Our future depends on recruiting Millennials say SMEs

Our future depends on recruiting Millennials say SMEs

Lloyds Banking Group, August 2015


Small and medium sized businesses believe future success relies on their ability to recruit so-called millennials – those born between 1980 and 2000 – but recognise that they need to do more to attract them, according to new research by Lloyds Bank Commercial Banking.

Almost nine in ten (86 per cent) SMEs said the growth of their business relies on their ability to recruit millennial talent. In fact, a quarter (25 per cent) said they want a millennial to take over their business one day.

More than three quarters (77 per cent) of SMEs said they feel under pressure to sell themselves to millennials. Indeed, a third (33 per cent) of firms worry that a job offer has been turned down in the past because the young candidate didn’t like their business culture. In fact, the survey showed that more than half (56 per cent) of millennials would turn down a job offer if they didn’t like a company’s culture, even if the salary was right. Because of this, more than half (52 per cent) of businesses think the balance of power has shifted to millennials within the recruitment process.

As such, SMEs are reviewing and adapting their working practices, with most (88 per cent) prepared to do this to secure the services of millennials.

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