There’s a talent shortage on the rise in the Senior Living Industry. According to Argentum, the Senior Living Industry will need to hire 1.2 million employees before 2025. That number includes the many C-Suite and Executive levels positions left vacant due to Baby Boomers retiring.
So, what’s the best possible solution? Hiring top talent from the Millennial Generation. Here are some numbers we just can’t ignore: 35 percent of Millennials are already in the workforce making them the largest generation in the U.S. labor force according to Pew Research Center. It is estimated that by 2020, Millennials will comprise 46 percent of the workforce. By comparison, the generation before them, known as Generation X represents only 16 percent of the workforce.
Therefore, it would be beneficial for the Senior Living Industry to win-over the Millennial market. However, in order to attract and retain them, we must first understand what motivates and drives them:
1) Technology: Millennials are very tech-savvy and more connected than prior generations. Those in management and executive level positions prefer to use technology to interact and get work done. As Millennials take over roles in leadership, innovations will be quantum in nature.
2) Career Advancement: The majority of Millennials have a career goal of becoming a leader. They gravitate towards opportunities that allow them to climb the career ladder quickly and explore different leadership roles.
3) Solid Brand. Millennials do their research. They will check out an organization’s online presence including website, reputation, social media communications, and Google and Glassdoor Reviews. If you want to attract Millennials, your brand should be positioned in a positive light. Also, creating a capture strategy that includes your organization’s core values, culture, and the many benefits of working at your organization would be helpful.
4) Purpose. Just as Millennials grew up wanting choices and significance in their families, at school, and in sports, today they want to feel significant in their professional and personal lives. In short, Millennials want to matter. They’re eager to make a difference in their workplace and community.
5) Culture. Your company culture is very important to Millennials. Having an employee friendly and collaborative work environment matters. Also, work perks such as a free lunch every so often can go a long way in maintaining their happiness. Their sentiment is…What’s wrong with having a little fun at work?
In Part II, we will take a look at how Millennials are already taking the helm and how they’re changing traditional workplace roles and rules.
MedBest, a Senior Care ad Senior Living niched executive search firm, has been successfully assisting Senior Living Communities locate quality job-seekers nationwide since 2001.