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The shortage of qualified candidates has led to the most intense levels of competition for talent that been seen over the last 10 years.
The challenge is further intensified by the demands of the upcoming group of ‘Generation Y’ jobseekers who were born after 1980. These well educated, cosmopolitan individuals tend to be broad-minded, having grown up in an environment of easy-access information with the conveniences of the internet, mobile phones and more rapidly evolving technologies.
In previous decades, employers were used to employees that did not mind working 50, 60 or more hours per week, often prioritising work-related responsibilities. In contrast, Generation Y individuals seek a good work-life balance along with strong career development and training opportunities.
Traditional motivators such as status, job title or financial rewards are no longer paramount. Instead, they are motivated by the deeper meaning of their roles. If they fail to find satisfaction in a role, they will swiftly move on to the next. In fact, statistics show that the average period of employment with one employer in Germany has reduced from more than 800 days in the 1980s to no more than 500 today!
Despite these figures, the majority of companies are still not providing the sought after flexibility, such as part-time work, working from home or child minding, nor said greater meaning. In addition, our consultants often ask questions to find out more than what is outlined in a job specification to explore a company’s culture so that we can promote the company and a role more effectively to this audience.
Now more than ever is the time for companies to invest in a strong employer brand that communicates an attractive proposition for this new generation.
Article first appeared in REurope Magazine, April issue.
Written by Richard-Emanuel Goldhahn, Director of Cobalt Recruitment in Germany.