The dynamics of finding quality talent are undergoing significant changes in the hiring market. As we navigate this new decade, shifts in job seeking, hiring, and overall employment habits are becoming increasingly evident, making awareness of the current market state crucial for future success. Understanding the habits and expectations of younger generations entering the workforce is paramount for employers seeking to find great new talent.
Looking at the hiring process itself, employers report it takes about 27 days on average. Notably, younger candidates are strongly inclined towards digital methods. For instance, 29% of Millennials and 46% of Gen Z use mobile devices to apply for jobs. This preference for digital goes further, with 54% of Gen Z indicating they will not complete an application if the methods seem outdated. They desire a streamlined, efficient digital process, ideally one they can manage entirely from home throughout the hiring exercise. However, this preference for ease doesn't mean these younger job seekers are less selective about opportunities or willing to lower their employment expectations.
When it comes to how Gen Z finds potential jobs, they rely on a variety of sources. Referrals are the most trusted source, cited by 62%, followed closely by job boards at 56%. Company websites and career centers are also highly trusted, each selected by 55%, while hiring events are trusted by 51%. This highlights the importance of diverse recruitment channels to reach this demographic effectively.
A significant portion of the broader workforce, 40%, is considering leaving their current employer this year. This trend is expected to prompt companies to bring more young individuals into the workforce. For these Gen Z hires, finding appropriate employment is critical. The data suggests a strong link between a first job matching one's education level and remaining appropriately employed years later; 87% whose first job matched their education were still appropriately employed 5 years on, and 91% of those appropriately employed at 5 years maintained that status at 10 years.
Financial expectations are also a key factor for recent graduates. Among Millennial graduates, 41% expect to earn between $60,000 and $85,000 in their first year of work, and a substantial 70% expect to make $60,000 or more. These figures highlight the compensation expectations employers need to be aware of when hiring early-career talent.
Employment longevity expectations differ between generations as well. More than half of Gen Z employees (55%) and a significant minority of Millennials (38%) expect to work for their current employer for less than three years. Conversely, only 25% of Gen Z and 39% of Millennials expect to stay with their current company for five years or more. This suggests a higher propensity for shorter tenures among younger workers compared to previous generations.
As the job market continues to evolve, skilled young individuals early in their careers are actively seeking employment that aligns with their educational background and skill sets. They are looking for competitive benefits and compensation from the outset. These job seekers are also likely to transition between positions as a means of advancing their careers, rather than necessarily staying with one company for an extended period. This dynamic requires employers to adapt their recruitment and retention strategies to meet the expectations of this new generation of talent.
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