Attracting the millennial workforce has become a major concern for local, national and even multinational enterprises. Millennials have become a dominating part of the workforce, but the average job tenure is only a couple of years. Many a business looking for millennial talent wants to invest in young, growing staff. However, there needs to be a solid program in place, since the turnover is larger than ever before. Here are five ways of retaining millennial top talent while meeting the company’s bottom line.
Don’t let them burn out
For everyone comes a time when there the working pace has to slow down as a result of fatigue or overloading. However, when the stress becomes overwhelming for your staff, you will have to reevaluate ways to combat this challenge in your corporation.
Implementing solutions like an open-door policy for executives will let your team members know that they can express concerns for their supervisors without repercussions. Moreover, encourage things like mental health breaks. Often, a walk around the block can do a world of good for releasing some mental pressure, and taking in outside air can relax the nerves.
Deloitte study into retaining Millennials concluded that mentoring relationships are a key factor for it. Mentoring opportunities provide clear direction for professional development, which directly helps with career growth – another crucial factor in retaining millennial talent. There are three ways you can go about this:
- Reverse mentoring – where the senior employee helps the Millennial with leaderships while the Millennial helps the senior individual with technology.
- Buddy mentoring – involving two individuals on the same level in the organizational hierarchy that help one another.
- Standard mentoring – a classic model, where a senior individual mentors someone less senior in career growth.
Workplace inclusion and diversity
Millennials not only like workplace inclusion and diversity, but they want to work in enterprises that incorporate this into their company culture. 47% percent of Millennials actively look for inclusion and diversity when sizing up potential employers. For them, diversity at work is more than religion, age, gender, race, and physical ability. It’s about how different points of view are valued and accepted.
Thankfully, there are plenty of jobs for people with disabilities, and if you can find one for them in your company, you will not only attract diversified talents but also retain millennial ones. However, diversity at work means nothing is there isn’t a culture of trust, open communication and acceptance of differences that support diversity. This is particularly true for Millennials, who are much more likely to be engaged in their organizations when they have an inclusive culture.
Trust in each other
Best organizations for millennials have roles in which they can take pride in their work and demonstrate that informal reviews. Give your workers the freedom to come up with a couple of elements of their own and explain how they will be accountable to themselves. For a marketing team member, this may be things like less deadline misses or implementing a new kind of digital marketing campaign. During the review, question them what their metric was, what they did to achieve it, and what the end result was.
Offer flexible work opportunities
While it does look counterintuitive, Society of Human Resource proved countless times over that flexible or remote work opportunities actually increase retention. For instance, someone wants to nurture a sick family member during the week, while someone else wants to move across the country but still work remotely because of loyalty for your enterprise. You can offer these opportunities in two ways:
- Allow employees to work from home once a week – this will be an excellent incentive for employee performance.
- Offer PTO – Paid Time Off. This will act as another deterrent against employee burnout.
Companies will be relying on millennial talent for the next couple of decades. If you want to retain them, you need to offer them unique reasons to. Only a business that comprehends how talent wants to be treated can avoid the turnover trap.