Attracting and retaining top talent is the No. 1 concern among CEOs globally, according to findings from The Conference Board’s C-Suite Challenge 2019.
“As global competition increases while the pool of available workers decreases, it comes as no surprise that executives cited talent as a top issue in 2019 that’s keeping them up at night,” said Rebecca Ray, Ph.D., a report author and the Executive Vice President of Human Capital at The Conference Board. “Moreover, they think talent shortages will only intensify beyond 2019, which underscores why organizations should constantly reexamine how they’re attracting and retaining their best and brightest.”
Millennials have established a reputation as the job-hopping generation, seeking jobs that offer unique experiences, flexibility, work-life balance and the opportunity to work in a variety of settings. Gallup’s report How Millennials Want to Work and Live found that 21% of millennials have changed jobs within the past year, more than three times the number of non-millennials. Additionally, 60% of millennials are open to different job opportunities, compared with 45% of non-millennials.
With Generation Z just beginning to enter the workforce it’s still unclear if they will follow the same pattern, but companies aren’t taking chances. To attract and engage employees from day one, companies like Melt, a full-service, integrated marketing agency based in Atlanta, are creating unique internship programs designed to turn into job opportunities.
The program, called MELT U, allows interns to explore the company’s in-house services and hear from approximately 50 speakers from a variety of major companies in the Speaker Series. This summer’s series included executives from Fox Sports South, The Coca-Cola Company, the Atlanta Braves, ESPN and KIA.
Melt founder and CEO Vince Thompson says the company received more than 300 applications for the 37 spots in the 2019 summer intern program. Interns are frequently retained for entry-level jobs after the program ends. Thompson says the intern experience contributes to the company having a higher than normal retention rate.
“Replacement cost is higher than retention cost, so this program allows us to get to know our interns and figure out if they are a good fit for the culture and pace,” he said.