Millennials are famously termed the ‘job-hoppers’ of this era, and with the job market heating up, retaining them can often feel like it requires a dedicated team in every organisation. Since millennials will be dominating the work space for quite some time, organisations will need to recognize and embrace their talent to succeed.
Of course, finance and compensation are a key aspect to retaining talent. While money may not be everything, it is crucial, and also one of the biggest motivators while picking a job for this age group. As debts mount and saving capacities reduce, millennials employees constantly seek jobs that pay better. While money may not be a primary motivator, it can often become a deal breaker between two jobs at hand. Appraisals are one way to retain your employees from a financial aspect. However, there are a number of other factors that attract millennials and entice them to stay.
A top retainer in today’s work environment is the work flexibility. Flexibility, in terms of work schedule, location, and leaves, goes a long way in making a millennial feel comfortable. With tech having impacted the workplace in more ways than not, millenials are willing to work after office hours too, but expect reciprocation during work hours. Employers are realising that goal-bound, instead of strict time-bound deadlines seem to motivate workers better. The result? Millennials ultimately operate manner that is productive for them and the organisation. Flexibility also reaches out to senior and experienced employees, and employees that have kids, giving them an edge over other organisations when it comes to retaining talent.
2. Working in a trusting environment
Gone are those days of micromanagement when your supervisor would take hourly updates about your progress. Showing more trust in your employees helps them grow and become more accountable for their work. Organisations have begun investing considerable time in trust-building initiatives through sports and group treks where dependence and reliance is a key factor.
3. Healthcare and insurance and other non-monetary benefits
Some quality insurance options and healthcare coverage can take a huge burden off your employees. A seemingly small health issue can set folks back by a significant amount of savings, and access to health insurance can often seem like a boon. With basic amenities covered, employees do not see the need to jump jobs and will also help them focus on their job better. A number of non-monetary benefits can also do wonders and retaining young talent. Onsite gyms, or monthly movie and food coupons – employees love rewards with a personal touch, assisting them achieve financial wellness and overall satisfaction.
4. Quality mentoring
A number of organisations skip the training process for a job altogether. It is often expected that important skills will be (and should be) picked up in college itself. However, less than a fraction of the students are prepared for a job when they graduate. Isn’t that what most headlines on the lack of employability today are about? This makes continuous training an important part of the work-culture and helps employees drive their passion. It also includes erasing any kind of uncomfortable hierarchy. Employees approach their supervisors with more caution if they look at them as a boss or strict superior, which can make it a challenge to work with an open mind. Millennials are often seeking continuous feedback to improve their skills. Training them on universal tools, instead of internal ones, helps them align their training with their individual career goals. Focussing solely on company growth isn’t a positive long term strategy, ultimately making the organisation an undesirable place to work at.
As most HR professionals would be aware, in addition to increasing expenses, high turnover leads to a negative culture impact as well. When an employee leaves, a morale on the team is expected, with a worst case scenario often involving more exits. With millennials and their culture a reality all businesses – new and old – need to embrace, getting on thee talent retention train is a neccessity.