It should come as no surprise that the millennial generation – anyone born between 1980 and 2000 – is taking over the workforce. This being said, many companies are noticing the rapid turnover rate among this generation. You might ask: how can we prevent our younger employees from fleeing to the next and seemingly “better” opportunity? Fortunately, there are ways to keep your own millennials engaged and loyal.
- Prevent Boredom. Millennials have fast minds and are likely to lose interest in mundane tasks. Ensure that your millennials are consistently being challenged, and find creative ways to include them in company-wide responsibilities. For example, putting the fresh college graduate in charge of a volunteer project will create a sense of worth to the team and allow the individual to embrace the common millennial ideal that working for the greater good is what really counts. You might also find it beneficial to place your younger employees in charge of social media accounts, brand newsletters or other specialized avenues of your business.
- Show Appreciation. Studies have supported the idea that millennials need to hear praise even more frequently than those of previous generations. A great way to retain your younger staff is to express gratitude, as this will ensure that they are feeling valued. Not all employees need to frequently hear compliments; regardless, it’s important to acknowledge your team when you can and demonstrate that you are there for them. Use your creativity to come up with company-wide events or after-work activities to show your appreciation for their contributions.
- Stay Competitive in Your Field. It is no secret that paying a competitive salary will help retain employees from all age groups. Employees will seek out alternative positions if they feel they are underpaid. However, many millennials are also seeking freedom and flexibility in scheduling, device use and managerial interference. Straying from the typical 9-to-5, permitting cell phone use in the office and allowing your fresh minds to independently complete tasks through their own methods could increase employee satisfaction and retention.
Ultimately, by altering your workplace environment to accommodate the needs of your millennials, you will have a greater chance of retaining valued employees. This may be a difficult adjustment for some companies, but many would benefit from making a few small changes in order to stay up-to-date with the fastest growing generation in the workforce.