{"id":658014,"date":"2013-05-14T14:00:28","date_gmt":"2013-05-14T18:00:28","guid":{"rendered":"http:\/\/serkadis.com\/index\/?guid=2d4a33d1a4573b6535e4cc140bee2490"},"modified":"2013-05-13T17:08:45","modified_gmt":"2013-05-13T21:08:45","slug":"to-attract-new-grads-hire-like-a-start-up","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/658014","title":{"rendered":"To Attract New Grads, Hire Like a Start-Up"},"content":{"rendered":"

Something astonishing is happening to the market for young, smart labor. The luster of big prestigious firms, particularly on Wall Street, has dimmed: “The End of Wall Street as They Knew It<\/a>,” goes a recent New York Magazine headline. A few months ago at Davos, CEOs complained about the brain drain<\/a> affecting their companies. <\/p>\n

Where are all these people going? Increasingly to start-ups, which seem to have captured the public imagination, particularly among millennials (ages 18 to 29). In an opinion piece<\/a>, Deloitte CEO Barry Salzberg says that millennials are increasingly thinking of finance, consulting, and corporate jobs as a “a tragedy of wasted minds.” Instead, they want “a career that actually matters” and “to know how they will make a positive difference in the world if they join your business.” According to a recent PayScale survey<\/a>, Entrepreneurial Studies is now one of the most popular majors among this generation. And so, despite lacking resources, brand name, and job security of larger firms, start-ups are incredibly alluring — in fact, they get away with paying average salaries that are often 30 percent below market.<\/p>\n

How do start-ups accomplish this? We’ve noticed two main trends. First, start-ups have mastered the art of marketing themselves effectively toward millennials (many are run by them<\/a>). Job descriptions and career pages at start-ups tend to emphasize meaning and impact. For example, a recent job ad by the dating start-up Grouper (which you can see online here<\/a>) promises that work there will let you make a “dent in the universe.” The implication is twofold: that the world will benefit from your work, and that there’s personal glory in it for you.<\/p>\n

\"GrouperHiringHBR.png\"<\/p>\n

At Amicus<\/a>, a different start-up that uses technology to help non-profits raise money more effectively, the first thing candidates see when they reach the careers page<\/a> is that a cow will be donated in their name if they’re selected for the job. This appeals to recent graduates’ sense of humor and humanitarianism. <\/p>\n

\"AmicusHiringHBR\"<\/p>\n

Start-ups also carefully choose language that imbues their roles with meaning and excitement. A few years ago, it was trendy to look for people who were “coding ninjas” and “rock stars.” Today it’s “hackers” and “hustlers.” One of our clients advertised a position at their recently opened New York office as “‘The Wolf’ from Pulp Fiction.” <\/p>\n

But start-ups do more than just good marketing. A recent graduate put it best when he told us he wanted to work at a start-up because, “I’ll be managing a budget from day one and I’ll be doing something I actually believe in.” At start-ups, talented youth are given big responsibilities right off the bat. Whereas corporations often require a slow and painful process of “climbing up the ladder,” start-ups aren’t afraid to give young hires lots of ownership. <\/p>\n

Start-ups are also increasingly geared at solving social problems near and dear to millennials’ hearts<\/a>. Amicus is one great example, among others like Silicon Valley’s TenderTree<\/a>. Even start-ups that aren’t directly working on social issues tend to emphasize that they are doing something to improve the world. Airbnb<\/a>, which allows users to rent rooms from other users, emphasizes that it is creating a more unified community and helping to build relationships through its service. <\/p>\n

Of course, in an economy that is still very much in recovery<\/a>, most recent graduates are lucky if they can get a job at all. It is only the most talented and sought-after grads that have the luxury of choosing start-ups over Wall Street and corporate jobs. But the trend here is clear: Though Goldman Sachs and McKinsey were the top choices for Ivy League graduates five years ago, tech start-ups have now taken that place<\/a>. <\/p>\n

In order to avoid being left behind, large corporations would do well to listen to the millennial ethos that emphasizes change and personal impact. Some specific steps these corporations should take:<\/p>\n