FintekNews-Tips for Interviewing Millennials in Fintech (11/27)

Welcome to FintekNews’ weekly series devoted to helping you find the best talent for your team. This week our recruiting partner OneWire is here with some great tips on how to structure your interviews specifically for millennials.

If you’re actively hiring, check out OneWire’s full suite of recruiting solutions from a low-cost technology platform to their full-service executive search team. You can also post a job to our job board here!

Good luck hiring!!

How to perfect your millennial interview

Millennials are growing up. The oldest are in their 30s now, and many of the others are graduating college and entering the workforce. Is your interview process attuned to them?

To perfect your millennial interview, you’ll need to take into consideration their unique expectations and perspectives. Here are some tips for properly shaping your interview to achieve success:

Paint a big picture

Perhaps more than any generation in history, millennials are especially concerned with the social impact and public good of their employer. According toThe Deloitte Millennial Survey 2016, millennials prioritize providing services and goods that make a positive difference to peoples’ lives over growth and profit maximization.

“Millennials are a socially conscious generation, and your interview needs to reflect that.”

How does this translate to the hiring process? In an interview, you must communicate to millennial applicants how your firm – and their position in particular – plays a positive role in the industry. When interviewing candidates forinvestment banking jobs, for instance, you might play up how these jobs mean building savings and retirement funds for thousands of people nationwide.

Discuss long-term goals and career growth

Firms too often fail to highlight the benefits of hard work and loyalty during an interview. Talented millennial candidates have a number of firms vying for their attention, and they certainly aren’t afraid to seek other options if you fail to woo them. It’s important that you lay out a plan for advancement from the start. Build an idea of a future with your firm.

Instilling a sense of value early on pays dividends later. By presenting candidates with achievable rewards for their effort, you lay the groundwork for a shared sense of purpose. And don’t hesitate to bring up salary or bonuses. Millennials have no problem frankly negotiating finances, so you shouldn’t either.

Focus on flexibility

Work-life balance is of well-known importance to the millennial generation. As the age cohort that embraced smart phones and social media, they are always connected with friends and family – even while they’re at work. Within reason, firms can do a lot to attract great millennial talent by embracing this.

Offer the options of telecommuting or occasional four day work weeks. Working from home a set number of days every month is another big draw. What’s essential is that your firm adapts to changing generational circumstances. Millennials place a lot of value on having a life outside of work, and you’ll need to accommodate that if you’re going to attract top talent.

Emphasize firm perks

While an industry benchmark salary is always going to be important, millennials care less about money than their parents did. What they want instead are great perks. If your firm is going to stay competitive with other employers, you’ll need to offer the same high level perks.

These include, but are not limited to, time allocated for exercising in the company gym, extended paid personal time off, tickets to local sporting events and travel opportunities. Keep an eye on what the industry leaders are offering and construct your perks/benefits package accordingly. You don’t need to offer it all, but you do need enough to keep pace.

Make it personal

Top millennial applicants are smart, passionate and eager to talk about where they see themselves in your firm. Let them do it. Talk about interests both inside and outside of work. Chances are that your questions will reveal a prospective employee has much more to offer than what was described in his or her resume.

When you ask questions, make some of them relevant to the candidates tastes and personality. Business Insider, for example, recommended asking millennials todescribe their work ethic by relating it to a favorite TV character, or to choose which TV office sitcom they would most like to work in. These questions are fun but they also give you an insight into a candidate’s creativity and personality.

As important as all these factors are to keep in mind, it’s even more important to remember what your firm is willing to give. If you’re not giving these perks and benefits to your current employees, you’re bound to get some backlash by offering it to younger hires only. In order to truly perfect your millennial interview, know ahead of time what you’re willing to offer for the best candidate and make sure you’re not setting a precedent that you can’t meet moving forward.

Recruiting millennial talent is a competitive business. Stay ahead of the pack with a talent management system that alerts you when new people enter the job market.