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Employee Benefits needs Millennials

16 Jan 2018

Recruitment Trends 

Last year, we experienced the most significant shortage of qualified professionals the London market has seen for over 17 years, which made it increasingly difficult to attract high calibre candidates. A year on, and it seems that the candidate shortage persists, which has encouraged businesses to consider alternative sources; recruiting less experienced individuals to bridge the skill gap with increased training, promoting internally or outsourcing certain aspects of their work. 

The problem will remain until more businesses realise longer term benefit of recruiting inexperienced individuals, with the view to providing first class training and personal development to create the future leaders of tomorrow. 

For the first time ever, we have 5 generations of employees working within the same business. The traditionalists are leaving the industry and the Baby Boomers are close to retirement, taking years of experience as they go. The Baby Boomers are being replaced with Gen X, who are progressing through the hierarchy from Associate/Support roles into Consulting/Leadership positions, leaving a need for entry level and Millennials to bridge the gap that is being created. 

Employee Benefits VS Traditional Schemes 

The pressure to jump into a traditional graduate role following university is a major contributing factor to c25% leaving within the first year of starting work. Statistics show that graduates are rushing into the wrong roles due to pressures of securing a job quickly which is often encouraging them to take certain routes to employment; something which may be deemed to be more socially acceptable. 

The Employee Benefits market is one that is crying out for new school leavers, graduates or entry level individuals but also one which is not widely discussed in schools or with career advisers. It’s a market which is growing, with endless opportunities suitable for everyone; from technical support, sales and consultancy to man management and leadership with great earning potential for those that are willing to invest time and hard work. 

But don’t take my word for it, here is what industry professionals say:

Stuart Stroud, Employee Benefits Director

“Moore Stephens’ Employee Benefits team has expanded rapidly over recent years as a result of significant client growth. The importance of technology in employee benefits and enhancing communication to employees has become more relevant in recent years. Employers have had over five years to get to grips with the challenges of pensions auto enrolment – some providing pension arrangements for employees for the first time. For many clients, enhancing and then effectively communicating employee benefits has become a key competitive differentiator in a challenging labour market.

As our team has grown, we have evaluated our recruitment policy and aligned this with our firm’s vision for people and culture, providing development opportunities for our people by sustaining innovation, growth and financial success. Our Employee Benefits team offers a diverse, challenging and changing working environment, providing a structured career path and encouraging a ‘can-do’ attitude.

We have actively encouraged the recruitment of Millennials within our team – and are currently harnessing the benefits they bring. These ‘digital natives’ have grown up online and have – and will continue to – dramatically change the employment market. As technology advances, we are embracing new ideas offered by Millennials to enhance our employee benefits proposition. They are used to working in teams, have a can-do attitude to tasks and look for feedback about how they are performing – our latest team member has already demonstrated a desire to be challenged with a variety of tasks”

Will Offer, Risk & Healthcare Consultant

 “When you're looking to join a company and you look beyond the salary, you'll look at the benefits you're being offered. Helping employers design and tailor their offering to both retain and engage existing employees and attract new talent is something you can relate to as an employee yourself. With traditional graduate schemes such as banking or finance jobs its very spreadsheet and data analytics focussed; sitting behind a desk for 40 hours a week. With EB your days are considerably more varied and whereas there is an element of data interpretation, you'll be involved in product launches, benefit fairs, visiting clients and discussing new innovations that can help their employees remain healthy and motivated” 

Preparing Millennials 

Studies show that 95% of financial services businesses feel it is challenging to find skilled Millennials, 58% of which say its ‘very challenging’. 

There are many learning and development platforms available to Millennials that will provide them with the relevant skills to excel in the industry; the purpose of Honest Voice is to upskill Millennials before they enter the workplace, and Zing Associates is there to develop these individuals further.

Honest Voice

 “I founded Honest Voice because this world needs future workers and leaders who are better Global Citizens” 

Honest Voice is an online learning platform to provide careers advice to school leavers, graduates and those looking for their 1st or 2nd job within the industry.  The organisation was founded through a collective belief that they can significantly improve the careers advice available to current and future generation and that everyone should have the opportunity to access the best tools and support to determine their own future. 

Honest Voice gives individuals access to practical advice to enhance their prospects and ensure they are prepared for life in the corporate world. You can expect to see tips on how to make sure you have the right mindset, preparing for exams, how to craft the perfect CV and preparing and performing in an interview. 

Zing Associates – Young Professionals Academy 

Zing Associates have been designing practical business-focused training to UK businesses for over 18 years. In 2015 they launched their highly successful Young Professionals Academy, a unique training programme, specifically designed for the Millennials who by 2020 will make up 50% of the global workforce. 

Fran Burgess, Managing Director  explains “ The key aim of our Young Professionals Academy is to provide enthusiastic and talented employees with the skills and knowledge they need to become business ready and really valued employees. It is demanding course and we expect them to work hard during the four month programme. Between each of the four one day modules, delegates are set work related tasks and receive 1-2-1 support from their business coach who will encourage them to set short and long term goals and achieve them.”   Full details of the course found at www.zingassociates.co.uk/section.php/63/1/young_professionals_academy

In addition to the Young Professionals Academy, Zing also offer cost effective, business focused training programmes which can be tailored specifically to your business needs. For more information, contact Fran Burgess on 0117 959 4135

There are many advantages to recruiting a Millennial; they are Tech/Social Media savvy, good networkers, innovative, energetic, adaptable, driven and are the future leaders of tomorrow. If you are looking to recruit Millennials into your business and would like some guidance, please give me a call on 0203 906 7395 or alternatively you can email me Ashlea.walton@idexconsulting.com
 
Tagged In: Financial Services
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