How to Retain Millennial Employees
For employers faced with high staff turnover, it can be easy to point the finger at millennials. Millennials have gotten a bad reputation for being entitled job-hoppers who constantly need praise and recognition. It is my duty as a hard working millennial to defy the stereotype and recommend retention guidance to my clients.
In order to keep employees from jumping ship when attractive opportunities knock at the door, organizations should consider implementing the following 5 strategies:
Give Them Something to Talk About
Give your employees something to tell their friends and family about. A little goes a long way with this approach. Letting them leave early on a slow business day, surprising the team with lunch, or allowing flexibility to work from home during bad weather are all great examples of how to “WOW” your staff. Minor workplace perks like these will have them bragging to their friends and family!
Develop a Personal Relationship
We spend about 1/3 of our life at work, which means we better enjoy it! Get to know your employees’ F.O.R.D. (Family, Occupation, Recreation, Dreams). This will help you develop a deeper relationship with your staff. The relationship that employees have with their manager can make or break their experience with the organization. Take time to cultivate relationships by recognizing and rewarding your team.
Offer Professional Development Opportunities
According to a recent Gallup report, 87% of millennials rate “professional or career growth and development opportunities” as being important to them in their job. Providing additional training and access to conferences and leadership workshops allow millennials to feel invested in their growth while contributing to the organization’s success. Employees want new challenges and opportunities to keep them engaged in their work, while strengthening their skills and advancing in their careers.
“Train people well enough so they can leave, treat them well enough so they don’t want to.”
-Richard Branson
Promote Breaks
For millennials at work, checking social media is the new smoke break. Allow time throughout the day that is dedicated to rejuvenating the mind. Taking breaks replenishes your mental resources and helps you become more creative and productive.
Prioritize Health
Successful companies value healthy employees. Many millennial employees are drowning in student loan debt and don’t want to have to worry about the stresses of additional healthcare finances. Advance Financial values employee health so much that they offer the following health incentives:
- Nurse Practitioner onsite every Monday
- 24 hour access to mobile MDLive (telemedicine) and nurse hotline
- Onsite gym with his and her locker rooms
- Weight Watchers at Work: 12 week program with onsite meetings
- Wellness program: annual bio-metric screening and monthly educational wellness seminars
- Sports teams sponsorships including kickball, basketball, softball
- Sponsorship of any employee to run a 5k once a month
Companies will be relying on millennial talent for years to come. If you see your millennials emerging into leaders at your organization, you must adapt to the change in culture and provide unique incentives to keep them. Only the organizations that appreciate how talent wants to be treated will avoid the turnover trap!
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