Often, when attempting to attract a younger workforce, executives tend to make assumptions about their work preferences and motivations.
The era in which offerings of an “exciting” workplace, complimentary lunches on Fridays, and a rock climbing wall were sufficient for luring and keeping skilled young accountants is over.
Nowadays, the top-tier emerging talent you seek has different priorities. As a business leader, it’s crucial to comprehend how younger generations operate and what they value most. With candidates holding the power in this job market, effectively appealing to desirable talent is essential.
Here are some strategies for recruiting millennial accountants
Millennials seek an environment that fosters personal growth and professional development
Companies that provide learning opportunities and actively promote employee engagement are more appealing to millennial accountants. In fact, almost 90% of millennials express that professional development or career advancement is crucial for them in a job.
Millennials seek more than just behind-the-scenes number crunching; they recognise that ongoing self-improvement is vital for their professional growth and success, which cannot be attained through monotonous tasks disconnected from larger contexts.
They desire challenges and the ability to make significant decisions regarding their career trajectory while also understanding how their contributions align with the firm’s overarching objectives.
Practical takeaway: When hiring millennials, invest time in understanding their individual career aspirations. Clearly communicate your commitment to fostering their professional progress by devising a customised growth plan designed to lead them from point A to B and further beyond.
Millennials seek greater flexibility and autonomy in managing their work-life balance
The concept of work-life balance has undergone a transformation. Evidence shows that flexible work arrangements not only enable companies to function effectively but can also help them expand.
As a result, millennials are drawn to innovative companies that offer the option to work remotely—regardless of any ongoing pandemic challenges.
Moreover, this generation prefers productivity to be evaluated differently—focusing on the quality of their output rather than simply counting hours worked. While monitoring performance remains important, millennials seek the autonomy to choose how they perform best—they have the capability, what they need now is approval.
Key takeaway: Make sure your team is equipped for remote work by implementing appropriate processes, policies, tools, and technology infrastructure.
Macquarie University associate professor Rahat Munir says:
“The current generation, I would say, expect that they are valued and recognised for their hard work and skills. Financials or money perhaps is not important here, but it is more of the skills they use and being recognised by the top management.”
Millennials appreciate employers who are proficient with technology
Millennials possess a natural aptitude for digital tools, making access to advanced equipment in the workplace an attractive benefit. Conversely, they may become disheartened by firms that slow their technological growth, misapply new tools, or deem tech adoption as unimportant.
Their eagerness for technological advancement can be advantageous for your company—they continually seek out new apps, programs, or devices to enhance efficiency.
Key takeaway: Conduct a thorough assessment of your technology infrastructure and critically evaluate its usage and benefits.
Millennials are inclined to seek employment with companies that have a meaningful impact and align with their principles
For this generation, creating a positive change is significant. In fact, 44% have made employment decisions based on personal ethics and the degree of alignment with the organisation’s values.
They tend to be socially aware and thrive in inclusive environments. Thus, it’s vital for companies to showcase:
- The firm’s overall social impact
- The individual millennial employee’s specific influence within the company
Key takeaway: During your interview process, emphasise how your organisation is making a constructive difference in society. Extra points if you can highlight how the position being applied for contributes to those positive impacts.
Millennials prioritise innovation above everything else
This generation is eager to move forward and has no interest in working for companies that shy away from change or continue with outdated practices from a decade ago.
A company’s reputation for encouraging innovation is the most crucial element influencing millennials’ job choices, according to Deloitte’s 2015 Millennial Survey.
For accounting firms to thrive, they must be courageous and adaptable—so much so that innovation becomes an integral part of their operations. This approach contributes significantly to shaping a vibrant workplace culture.
All other aspects discussed previously—flexibility, personal growth, making an impact, and technology—demand an innovative mindset in order to resonate with millennials.
What millennials desire (and its significance)
In essence, millennials seek what mirrors today’s society. This reflects a similar journey that influenced baby boomers to pursue the security of conventional 9-to-5 jobs in the post-war period. However, this generation is motivated by innovation, adaptability, meaning in their work, technology, and professional growth.
Luckmika Perera, a director of teaching in the department of accounting at Deakin University says:
“If the company recognises that the optimal way of the graduate or the Millennial is to operate when they are most productive, that should be encouraged.”
So why should accounting firms take note?
Besides enhancing appeal as an employer during the Great Resignation, your firm will:
- Be more agile in responding to change
- Cultivate a diverse workforce that fosters productive discussions, encouraging fresh perspectives on innovative solutions to intricate challenges
- Be ready for future expansion
- Position itself effectively to navigate and prosper amidst ongoing industry changes
Attracting youth to your firm can feel like a daunting task but once you get your head around their needs and adjust your firm to meet their requirements you may end up finding the young talent you desire. On the other hand, if this all sounds a little time-consuming, another possibility is taking your time attracting millennials to train up for more of the client business building roles whilst utilising outsourced accountants for the compliance work.
