If Millennials will be the solution to the advisor crisis, how will that begin?
The Millennial generation first heard themselves referred to as Generation Y when they were children only to have the name changed by the time they grew older. It turns out that many appear to resent the label millennials being declared for them without input. Many members of the generation also say that many researchers, members of the media and even some advertisers use the term Millennial in an exceedingly negative fashion.
For potential employers looking to attract talent from this age group, they’ll need to avoid labeling the group as a whole, which many members of the generation view as derogatory. It is a better use of recruiting resources to look at specific talents and skillsets, personal commitment and personality when hiring new talent. In other words, use the same hiring practices that have always worked: find the best people.
Once the best new team members have been chosen, creating a mentor program and illustrating the altruism of the firm’s mission become critical for training and retention.
For more on this topic, check out our blog tomorrow.