BY IVAN SESELJ
Is your branch so focused on Millennials’ proverbial negative qualities that you are incapable of speaking this generation of employees’ language? To attract and retain Millennials within your branch’s workforce – and the energy and enthusiasm that comes with them – you must cater to their mindset. These approaches can help.
Millennials are more than just a trending buzzword. Their influence on modern-day economics is becoming more and more evident, and FI branches are no exception. In a recent article on the topic, Kevin Flanagan, director of content at TimeTrade, says Millennials are “fast becoming the power players of 21st Century consumers.”
Many related articles focus on Millennials becoming credit union members or bank customers at the branch – the incredible buying power they represent, why they favor small FIs over the big banks and how to effectively market to them to attract their interest. There is another aspect of the Millennial market that you need to consider: their importance as a labor force.
A recent report by PwC shows that Millennials – the 54 million adult Americans between 18 and 34 who make up a third of the U.S. workforce – see the financial service industry as little more than a stepping stone to other career options. Only one in 10 Millennials who currently works in the financial service sector says that they plan to stay in their jobs long-term. The average for all other industries is nearly double that.
The report also indicates that Millennials are not at all shy about changing jobs. In fact, it’s more or less a given that they will. Nearly half (42 percent) said that they are always open to job offers from other companies, while three in 10 are actively looking for their next job.
Millennials’ reluctance to remain in one job long term (or even on one career path), coupled with their seeming disinterest in a career in the financial service space, may explain why almost half of bank and credit union CEOs report that they are unable to find talent with the right skills. The PwC report indicates that one in four financial service executives has cancelled or delayed key strategic initiatives simply because they didn’t have the right talent on hand to do the job.