Sunday, December 5, 2021

Future ‘relies on millenials’, say East Mids SMEs

SMEs in the East Midlands believe future success relies on their ability to recruit so-called millennials – those born between 1980 and 2000 – but recognise that they need to do more to attract them, according to new research by Lloyds Bank Commercial Banking.

Almost nine in ten (84 per cent) SMEs in the region said the growth of their business relies on their ability to recruit millennial talent. In fact, nearly a quarter (22 per cent) said they want a millennial to take over their business one day.Two thirds (66 per cent) of East Midlands SMEs said they feel under pressure to sell themselves to millennials. Indeed, over a third (34 per cent) of 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 survey showed that two fifths (40 per cent) of millennials in the region would turn down a job offer if they didn’t like a company’s culture, even if the salary was right. Because of this, more than half (53 per cent) of local businesses think the balance of power has shifted to millennials within the recruitment process

As such, SMEs in the East Midlands are reviewing and adapting their working practices, with more than three quarters (78 per cent) prepared to do this to secure the services of millennials

Jon Pulford, area director of SME Banking at Lloyds Bank Commercial Banking in the East Midlands, said: “SMEs in the region 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 such as digital and technological know-how, to fresh ideas and new perspectives.

“Although SMEs are beginning to invest and change their business culture to make themselves more attractive, they also tell us that they need help to find the right people. It is estimated that millennials will account for more than half of the global workforce by 2020.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.