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.