Employee retention among Millennial hires is a challenge for most employers. Millennials tend to change their jobs more than any other generation, costing the economy an estimated $30.5 billion annually, according to a Gallup poll. Millennials have a reputation for keeping their options open when it comes to their employment. In order to keep Millennial employees, it is important to consider the values of your employees in every generation.
Purpose Drives Millennial Retention
Millennials have grown up in a technological environment with a nearly constant stream of communication. This constant stream of information has forced an idealistic dream with an endless search for happiness. Millennial hires value organizations that offer clear plans for advancement and utilize positive reinforcement. Without these offers, younger employees will not feel a connection to an organization and look elsewhere. Meaning, altruism, and guidance are key elements to where young employees will put their effort.
Competition for Employee Retention Is at an All-Time High
Flexibility in responsibilities is a gesture that millennials value to a high extent. Millennials will often look for temporary positions or side hustles to provide flexibility and space to grow. A large sum of millennials is comfortable in the freelancing space so they can avoid being tied down to any one entity. An area in which young employees excel is having the motivation and drive toward job satisfaction. Independence and work-life balance are key components of millennials’ core values. In order to be attractive to young, top talent, cultivate an environment based on creativity and innovation to foster a sense of trust and contribution from the younger crowd. Providing flexible work schedules will also give them the opportunity to continue their education, freelance on the side, or drive their sense of independence without losing productivity.
Motivation Is the Crux of Millennial Commitment
In order to control the spend of employee replacement, plan ahead for the lifespan of an employee’s time at any organization. Annual or biannual reviews can uncover the secrets to an eventual exit or the connection an employee has to your organization. Without raises or position advancements, you can find certainty that a young employee will move onto another organization who can offer those benefits. Starting an employee at a rate that can give breathing room for raises will keep an employee motivated to contribute their best work. Budgeting training and incentives will also create a space for a commitment by young employees who want to feel their time is of high value.
Without building a foundation of talented and dedicated employees, no business can expect to thrive. It is important to evaluate what is important to the incoming employees and compensate for their desires from the start of their employment. Inspiring employees to thrive in an environment where their work will be valued and opportunities for raises and advancement can be some of the greatest building blocks for this foundation. Challenge them but be supportive to ensure they stay engaged. Developing a strong strategy for millennial employees can break the stereotypes that they will move on quickly and will maximize the commitment each employee will have to your organization.