Millennial graduates mean success for SMEs
A new study links the success of SMEs to their employment of millennials.
A survey conducted by Lloyds Bank Commercial Banking reveals that nine out of ten small to medium sized enterprises (SMEs) believe the success of their business depends on their ability to hire the right young staff.
Influence from millennials, those born between the 1980s and mid-1990s, is a growing factor in workforces across the country. 77% of respondents to the survey admit they feel pressured into selling themselves to potential applicants.
Work culture is an important factor for young people when considering a job, and one third of businesses are concerned that past job offers had been rejected due their lack of business culture. Lloyds Bank Commercial Banking's survey found that 52% of millennials are willing to turn jobs down because they don't like the office environment - even if the salary is right.
The study indicates that the most important thing for young job hunters is flexible working hours, with 45% of those surveyed citing the ability to change their working hours as a priority. Training (32%) and the option to work from home (22%) are also highly valued.
Gareth Oakley, the Managing Director of SME Banking at Lloyds Bank Commercial Banking, says that while recruiting millennials may be more difficult, they bring a lot to businesses in return.
"SMEs need to work hard to recruit millennials as the future of their business could depend on having them on board. They can tap in to a range of attributes, from hard skills such as digital and technological know-how, to fresh ideas and new perspectives."
"Although SMEs are beginning to invest and change their business culture to make themselves more attractive," he says. "They also tell us that they need help to find the right people."