RETAINING MILLENNIALS

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Retention is a difficult aspect of working with Millennials. According to a study by the Education Advisory Board, Millennials will change jobs up to 20 times in their career – a rate twice as high as Baby Boomers.  Millennials are also most open to starting their own business. The internet and social media have made it easier for Millennials to explore being entrepreneurs.

With Millennials turnover rate so high, it is important to understand what motivates them.

Here are some strategies to focus on retaining Millennials:

  • Millennials are status conscious and want to say they work for a well-respected organization. Develop a prestigious reputation for your business.
  • High performers like being in the spotlight and like the proof that they are doing a good job so give feedback often about how important their work is to the organization.
  • Millennials want to know they are wanted. Show an interest in their career path. Take the time to meet with them on a regular basis about how to meet their needs and wants.
  • Take the time to learn what motivates each team member individually and show concern for them as people, not employees.
  • Give Millennials opportunities to be entrepreneurs within your organization by allowing them to be creative and innovative.
  • Encourage them to join Young Professional groups through local Chambers of Commerce or other industry-related association.
  • Flexibility is the one thing Millennials want above all else! 45% of Millennials will choose workplace flexibility over pay. Traditional 9-to-5 model is restrictive with advances in technology. Being creative with scheduling will give your Millennial employees the strongest of reasons to stay with your company.
  • Millennials tend to be close to their families. Companies that include family members in their corporate culture carries a lot of weight with Millennials-they like being able to show off where they work.
  • Increase regular communication on performance. Millennials want constant feedback on their performance – written or oral.
  • Conduct open and honest exit interviews to identify the specific reason for the Millennial’s departure. Adjust your retention efforts based on what you learn.

Fair Labor Standard Act Proposed Changes-will it affect your company?

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Update 7/30/17: Stay tuned – still no final ruling on this issue. The U.S. Department of Labor published a Request for Information for the overtime rule on Wednesday, July 26, 2017. The RFI is an opportunity for the public to provide information that will aid the department in formulating a proposal to revise these regulations which define and delimit exemptions from the Fair Labor Standards Act’s minimum wage and overtime requirements for certain employees. The RFI period lasts 60 days so a ruling may not come in 2017.

2/1/16: For my clients, deciding if a salary employee should be exempt or nonexempt from overtime is one of the most challenging questions for their Human Resources departments because the rules currently can be subjective. The proposed regulations will hopefully provide more guidance on this determination.

On June 30, 2015, the United States Department of Labor (DOL) released proposed regulations that would modify certain provisions of the Fair Labor Standards Act (FLSA). Specifically, the proposed regulations increase the minimum salary required to be earned by an employee in order for that employee to be exempt from the FLSA overtime requirements.The U.S. Labor Department is looking to a Spring 2016 date for publishing the “Final Rule” revising the regulations defining the federal Fair Labor Standards Act’s Section 13(a)(1) exemptions. If the “Final Rule” were to be published on April 1, 2016, and if its effective date was set for 60 days later, then employers would have until May 31, 2016 to comply with the new regulations. In any case, the effective date will be sometime in 2016. This will impact employers of manager level “white collar” employees such as administrative assistants, convenience store or other retail supervisors and fast food assistant supervisors among others.

The biggest impact of this proposal is to higher the threshold for exemption from overtime compensation from $23,660 earners to $47,840 earners.  The Department is also proposing to automatically update the standard salary and HCE total annual compensation requirements to ensure that they remain meaningful tests for distinguishing between bona fide executive, administrative, and professional workers who are not entitled to overtime and overtime-protected white collar workers. Experience has shown that the salary level test is an effective measure of exempt status only if it is up to date.  Stay tuned for the “Final Ruling.”

 

Common Habits of Bad Bosses

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  1. Doing background checks after employees are hired
  2. Not putting agreements in writing
  3. Paying New Hires higher Salaries than current employees doing the same job
  4. Giving an employee a chance to resign, knowing that he/she should be fired