Millennials are currently the largest generation in the workforce; this means that they essentially hold the future of any business in their hands. So, if you’re a business owner you may be interested in hiring the best talent, but also retaining it.
When it comes to millennials things are not as simple as offering competitive salaries. Millennials are a generation who like to job hop. It’s not necessarily that they lack commitment and loyalty, it’s simply to do with the fact that they demand to be valued. So, if a company is willing to offer them more or better things, they won’t think twice before jumping ship.
The key to retaining millennials is showing them that they are valued and of course, keeping their work interesting. There are many ways to go about doing that but these are some of the best strategies:
1. Keep Communication Channels Open
If you are en employer who’s only likely to talk to their employees during the interview, then you need to reconsider your methods. It’s always a good idea to talk to your employees often- make a point of discussing work matters with them every so often to find out if they are happy and what they like or dislike about their job. If you find that they are getting bored ask them what can be done to make them feel challenged again. Sometimes being direct with your employees and showing them that you want them to stay will make employees feel appreciated.
2. Offer Money Incentives
It’s always important to remember that employees are not working just for the sake of working. They expect to be compensated for their work, and often if they think that they are not being rewarded sufficiently this will reflect in their work. So, never neglect to give raises, it shows employees that you are recognizing the effort they are putting in. A good idea is to also offer your employees bonuses, match their bonuses to their performance and reward your best employees highly.
3. Foster Employee Development
Millennials want to move forward in their careers, and if you offer them this opportunity for development within the company, then they won’t feel the need to leave. Millennials are also a generation who believes in continuing education, so in order to make them feel challenged, offer them the opportunity to develop new skills within the company.
4. Set Targets for Them
Millennials are a generation that gets easily bored, so when it comes to their day to day work you need to offer them challenges. Make sure that you set targets for them and never allow for their work to get static. There should always be something new they need to achieve. This will make them feel motivated and more productive.
5. Provide Small Perks
While most millennials won’t expect you to offer them slides in the office like Google does, they are bound to expect some perks. So, you will need to make some investments that will show millennials that you appreciate their dedication; the key is to make the work environment a place where millennials feel excited to come to. Consider what would make their lives easier and their work more productive, you may find for example that working half-day on Fridays is beneficial as it makes millennials more productive while it also gives them a chance to get on with their lives.
It’s important to remember that millennials don’t need to be tamed; what they need is for you to value them.
Are you a millennial? What would make you want to stay in a workplace? Let us know in the comments section below.