Small and medium sized businesses in the North West believe future success relies on their ability to recruit so-called millennials – those born between 1980 and 2000.
But they recognise that they need to do more to attract them, according to new research by Lloyds Bank Commercial Banking.
Almost nine in ten (85 per cent) North West SMEs said the growth of their business relies on their ability to recruit millennial talent. In fact, 15 per cent said they want a millennial to take over their business one day.
It is estimated that millennials will account for more than half of the global workforce by 2020 and will shape the workplaces of tomorrow.
More than four in five (82 per cent) of SMEs in the North West said they feel under pressure to sell themselves to millennials. Indeed, over a third (35 per cent) of the region’s firms worry that a job offer has been turned down in the past because the young candidate didn’t like their business culture.
In fact, the North West survey showed that more than half (54 per cent) of millennials would turn down a job offer if they didn’t like a company’s culture, even if the salary was right. Because of this, 41 per cent of the region’s businesses think the balance of power has shifted to millennials within the recruitment process.
Martyn Kendrick, area director for SME banking in the North West, Lloyds Bank Commercial Banking, pictured, said: “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 to fresh ideas and new perspectives.
“Although SMEs are beginning to invest and change their business culture, they also tell us that they need help to find the right people.”