get together for events outside of the office.
5. Work/life balance
Work/life balance is a priority for all generations, and Millennials are no exception.
Another important thing to keep in mind is that Millennials want to do meaningful work and many value careers that impact the lives of others. Make sure they can see the value they are creating.
These 5 characteristics aren’t novel, and many of them are things you may already be providing. If not, embrace this list to help attract Millennials to your company.