Acquiring and Retaining Talent in Louisville
A new millennial survey has been released about acquiring and retaining talent in Louisville. How does the millennial generation decide which jobs they will pursue? How do factors about where they want to live influence their decision? 56% of survey respondents indicated that they took less than three months to complete their last job search, so recruiters and companies need to move quickly to grab them! Crescendo Strategies partnered with Insider Louisville to survey Louisvillians and continue the conversation about millennials’ expectations, preferences, and the changing dynamics as they become the majority in the workforce!
Did you know that in 2015, Millennials/Generation Y (born between 1980 and 2000) will become the largest single generation in the workplace, and by 2020, they will be the majority of the workforce? Wow! So, understanding the Millennial mindset is more prevalent today than ever before, and their different needs and expectations from previous generations cannot be ignored!
Millennials – Lives and Careers
One of the things that this April 2015 survey helps identify is a trend for the respondents and why they choose a certain area of town to live. The top factors were cost of living, restaurants, entertainment, and parks or outdoor activities. Another goal of the survey is to identify trends about Millennial career development in Louisville. Here are a few of the most important stats gathered from the Louisville centered survey:
- Millennials tend to have an entrepreneurial spirit, although they do so working together. In fact, 70% of those surveyed agreed they’d rather collaborate than compete, which aligns with the national average.
- Louisville Millennials are strongly connected to this community. So, it is critical to create and identify better jobs for them so we can keep them here.
- 77.4% of Louisville Millennials found their job through networking or made it happen themselves by approaching the business.
- 20% of Millennials are either currently looking or planning to look for a new job sometime this year.
It is clear from the respondents of this survey that those who manage Millennials understand what is important to these young professionals, but there is a gap in what employers are (or are not) doing and how Millennials really are making their career decisions. If companies have made no adjustments to affiliate with the new face of Louisville’s workforce, it begs the question – why?
Based on information gathered from our 600 Louisville respondents, it’s clear that collaboration and network recruiting are where we need to focus in order to attract and retain top talent in this area. The next steps are for companies to utilize this information to diagnose issues, implement solutions to bridge generational gaps, and retain talent by reducing unnecessary turnover!
For all the details of the survey and our conclusions, you can download the full report here.