Retention Strategies for Millennials
Employee retention among the millennial generation is a growing concern as they are known for job hopping from one company to another that might offer better benefits and a higher paycheck. So how do you keep millennials around? We have come up with a few retention strategies to help.
Hire for your culture
If your company promotes outgoing personalities and you plan on hiring an introverted individual, no retention strategy is going to keep them around. It’s important to focus on retention strategies from the very beginning. Be sure to outline your company culture in the job description, and be clear about what you expect from a potential employee. When your company culture is the right match for an employee, they are more likely to feel a sense of belonging and desire to stick around.
Focus on their well-being
Although giving an employee a pay raise may make them happy. The effect will likely not last. Pay raises are a temporary fix for a larger issue. Millennials crave a work-life balance and are more likely to take a pay cut to achieve this. Think of ways you can implement flexibility into your company. If flexibility isn’t a feasible option for your company, give your employees things to look forward to. For example, casual Fridays or office parties.
Show your appreciation
Millennials need to feel as though they are important and have a purpose within the company. Simply saying “Thank You” can significantly boost the morale within your company. Show appreciation for contributions through feedback, employee recognition programs, and rewards.
Millennials want to feel like they belong and are a key part in the bigger picture. Encourage teamwork and collaborations among your employees. Allow them to socialize and build ideas off of each other. When your employees work together and establish friendships, they’re much more likely to be productive.
Value tech and mobile options
Millennials grew up with internet and technology at their fingertips. The majority of millennials manage finances, pay bills, and shop strictly through the use of Internet. Because millennials are so tech-savvy, companies that are in touch with these needs will have an advantage over companies that don’t utilize current technology trends.
Develop strong employee-boss relationships
Millennials want more from their employers than being told what to do. They thrive on relationships and building connections. Establishing a healthy employee-boss relationship will cause your employees to have a higher respect for their employers and feeling more accountable for their work. Take the time to walk around your workplace engaging in small talk and addressing any concerns that may come up. Keeping an open line of communication is important when establishing trust and transparency in the workplace.
In order to prevent your millennial employees from feeling the urge to move on to their next endeavor, try implementing some or all of these strategies into your workplace. It’s important to understand how people of different generations have different priorities when it comes to work. Learning what they value and trying to apply it within your own company will boost your chances of happier employees who want to stick around for the long hall.