Five Solid Strategies to Retain Your Millennial EmployeesAugust 31st, 2014
I’ve written tons of blogs and articles on this topic, but it continues to be a challenge for many companies which is why they bring me in to conduct in-depth seminars about it. Based on that, I felt it wouldn’t hurt to write another post on “how to retain Millennials” (aka Gen Y) since it’s still a very hot topic in the workforce.
So, why DO companies – large and small – spend so much time worrying about how to retain Millennial employees? It’s basically a matter of math.
According to the Employment Policy Foundation (EPF), our country is at the beginning of a labor shortage of approximately 35 million skilled and educated workers, which is estimated to continue over the next two decades. Plus, Baby Boomers are currently reaching retirement age at an estimated rate of 1 every 8 seconds.
Thus, startling stats like those have Leadership Teams scrambling to figure out how to effectively retain their “top” younger talent because the current, and future, success of their companies depends on it.
To give your company an edge, consider the following strategies that other smart organizations are implementing…
5 Solid Strategies to Retain Your Millennial Employees:
1. Communicate A lot: In a survey conducted by Yahoo! HotJobs and Robert Half International, over 60 percent of Millennials responded that they want to communicate with their managers at least once a day. Unfortunately, many members of “older” generations feel that communicating that often with employees is cumbersome but the Millennials require it or they will leave.
2. Provide Training & Development: According to a recent national survey, Millennials rated training and development as an employee benefit 3 times higher than they rated cash bonuses. And they not only want skill-based training; they want training on soft skills, too.
3. Rapid Advancement Alternatives: You don’t always have to give Millennials a raise or promotion to keep them happy; being creative with increased responsibility can work great! Millennials have fast minds and get bored quickly, but it’s your job as their employer to help eliminate the “boredom” factor. Find creative ways to give them more responsibility, such as letting them do one or more of the following:
4. Mentor Programs: This is key! Millennials have grown up with a lot of guidance from their parents, society and teachers. They truly value and seek handholding at work. So, please heed this advice! I’ve spoken with many Millennials who have quit jobs quickly because they were promised mentorship, but never received it.
5. Foster a Leadership Mindset: The sooner you can educate your Millennial team members on the attributes of being a respected leader, the sooner they’ll start acting like one. And by emphasizing that everything they say and do either strengthens or weakens their Personal Brand(s) can quickly provide them with a new perspective that can improve the behavior that may be frustrating you.
Finally, it’s important to remember that Millennials’ wants and needs aren’t much different from those of older generations; they just have a lower tolerance threshold than generations before them. A Boomer may put up with a job for five years even if he or she is bored or doesn’t feel valued, but a Millennial may only tolerate it for five months.
That said, what can your company being doing differently to ensure that you don’t lose your top Millennial talent to the competition? Savvy organizations are being pro-active with developing retention strategies versus being reactive. Is yours?
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