Financial Institutions Must Change to Attract Millennials

Millennials

Millennials make up the largest portion of the workforce today. Banks and credit unions must change the way they attract and retain talent, especially when it comes to Millennials. Many Baby Boomers are reaching the retirement age. In fact, 10,000 Baby Boomers are retiring per day. Millennials are stepping in to fill that void. By 2025, it’s expected that Millennials will make up 75 percent of the workforce. With Millennials responsible for such a large percentage of the workforce, banks and credit unions must change to accommodate them.

The 2018 Bank Director Compensation Survey shows that about 83 percent of banks have changed their approach to attracting and retaining young talent. Those who haven’t adapted to the change have attributed this to one single issue: Millennials consider the culture of financial institutions to be too traditional.

Ask your Millennial employees for input

Millennials are looking for employers who share the same social values as they do. In other words, they are looking for companies that add value to society and positively impact the lives of others. The best way to understand how to transform a company culture to be more “meaningful” is to ask your Millennial employees for their thoughts and ideas.

What better way to understand what appeals to Millennials than asking them directly? The younger generation loves to be involved in the decision-making process in their workplaces. They keep a pulse on social activities, charitable causes, and events that will help their local communities prosper.

How to reach this generation

It’s no secret: most Millennials can be found at any point of the day with some sort of digital device within arm’s length. Social media has changed the way financial institutions market to consumers as well as the way they operate. In order to be competitive in the marketplace, being up-to-date with technology and digital resources are going to be a huge factor in attracting and retaining Millennials.

The Millennial stereotypes

Over the last decade, you’ve heard the negative stereotypes of Millennials. For example, they’re lazy, disloyal, entitled, and expect a trophy for everything they do. However, instead of having a negative perception, think of how their mindset can change the way you do business and the opportunity to adapt to this ever-changing digital age. Look at them as collaborative employees, eager to learn new skills; they’re typically extremely adaptable to change and open to new ideas. These are qualities that most Millennials possess in today’s workforce.

This change is inevitable

If companies can change their mindset about the younger generation and showcase a culture that adds value to society, they’re on the right track to attract the younger generation. And like it or not, Millennials are the dominant member of America’s workforce. So, if your organization can make the changes to attract this generation, you’ll be ahead of the competition!