Key Resource Group shows how you can implement a strategy for reducing turnover among Millennial employees.
Studies have continually shown that Millennials stay at their jobs for a shorter period of time than employees from previous generations. Over the course of their lifetime, most Millennial workers will have 10-15 jobs, staying at each one for an average of 3 years.
So with the odds stacked against the employer in retaining top talent, how can companies reduce the turnover among their younger employees?
First off, you must understand Millennials and the upcoming generations in order to plan a retention strategy designed around their values. Generally speaking, younger employees don’t feel the same level of loyalty to their employers as previous generations have. They know that they won’t start and end their careers with the same organization, so odds are they’re always looking for the next opportunity and advancement. In order to keep these employees longer, you’ll have to take steps to make your organization a desired place to work.
- Provide learning opportunities. Millennials are more educated than any generation before, and the higher the degree, the more employees seek additional assignments that challenge them in some way. We want to be challenged at work, so we can come out smarter on the other side.
- Implement flexible scheduling. One of the top 5 reasons Millennials give for leaving a job is the company’s expectations during non-work hours. Millennials want to spend their time off work at their leisure, not at the beck and call of their employer. Companies that offer flexible scheduling and telecommuting become much more attractive to younger employees. As long as they complete the tasks they are assigned, Millennials want the freedom to come and go, and work as they please.
- Develop long-term career paths within your organization. If you want employees to stay with your company for the long haul, you must provide opportunities for growth. Millennials are hard-working and hungry to learn more. Without encouragement from their supervisors on career growth, millennials are less likely to consider their workplace as a place to stay and achieve their ambitions. Millennials aren’t entitled, rather they know their worth and aren’t afraid to leave their jobs to be appreciated and promoted elsewhere.
- Mentorship programs. Millennials are highly motivated by instant feedback, both positive and negative, and have been from a young age. More frequent and casual meetings with supervisors can be much more effective than a formal annual review. When employees receive performance updates on a regular basis, their confidence grows, which leads to increased productivity and engagement in the workplace.
- Create opportunities for collaborative and interdepartmental work. Growing up on sports teams, and being connected to their friends at all times through social media, it’s no wonder Millennials embrace team projects. Employers should look to create teams from multiple departments, utilizing individual employee strengths to their best ability. Team projects also fuel our desire for social interaction. Collaboration leads to increased communication, productivity, and engagement in the workplace.