Staffing Agency Liability Insurance: Millennial Dilemmas
As their prevalence increase so does buzz over how to incorporate the Millennials into the workforce. This year generation Y members’ account for over 36% of the American workforce yet much tension surrounds their impending and continued employment. Many younger millennial emerging as recent college grads feel apprehensive when venturing out into a highly competitive job market, while their future employer counterparts have qualms of their own.
Two major factors at play are their employment expectations and reservations about their preparedness. Millennials are highly anxious about traditional business practices and unenticed by traditional PR tactics. This generation is skeptical of big business promises, names and corporate structures. They prefer enriching, engaging environments over benefit plans and 401ks.
Their trust in the business structure mirrors their trust in the education system from which they emerge. A Bentley University preparedness study reported that 6 in 10 students did not feel adequately prepared to enter the workforce. Business decision makers and higher education personnel agreed, with just over 60% of those polled rating graduate preparedness in the first jobs at a C grade or lower for. Regardless of their actual readiness these individuals are emerging into a scrutinizing environment where common perception is that they can’t perform the functions they have labored to learn about.
Employers are also hesitant about hiring these workers because reports indicate that Millennials can be costly to hire and often switch jobs within one to three years. The Bentley study revealed that 68% of corporate recruiters polled express difficulty managing these young workers due to differences in mindsets and operation styles. This makes it harder for Millennials to compete in a recuperating market. Yet 74% of non Millennials value the skills and new work styles this generation brings to the table.
Navigating Millennials through the job market can be a challenge for recruiters and agencies alike as the tensions mount between non-millennial employers and their Millennial prospective. It can also prove costly and risky should your clients staffing entities make a mistake.
At World Wide Specialty Programs our purpose is to provide the staffing service industry with the best Staffing Agency Liability Insurance policies at the best price. Our Direct Hire/ Personnel Consultants Liability insurance coverage is designed specifically to protect your clients who engage in direct hire and personnel consulting. Contact us today at (877) 256-0468 to learn more about what we have to offer your clients.