It’s no secret that an increasing number of Millennials are changing jobs. In fact, according to Forbes, 91 percent of Millennials intend to leave their jobs in less than three years.
The expense of replacing a Millennial employee ranges from $15,000 to $20,000, according to Millennial Branding. Retaining the proper Millennial talent is more important than ever.
We looked into why millennials may be disconnected at work and how businesses can strengthen their acquisition and retention tactics to appeal to the generation that will soon be in charge of the workforce.
Employee Retention Methods for Millennials
Take a look at some of the retention methods that can help you keep your young employees:-
1. Hire for Your Culture
Contrary to popular belief, employee retention does not begin after someone is employed. It does, however, begin earlier. It’s vital to hire the right people for the right jobs during the hiring process.
No number of retention methods, business incentives, or pay hikes will maintain an employee if they don’t fit in with the organization’s basic principles. You’re not likely to want them to stay either.
2. Focus on Benefits for the Long Term
While the rest of the world considers the benefits and drawbacks of raising the minimum wage, you must consider how pay increases influence your business. Of course, no one will object to earning extra money. However, simply increasing pay is utilized as a band-aid solution to a deeper problem.
Employees may be satisfied for a short period. It will, however, do nothing to address the organization’s core problems. More than half of Millennials would be willing to work for less money if it fits their ideals.
3. Be Charitable
Millennials care about social issues and want to make a difference both within and outside the workplace. If your organization is working to address a big social issue such as cancer or poverty, the social impact is inextricably linked to the work.
Even if the job you conduct daily isn’t directly addressing a major issue, you can still be a charitable firm.
4. Show Your Appreciation
You might be shocked at how much a simple “Thank You” can improve your mood. Organizing corporate events, launching an employee award program, or having weekly or monthly feedback meetings where you provide and receive feedback are all examples of ways to demonstrate your care.
5. Create a Community and Foster Teamwork
Millennials desire to be a part of something bigger than themselves. According to several surveys, they appreciate team collaboration more than previous generations. Team-building games can help you embed collaboration into the company culture.
To work on larger projects or certain verticals, form teams. Companies have also promoted teamwork by adding collaboration technologies into their business processes.
6. Value Tech and Mobile Options
Millennials have grown up with smartphones, tablets, cloud-based software, and other forms of technology. With a mobile device, they may communicate from anywhere and do practically anything, from capture Pokemon to monitor their heart rate. Businesses must have the same level of technological know-how.
They not only expect but actively seek out organizations that are developing new processes and employing cutting-edge technology.
7. Breakdown of Organizational Barriers and Mentors
Millennials view strict organizational hierarchies to be suffocating and archaic. It’s one of the reasons why many young individuals gravitate toward more intimate startup cultures.
8. Focus on Personal Development
Employees should be offered training and courses. Provide them with challenging and intriguing projects to work on. It will be a positive learning experience as long as it is not too far outside their ability set and you provide them with the necessary help to complete them.
9. Embrace Employee Growth
Workplaces that are supportive, flexible, and inventive appeal to millennials. Pay special attention to efforts that will engage employees and boost their job happiness.
Finally, millennial employees bring a fresh perspective to the workplace, emphasizing personal development and skill development. They place high importance on fulfilment and the desire to make a difference in the world, resulting in a better society and future.
As you can see, the stereotypes you’ve heard about millennials aren’t all true. They are simply young adults attempting to conduct their lives following their ideals and principles. As a result, any company that wants their cooperation and devotion will have to adopt a new approach to labor and employment.