With the global economy struggling, and lay offs being announced daily, it’s hard for many companies to think about hiring and retaining employees. But, as financial history has proven over and over, this too shall pass. And, when the economy does rebound, companies large and small need to be focused on the new generation of young employees entering the workforce.

But why are Millennials (aka: Gen Y) the darlings of the workforce? And how can you successfully attract and recruit this highly sought after group of young talent?

Let me start by saying that companies, of all sizes, are spending serious amounts of money on attracting, recruiting and retaining Millennial talent. And many of them are continuing their efforts even during this economic downturn. One large global company, Brocade, has committed to its pursuit of hiring Millennials (rapidly) even during this challenging time. They, along with many other businesses, realize the future of their success and growth is dependent on successfully hiring and retaining their future leaders. And, they are getting a much broader talent pool of newbies to consider because of the current job market. Plus, they are getting new Millennial talent for less because starting salaries have declined.

But why has this new generation turned into such a hot commodity? In the , one key factor is the looming reality of the Boomer Brain Drain that companies across the country are going to feel over the next 5-15 years. Here’s one simple statistic from the Office of Employment Projections that will quickly put this into perspective: The average large company in the will lose 30-40% of its workforce due to retirement over the next 5-15 years. Ouch. And, the birth rates have declined, so the is also facing a labor shortage of 35 million skilled and educated workers over the next 2-3 decades.

But is this just a US-based issue? Hardly. According to a recent report, Sourcing in a Time of Scarcity, published by the Taleo Corporation: In the European Union, a shortage of 300,000 qualified employees in the IT sector alone is forecast for 2010. And in , prospects for skilled labor are so dim that some electronics manufacturers have introduced programs granting their employees leave to receive fertility treatments.
 
Now that you have a general idea of why companies are clamoring to recruit Millennial talent, I’d like to share 5 key attraction and recruitment tips that your organization should consider.
 
1. Go Where They Are: This generation has grown-up experiencing life online and congregate on places like MySpace, FaceBook, YouTube and Second Life. You must have a company presence in these online communities to attract Millennials to your brand. Companies such as Verizon Wireless, Deloitte, Toyota , and IBM are good examples of organizations who use social media wisely to attract Millennial talent. And even if you own an SMB, it’s just as critical for you because you probably don’t have substantial brand recognition!

2. Preach Work-Life Balance: This generation is showing up totally aware of work-life balance. Boomers and Gen X employees typically didn’t ask for “balance” until they had been in the workforce for 15+ years. But Millennials are requesting it from Day One. And, the smart companies are offering it.

3. Invite the Folks: As a whole, this generation considers their parents part of their social circle. They like their parents and they respect their opinion. Perhaps you’ve heard the term “Helicopter Parents”. It means that even when their kids go off to college (or work!) they don’t stop hovering over them and guiding them (a lot!). Well-known companies are even creating “Parent Days” where job candidates can bring their parents to tour the company’s work environment, meet their potential managers, etc.

4. Preach Mentoring: These young adults want to know you will provide them with plenty of guidance and mentoring! If you don’t have a mentor program in-place, create one and emphasize it during the interview process. When I recently spoke to Millennials who had left a client of mine, all of them mentioned the company hadn’t provided enough mentoring and training programs.
 
5. Emphasize They Will Get Plenty of Face Time With Managers: A recent survey of Millennial professionals, conducted by Robert Half International and Yahoo! HotJobs®, revealed that over 60% of Millennials want to hear from their managers at least once a day. You need to tell your front-line managers this!

So, even during this economic downturn, savvy companies are adjusting their corporate cultures, and recruitment and retention strategies, to appeal to our new generation of future leaders.

About the Author:

Lisa Orrell, The Generation Relations Expert, is the author of the top-selling book, “Millennials Incorporated” (on Amazon), and is an in-demand consultant and speaker about Millennials & Generation Relations. She has been a featured expert on ABC, MSNBC, and NPR, and by many other national and international media. For more info about Lisa’s seminars and workshops, and to access her popular blog, visit: http://www.TheOrrellGroup.com<br Article courtesy of the http://www.recruitingblogswap.com/">Recruiting Blogswap, a content exchange service sponsored by CollegeRecruiter.com, a leading site for http://www.collegerecruiter.com/pages/internship-job-postings.php">college students looking for internships and http://www.collegerecruiter.com/jobs/">recent graduates searching for entry level jobs and other career opportunities.