Millennials have descended upon the workforce and they aren’t coming quietly. Millennial workers are entering new jobs after graduations with a set of expectations that companies need to live up to.
If they aren’t satisfied, they’ll move on. So how can your business boost employee retention rates among millennial workers? Follow our tips to grow your workforce with loyal millennial employees.
Who Are Millennial Workers?
Millennials range in age from late-teens to early-thirties. They are a unique group of employees who value creativity, are tech-savvy, and want to retain a healthy work-life balance. While they are ready to put the work in—preferably in groups—they are not ready to sacrifice too much of their time away from work.
So with this new mentality, comes a demand for a new set of ways to retain millennial employees. If your company wants to stay current and benefit from the unique talents of the millennial generation, you have to adjust your workplace culture.
What Do They Value?
When it comes to selecting a prime workplace, millennials demand to be engaged in different ways than workers from the baby boomer generation. They are looking to feel as though they matter to their employers and that their work is valued by management. Millennials are not necessarily looking for their value to translate into higher pay; in fact, 45% of millennial workers will choose to have a sense of flexibility in their workplace rather than a higher rate of pay.
What does this tell you as an employer? That investing in your millennial workforce requires a more nuanced approach rather than simply giving them a raise. So what can you do to increase your employee retention rates?
What Your Company Can Do
There are a number of strategies that will help your company boost millennial employee retention. Making changes in your employee engagement programs will let you make the most of a driven, tech-oriented, and creative workforce. Here’s what you can do:
- Provide chances for your millennials staff to connect. Networking and brainstorming are the natural products of a generation who was raised on group work in school. When your employees have opportunities to work together to solve problems or create new ideas, they are engaged in equipping your company for the future.
- Outline opportunities for advancement. Millennials are ready to be on the move. If your company doesn’t communicate or demonstrate the possible avenues for advancement for your young professionals, they will move to a company that does. By outlining scenarios and providing examples for how your young employees can grow their careers at your company you are presenting them with a path to follow.
- Experiences are crucial. While the boomer generation has been focused on acquiring “things,” millennials crave experiences. Give your employees the chance to participate in something unique, like a special event that marries fun and work (think Shopify’s “hack days”) your employees will feel a deeper sense of loyalty to your organization.
- Offer flexibility to your employees. Millennials are known for working on-the-go and at all hours. If it isn’t crucial that your work be completed within typical business hours, give your employees the option of completing work on a schedule of their own choice—or one that is as flexible as possible. Millennials will appreciate the options and will be more productive as a result.
Creating changes in the way that you structure your employee engagement program allows your business to benefit from the millennial generation. Implement these changes and discover how your company can boost your employee retention rates.