‘Radical Transparency’ trumps cash in luring millennial talent
Radical Transparency offers organisations a leading-edge over rivals in the recruitment and retention of millennials, but it’s not without its pitfalls.
With employment at a record high, competition among employers to attract the best and the brightest is heightened. How to appeal to and retain that talent, however, is more nuanced than it might seem. Cash is not necessarily king.
A 2018 study by LinkedIn into workplace culture found that while strong workplace benefits, including paid time off, parental leave and health insurance were important to all employees there was a notable divergence between the priorities of baby boomers and millennials.
For younger joiners (those between the ages of 22 and 37) remuneration was less of a priority. Nearly nine out of ten (86 percent) millennials said that they would take a pay cut to work at a company whose mission and values align with their own (compared to only nine per cent of those aged 54 to 72).
For younger workers, working for an employer that is open, transparent, shares a similar moral alignment to their own, and that delivers a positive impact to society were key priorities.
These contrasting priorities between older and younger workers are made more significant given the growing proportion of millennials in the labour market.
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