In February, the Federal Reserve stated that “the labor market appears to be near or a little beyond full employment.” Full employment has many implications for the economy and it has a major implication for businesses that are looking to hire or retain employees. It is more important than ever to take steps to improve recruiting and retention strategies.
One area to consider is the changing demographics of the work force. Over the next few years, millions of Baby Boomers will retire from the workplace. They are being replaced by Millennials—those born in the early 1980s through the 1990s. These workers are very different in how they approach their jobs and companies will need to adapt. One way businesses are adapting is to use mobile technology to create a work environment preferred by the next generations.
The Traditional Work Attitude is Leaving
We’ve gotten used to the way Baby Boomers think about their jobs. They start a career and may stick with it until retirement time. The Baby Boomers tend to be hands on, have a conservative approach, and work well with direct supervision. They value the relationship they have built with their company. They like stability and advancement in their careers. You could say that a Baby Boomer would thrive working 9-5 with a clear path for the entire future. These attitudes have not been passed on to future generations.
What Most Millennials are Looking For
Millennials are often characterized by their more flexible and fluid approach to work and home life. While Baby Boomers were most comfortable with traditional planning models in the workplace, Millennials are generally more comfortable with flexibility and unstructured workspaces. They want a balance between work and home life. They may change careers several times in their lifespan. Millennials like collaboration, partnerships and social connections. They are comfortable with learning and using technology to help grow the business. Millennials are willing to try new technology and, in fact, expect to use mobile technology.
Where Does Generation “X” Fit In
Generation X is right in the middle and their priorities fall there too. The Gen X’ers are in between the Baby Boomers who are more traditional in their expectations of compensation and benefits, and the Millennials prefer a flexible work/life balance. Generation X wants competitive compensation, some work/life balance, a little bit more hands-off management so they can drive their own schedules. Technology is also very important to them.
Attracting the Next Generation of Employee
In order to attract the next generation of employee you must find ways to offer what is important to them. Technology and flexibility are huge selling points. Finding ways to add new technology and flexibility into your business is a great way to attract the new generation of employee.
Cloud and mobile technologies can be used to recruit and retain new employees. Cloud-based software like Acumatica offer the deep functionality finance executives need to automate and streamline financials and project accounting. It also adds the flexibility and accessibility that Millennials are looking for.
Cloud ERP and Mobile Solutions from ASI
Accounting Systems Incorporated (ASI) can help you upgrade your systems to help you attract the next generation of employees. Cloud ERP such as Acumatica ERP, and mobile solutions for Sage 100, can provide flexibility that you need to grow your company. For more information, visit our website, or call us at 803-252-6154.