Better companies attract better employees, but what does it take to be a better company for Millennials?

World Tourism Forum Lucerne, executive search firm Korn Ferry and IATA have published a new Action Plan to attract more Millennials to the travel sector.

This Action Plan follows an in-depth study conducted last year which consists of a series of interviews with 50 CEOs and influential aviation industry leaders, as well as an online study of Millennial talents which Korn Ferry conducted last year. The results were published at World Tourism Lucerne.

The Action Plan offers steps that aviation and travel and tourism companies can take to attract and retain the best of this generation.

Findings show that Millennials prefer to be associated with companies which empower them, foster creativity and are good corporate citizens. They are looking for flexibility and customization both as consumers and in their careers. The growing influence of digital technology in our daily lives, and the new business models arising from digitalization also influence their decisions.

The most popular travel and tourism-related companies among those surveyed were Airbnb, Uber and Google.

Torbjorn Karlsson, co-author and senior client partner, Civil Aviation Practice says:

“Long established enterprises are often seen as old-fashioned. Many have problems finding new talents and competing against companies in the younger tech sector. Airlines must definitely become more attractive if they are to win over technically minded talent and make the industry more innovative.”

Michael Bell, Korn Ferry’s global head of civil aviation adds:

“Companies need to have the talent that can drive innovation by applying new technologies and finding new business models. Innovation is crucial for a company’s long-term survival and future prosperity. The only way companies can survive and prosper for decades to come is by constantly reinventing themselves.”

Martin Barth, president and CEO of the World Tourism Forum Lucerne explains:

“It’s a developing dynamism which represents new challenges for the airline business. And particularly so when it comes to finding talented new staff. So the World Tourism Forum Lucerne – together with IATA and the Korn Ferry – have launched a joint mission to seek solutions aimed at making the airline sector a more attractive employer. It’s not merely a matter of financial incentive, but above all of enhancing personal motivation through individual career perspectives. Our concept embraces the encouragement of innovation and creative thinking, a sense of belonging within an enterprise as well as a more inventive remuneration and reward system.”

Aradhana Khowala, a member of the WTFL Advisory Board who conducted the CEO interviews and co-authored the report:

“We believe that Millennial talents will have major impact and influence on the future of business world. It is inevitable and therefore business leaders have to reassess their current strategy and the industry must re-orientate itself. Aviation as a sector has to stop offering only employment. Instead it should offer “opportunities”. Opportunities that resonate with Millennials and opportunities that enable this next generation of business leaders to innovate and reinvent themselves in a global and dynamic entrepreneurial environment.”

The new Action Plan includes excerpts from the CEO interviews relevant to managing disruption, the digital equation, and Millennials themselves followed by seven takeaway actions:

• Amp up employee learning and development
• Champion innovation and creative thinking
• Motivate with collaboration and growth
• Revamp recruitment efforts
• Review and be creative with remuneration
• Foster diversity
• Create a company culture that is collaborative

The Forbes Just 100

This year for the first time, Forbes has published a ranking of the top 100 American companies that are good corporate citizens, based on a survey of 72,000 Americans who set the measures of just corporate conduct.

Factors considered for this new ranking were each company’s relationship with workers, communities, and customers as well as the quality of their products and management, their environmental responsibility and the attractiveness of jobs. The report says:

“Companies looking to attract and keep younger workers, meanwhile (read: everyone), understand that Millennials are looking for a better work-life balance than their parents had.”

Among the Just 100 were two airlines—Delta Air Lines and Southwest Airlines—and aviation technology company Rockwell Collins.

Delta also ranked 31st on the Forbes list of most admired companies and Southwest Airlines ranked 8th. Factors considered for this list are: innovation, people management, use of corporate assets, quality of management, social responsibility, financial soundness, long-term investment Value, Quality of Products and Services and Global Competitiveness.

Included among Forbes’ Best Companies to Work for Millennials are travel and tourism companies Kimpton Hotels & Restaurants (#11), Marriott International (#14) and Expedia (#60).

Amadeus IT Group also recently received a nod as a good corporate citizen being ranked 16th among the world’s top 100 most sustainable corporations by Corporate Knights.