The average millennial stays at their job less than three years, meaning millennial retention is more important than ever.
What will happen to your business if you’re not able to hold on to the top talent of a generation that will soon make up the largest percentage of your workforce? Well, for one, you’ll probably have a tough time filling vacant leadership roles.
This is exactly what will happen if you stick with old retention strategies that drive young talent away from your business. Today, we’re not going to compare generational differences, instead, we’re looking at how we can retain the best millennial employees for the long haul.
Here’s 3 ways you can improve your millennial retention strategy.
Work with Purpose
Millennials have already dealt with student debt, a recession, and job crisis. But surprisingly, they aren’t motivated by money. Rather, most millennials seek work that makes a difference.
Some millennials say meaningful work is even more important than high pay. Although competitive compensation is important, millennials tend to look for a greater purpose in their work.
Sometimes you can’t offer a position with as much purpose as one might like, and you can’t fake it. But, you can use your resources to do something that will make a difference to society. Part of working with purpose means millennials want to work in companies that align with their values.
Volunteer opportunities, charitable donations, whatever you can do to bring some meaning into daily work, the better off you’ll be. Gaining top talent tomorrow starts with making an impact today, and don’t forget to let your employees be a part of the action.
“Millennials want to be part of the action. They don’t want to observe, they want to participate.”
Collaboration and Mentorship
Millennials want the opportunity to learn
from someone with the expertise they seek. The thing is, they want it today, not tomorrow, and certainly not a few years down the road. Yes, they may be impatient at times, but their hard work pays off for it. When you show interest in their skill development, they will put in the work to develop those skills fast.
Offer plenty of opportunities for teamwork, collaboration, mentorships, and co-leadership opportunities. Give young talent the chance to bring innovative ideas to the table. Let them take the lead on a project that excites them and pair them up with a more experienced executive for these projects.
And this idea goes both ways. You can find opportunities for them to learn and also opportunities for them to teach. Ask them to teach more experienced employees about the latest technology or social media and marketing.
Don’t Be Afraid to Be Human and Have Fun at Work!
Let there be periods of fun and silliness in the day. It may seem counterproductive but people (especially millennials) enjoy their work more and are more productive when they can have a little fun here and there.
People can do better work than robots. If you allow your employees to be “human” while at work, you’ll get better work out of them. This is important for all generations, but the stench of a cold and impersonal culture is extra repulsive to millennials. They’ll smell a fake a mile away. Be human with them. Give yourself a break every once in a while and don’t take yourself too seriously.
Millennials view the world differently than preceding generations. This has caused some misunderstandings in the workplace, however, employers realize the need to retain the best of this generation and are looking for ways to harness their strengths. The best way to do that is to play by their values and find a way to integrate that into your retention strategy.
By listening to your employees’ values you can prove that they are valued in your business. Ultimately leading to increased engagement, productivity, and retention among all generations.
Meaningful work, collaboration, and a little fun here and there are among the top priorities millennials hold near and dear. Remember not every millennial is the same as the next. When dealing with an individual, forget about generational differences and focus on the person in front of you. What do they need to feel good about their work?
Do you have a millennial retention strategy? What strategies are working at your company? Let us know in the comments and download our free ebook, 25 Employee Retention Ideas.