Millennials have the reputation of hopping from one job to another. If they get a good opportunity, they don’t mind making the switch. So, what can you do to retain millennials at your workspace?
1. Focus on Culture Compatibility
Look for a candidate whose values and personality aligns with the company’s values. If the employee doesn’t fit with the company culture, none of the retention strategies would work. Such employees won’t be productive and they will be unsatisfied as well.
Give a summary of company culture in the job description and be clear about what you expect from potential employees. Focus more on the soft skills of the candidates rather than hard skills, as the latter can be learned at the job.
When the company culture matches with the employees, it will give them a sense of belonging. They would be more motivated to go the extra mile at work.
2. Be Charitable
Millennials believe in supporting and contributing to a lot of social causes. They want to make an impact in and outside the workplace.
Show your support for charitable causes as it will make your employees feel they are making a difference.
It can be something as simple as setting up a donation box in the office, encouraging volunteering or something big like organizing a food drive.
3. Encourage Collaboration, Not Competition
Millennials enjoy being part of a team and value team collaboration more than their older counterparts.
They would prefer working in a collaborative work culture rather than a competitive one. Incorporate collaborative tools into your business processes. Make collaboration an integral element and assemble teams to work on larger projects together.
Technology allows teams to work together even if they are not located in the same place. Use apps and tools so that the teams can collaborate with each other, regardless of where they are working.
4. Offer Work-Life Balance
Millennials are increasingly opting for jobs that allow them to have a good work-life balance. According to a survey, it is the number one factor that millennials consider while taking a job. Another retention strategy you can consider is enabling remote working; it will result in a happier and more productive workforce. Moreover, such employees are less likely to quit.
Remote working doesn’t mean that they will miss out on important meetings. Thanks to technology, you can hold meetings through a video conference that every team member can attend from any location. The managers can also track the hours their remote team members log using different tech tools.
5. Focus on Personal Development
Personal learning and development rank higher than financial rewards for millennials. Therefore, focus on providing learning opportunities and be dedicated to their personal growth.
Millennials don’t want to do a job to just earn a paycheck. They wish to acquire new skills and expand their knowledge. Conduct regular workshops and provide courses to your employees. Give them challenging projects that can help in honing their skills.
Make sure you give the support they need and offer a positive learning experience.
6. Change the Way You Pay
If you have a higher fraction of millennials in the workplace, it would be a good idea to move to a transparent and performance-based pay. They expect to be fairly compensated.
By giving performance-based incentives, you show them that you are willing to reward their efforts. This will push them to work harder and produce the required goals. You need to move away from seniority-based and individualized compensation system.
Give them opportunities at work that will allow them to add value to the company and receive greater compensation.
7. Track Career Progression
If your millennial workforce feels there is a lack of career opportunities in the company, they will move on to other ventures.
It is important that you communicate with your employees about their professional development. Offer them tools to grow in their career. Provide training and necessary mentorship so that they become capable of reaching the next rung on the professional ladder.
8. Perform Exit Interviews
Performing exit interviews of millennials will give you an idea of why they chose to depart. You can adjust your retention strategies based on their answers. By having a strong offboarding program, you can learn from employee departures and gain from that knowledge.
When someone chooses to leave your company, make sure you end the association on good terms. This will increase the likelihood of having a boomerang millennial – someone who leaves the company and comes back.
Invest in millennial employee retention as retaining them won’t be as expensive as recruiting their replacements. Focus on their potential and help them thrive in your company. And soon you will see how they contribute positively to your business.