Retention Strategies for Millennials (& How to Keep Them Happy)
Millennials are not only the future of employment in the services industry, they have slowly become a major force within businesses everywhere. This generation of workers has forever changed the workplace environment and it is critical that companies understand how to meet their cultural expectations in order to retain them.
According to Forbes, Millennials will account for 75% of the workforce by 2025.
As the workforce changes, business leaders need to understand how to not only attract Millennials to their companies, but how to keep them around.
Create a Positive Work Environment
Millennials seek a great work atmosphere and culture that values collaboration, innovation, and empowerment. Like every generation, enjoying where they work and how they work with others is critical for Millennial employee retention. But the standards for what makes a positive work environment are rising.
Millennial employees want to be surrounded by individuals that encourage them to do their best work while helping them along the way. Collaboration is key to any successful business; therefore, it is important to create a space where Millennials feel comfortable to share their ideas and bring creativity to their work. These different perspectives can ultimately lead to a more innovative and profitable company.
Millennials Love Flexibility
Flexible hours are essential for Millennials. This generation has been provided flexibility throughout their entire lives by modern approaches to technology, communication, and education; therefore, they seek the same in their careers.
Ideally, productivity should be measured by the amount of work that is being completed rather than the amount of hours worked, allowing for a healthy work-life balance. In order to keep Millennials around, companies should give employees the option to customize their schedule and work remotely. Technology has made it easier to work from home and provides individuals with the necessary tools to complete their tasks while keeping them connected with their departments.
Implement A Training Program
According to the 2018 Deloitte Millennial Survey, eight out of 10 Millennials say that on-the-job training, continuous professional development, and formal training led by employers will be important to help them perform their best work.
Today, it’s common for businesses to want their new hires to start working and be placed on projects in as little time as possible, but focusing on training can help make the most of a team member’s skills and prevent burnout.
A training program provides them with the opportunity to expand and grow their knowledge, while also setting clear expectations beforehand. Whether it is peer-to-peer learning, mentoring, or formal training, this will allow for Millennials to feel capable and confident when it comes to their new job.
Give Constant Feedback
The more a company is invested in a Millennial employee’s work, the more likely he or she will be invested in the company. However, this investment into an individual worker’s performance looks different than what past generations may prefer. Instead of formal annual reviews, Millennials prefer instant feedback on what they’re doing well and what they are doing wrong, along with tips for improvement.
Whether it’s because of positive reinforcement at school or instant gratification from social media, continual feedback is what this generation has grown up with. As such, it is important to check-in regularly in order to align with their needs as employees. This will not only help Millennials stay on track with their goals, but also show that the company recognizes their accomplishments.
Millennials are more likely to maintain their loyalty if a company is transparent with them. Ideally, they want an environment that lets them better see and understand the company’s decision-making process and provides them with the opportunity to contribute to the company in more ways than one. This can help Millenials feel like they are an integral part of their company.
Open communication and frequent company-wide meetings can keep everyone in the loop and will be a large factor in keeping Millennials around. Transparency into the business will allow them to understand more about their workplace and have a better approach to their job.
Engaging the Millennial Workforce
In order for this rising generation to stick around, their needs must be met in the workplace. According to Gallup, only 29% of Millennials are engaged in their jobs. This is most likely because they aren’t being accommodated and are looking for a job that feels worthwhile. Keep Millennial employees coming back by following these five recommendations throughout your organization for better retention and a more engaged workforce.
Prepare for the Future of the Services Industry
The influx of Millennials in the workforce is just one of the many changes happening in the services industry. Find out more about the evolution and obstacles of the industry in Mavenlink’s exclusive 2019 State of the Services Economy report.