Adjusting Your Hiring To Changing Demographics

2016 went out with a bang, not a wimper on the employment front. The US economy added 156,000 jobs in December, and unemployment hovered at 4.7 percent, close to a nine-year low. In addition,  according to Fierce Biotech, VC funding in the life sciences was on course to be the second highest ever recorded. In a tight labor market with loads of venture money being used to create even more jobs, one might be bewildered on how to attract the best talent when candidates have several opportunities from which to choose.

The answer lies in investing on how to attract the Millennial generation as this generation is now reaching the age of senior scientific, engineering  and middle management positions within the Life Sciences. Those positions are the exact positions that are becoming critical to the continued progress of companies as GenXers move into directorships and Baby Boomers start to leave the upper ranks altogether.

4 Takeaways with Millennials are: (1) Despite what you might think, Cash is King ; (2) You’re online reputation is key to attracting them; (3) Having a clear path forward regarding career growth is key to retaining them; and (4) They are in the driver’s seat regarding the hiring process (at least for now). Hopefully, using these tips we can help you create a hiring process which can attract Millennials and be the start of a great 2017.