West Midlands SMEs believe millennials are crucial to future success
SMEs in the West Midlands believe future success relies on their ability to recruit so-called millennials – those born between 1980 and 2000 – but recognise that they need to do more to attract them.
According to new research by Lloyds Bank Commercial Banking almost 90% of SMEs in the region said the growth of their business relied on their ability to recruit millennial talent. In fact, more than a quarter (26%) said they want a millennial to take over their business one day.
It is estimated that millennials will account for more than half of the global workforce by 2020 and will shape the workplaces of tomorrow.
More than three quarters (81%) of Midlands SMEs said they feel under pressure to sell themselves to millennials. Indeed, more than a third (38%) of firms worry that a job offer has been turned down in the past because the young candidate did not like their business culture.
In fact, the survey showed that half (50%) of millennials would turn down a job offer if they did not like a company’s culture, even if the salary was right.
Due to this, more than half (56%) of businesses think the balance of power has shifted to millennials within the recruitment process.
As such, Midlands SMEs are reviewing and adapting their working practices, with most (95%) prepared to do this to secure the services of millennials.
To this end, small businesses are, on average, investing 14% of their annual turnover just on recruiting this generation.
When asked what they are looking for in a job, the most popular answer, cited by 38% of millennials, was flexible working hours, followed by the opportunity to travel to other offices and countries for work (33%) and regular training programmes (25%).
While 65% of Midlands SMEs think their business is already geared up correctly to attract millennials and offer them this kind of working environment, 44% said they need further guidance – such as enterprise mentoring support – to recruit this age group more effectively.
The most attractive skills Midlands SMEs want in millennials are their fresh ideas (53%), a different perspective (53%) and the eagerness to learn (35%).
Mark Cadwallader, area director for SME Banking in the Midlands, Lloyds Bank Commercial Banking, said: “Midlands SMEs need to work hard to recruit millennials as the future of their business could depend on having them on board. They can tap in to a range of attributes, from hard skills such as digital and technological know-how, to fresh ideas and new perspectives.
“Although SMEs are beginning to invest and change their business culture to make themselves more attractive, they also tell us that they need help to find the right people.”
