When you think about older generations and their work habits, you probably think of them staying with a company for decades before retiring at a ripe old age. That’s not the case for workers anymore. The millennial generation no longer plans to stay with just one company for the long term; instead, they look for work experience they can gain at one company before seeking other opportunities elsewhere. As much as this makes sense, high employee turnover is expensive for businesses. As your workforce’s age skews younger, you’ll need to look for new ways to attract and retain them.
That’s why, as an HR professional, you should start researching this issue now. Although there are many ways to retain young workers, the following tips can be particularly handy.
Millennials know how to leverage the Internet when researching their industries; as a result, they know how to find out what they should expect to be compensated for their desired position. If they believe they can get a better rate elsewhere, they probably won’t stick around for long.
Thus, it’s important to ensure your business offers fair compensation that matches or exceeds industry averages. You should also ensure that compensation is tied to performance. Millennials don’t want to work at companies that value tenure over achievements. They want a simple equation: the better you perform, the better you’ll be compensated.
Offer Growth Opportunities
Millennials aren’t lured from their current jobs just for higher pay and more attractive perks. They also want the chance to grow professionally. The idea of working in the same role with the same responsibilities for years isn’t appealing to them. Fortunately. you can easily boost retention and engagement by offering professional development resources and making sure young employees know they will have opportunities to take on new responsibilities the longer they stay with the company.
Millennials also want to learn. They belong to a generation that has grown up with access to constant stimulation, and as such, HR should instruct managers to identify projects they can give employees that offer them the freedom to learn new skills and explore new tasks.
Let Them Grow Quickly
Growth opportunities aren’t valuable to millennials if they have to wait long to take advantage of them. You’re not going to impress young employee with the promise of a substantial raise or new title after five years; millennials are accustomed to a faster pace of life, and they also look for this at work. Often, they leave their current employer because they have the chance to take on other roles that provide more responsibility and pay. You’ll be more successful at retaining your millennial employees if you let them progress quickly.
Due to rapid advancements in digital technology, more and more American employees are working remotely to at least some degree throughout the year. Millennials know this, and they want to work for companies that offer this type of flexibility.
It may not be reasonable to allow employees to work from home all of the time. However, giving this option at certain points during the month or year can help you retain younger workers. As long as they complete their tasks, letting them work from home (or from any other remote location they choose) can be extremely valuable for your company in the long run, as employee satisfaction is an important part of any business.
Millennial employees feel more engaged with their jobs when they have opportunities to express their concerns, provide feedback, and generally share their own thoughts about the organization. This might be a result of social media giving young people the freedom to share their thoughts and feelings with the world on a regular basis. Denying them this freedom in the workplace will have a negative impact on overall engagement levels.
Luckily, you can encourage younger employees to speak up via meetings, anonymous suggestions, open-door policies, etc. This approach doesn’t simply have a positive impact on retention. Quite simply, young employees have valid and valuable insights. If you encourage them to share those insights, you may identify ways to improve your business.
Emphasize Social Responsibility
Young people place a tremendous value on social responsibility, both as consumers and employees. They want to associate with businesses that stand for something beyond mere profit. To attract millennials, you’ll need to identify ways you can make social responsibility part of your overall corporate identity. Additionally, it’s important to communicate this value consistently. Practicing social responsibility won’t impress millennials if they’re not aware of it.