How to Attract (and Retain) Millennial Talent

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For companies looking to attract a growing millennial workforce to their organization, management needs to take a broader approach and find what changes they can make to the company culture to appeal to all types of employees, Scott Gunnell, vice president of sales strategy and development at JM&A Group, to Auto Finance News.

“We talk about millennials more as a behavior than a generation, because we believe what the millennials are asking for, everybody wants,” Gunnell said. “We first start with work-life balance. For example, if the schedule requires you to work 60-plus hours a week, can you really give someone a good quality of life, and if so, how would you do that?”

Employers are also encouraged to emphasize that the position is for a career — not a job. Gunnell suggested providing candidates with a potential “roadmap” of how the job seekers career can progress over time. Management can also create a recognition program to reward top performers or employees who embody “good cultural spirit.”

Compensation is another key factor. Stores can see if they need to change their compensation model or enact behavioral practices such as doing monthly goal reviews with employees, he said.

“From a compensation perspective, what we’ve found is there’s an unknown around compensation that concerns people,” he said. “You’ve probably heard that millennials like more of a fix-based compensation. What we like to do is educate the associate on what is realistic that their earnings could be, and how do you smooth that out so that there are no dramatic fluctuations? And, how do you look at that to where it is reasonable [compared] to the investment of time?”

For more content like this, attend the third annual Auto Finance Innovation event, slated for March 7-8, at the Parc 55 in San Francisco. For information, or to register, visit autofinanceinnovation.com.

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