Millennials refer to those born after 1980. Most business leaders (comprised majorly of generation Xers) tend to look down on the new and upcoming workforce. They are seen as lacking work ethics, dedication and with a sense of entitlement to everything. But perhaps millennials do value these virtues—just not with the same intensity as the previous generation.
Employees represent the greatest asset of any company and the key to retaining millennials involves understanding what motivates them and drives them to be better.
In this blog, we offer a guide on the best methods businesses can adopt to increase millennial retention.
Offer Development Opportunities
According to a study, one of the top fears for millennials is not having access to development opportunities. It’s up to the organization to provide skill-building and training programs to ensure millennials are willing to engage and become a contributing factor toward business growth.
Their willingness to participate reflects a need to improve their value and position within the company. It also helps to offer off-site conferences and workshops.
Encourage Goal Setting
Millennials are goal oriented and are more likely to switch jobs if they feel that their goals are not aligned with their employers’.
A management system based on performance will allow them to set their own targets and benchmarks. Managers can set team goals and talk to the employee to discuss how to work together and contribute to the organization.
Allow for a Work-Life Balance
Often millennials are seen as the generation that doesn’t want to put in the time. On the contrary, they’re willing to work hard but are not interested in as much “face time”.
Unlike the previous generation that views time as something to invest in, millennials view it as a currency that cannot be wasted. They prefer to maintain a work-life balance. In an era of nationwide layoffs, economic crisis, war, and astronomically-high divorce rates, millennials are less likely to spend developing five to ten-year plans and prefer to live in the moment. As a manager, ensuring work revolves around a specific timeframe won’t only help you gain their trust but increase employee productivity in the long-run.
Integrate Corporate Social Responsibility
The younger generation seems to appreciate those organizations that engage in CSR. Integrating events such as charities, community service projects, and donating to causes will aid in attracting talent. This is especially important considering how nearly 54 million adults between the ages of 18 and 34 represent one-third of the American workforce and these numbers are only going upwards in the coming years.
Understanding the millennial psyche will help you attract and retain talent and build a strong foundation for the company. Additionally, offering the right employee benefit packages is equally important to increase the value of your business.