4 Tips to Retain Millennial Employees
According to Gallup Research Center’s report on ‘How Millennials Work and Live’, 71% of millennial employees are either not engaged or actively disengaged at work. It has been well-established that a high turnover rate is invariably a huge expense incurred by the company. Incidentally, the damage that is caused by millennial employees quitting their job is even higher. However, it has also been seen that employees who are engaged at work are much less likely to leave your company for another one.
Related: How to Retain Employees
As per Gallup’s report, six in every ten millennials today are open to new job opportunities. Only 50% of the millennials on the survey intend to stay with their current employers one year from now. It is therefore all the more crucial to understand what motivates these employees so that they can successfully be retained.
Here’s what employers can do to retain millennial employees:
Think beyond 9 to 5:
For millennial employees, flexibility is key. Not only is it a good idea to allow for flexible working hours, letting employees choose their workspace (café, home, or wherever else) is much appreciated (as long as the work gets done, of course). Companies that offer this flexibility, which is soon becoming the norm, always score over companies that want to maintain strict working hours.
Figure out their long-term plans:
When hiring millennials, it is useful to ask them in the job interview a question like where they see themselves in their career one year from now. This will give you a fair sense of how the employee envisions his/her future and how you can offer relevant opportunities within your company to retain talent.
Offer meaningful work:
Millennials are all about making a difference with the work that they do. For this generation, work isn’t about reporting to the office and calling it a day. Millennials want to influence meaningful change in the world that they live in. It’s important for employers to enable meaningful opportunities for millennials and keep them clued into how they’re contributing to the larger picture.
Identify the key motivators:
Work-life balance doesn’t count for much when it comes to millennial employees. Unlike the previous generations, Gen Y doesn’t draw a line between “work” and “life”. High salaries and promotions don’t count towards much. The scope for growth and the ability to make a difference are far more valuable to millennial employees.
Related: How to Hire Employees
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