Millennials have been the largest generation in the U.S. workforce since 2015, so you need to learn how to retain them. More so than past generations, if they’re not happy, they won’t think twice about heading elsewhere.
A 2016 survey conducted by Deloitte revealed that one in four millennials would quit their job to join a new company or do something else in the next year, if given the opportunity. The survey also found just 16 percent of these young workers plan to be with their current employer in a decade.
The secret to retaining millennials isn’t all that difficult. Simply provide them with a company culture that highlights the values most important to them.
5 Ways to Retain Millennial Talent
Provide Regular Learning Opportunities
Millennials place a high value on learning, so give them chances to learn and grow. There are many ways to do this on every budget, including sending them to conferences and seminars, offering tuition reimbursement, implementing a peer mentoring program, and holding regular lunch-and-learn sessions.
Assign Meaningful Work
Unlike their more seasoned peers, millennials aren’t content doing busywork. They want to work on assignments that make a difference, and if you won’t give them this type of work, they’ll find an employer that will. Often referred to as the purpose-driven generation, doing something good with their careers is a major motivator for them.
Offer Great Perks
Every generation values perks, but millennials have different needs than baby boomers and Gen-Xers. This tech-savvy group wants the option to work remotely and the ability to create their own schedule, because being tied to a desk for a set period of time every day isn’t really their thing. They also value incentives like onsite childcare, paid time to volunteer and pet insurance.
Give Frequent Feedback
The annual review is more than enough for baby boomers and Gen-Xers, but millennials have the opposite attitude. This generation craves regular feedback. Give them informal notes on assignments as often as possible and schedule quarterly reviews for a more official one-on-one sit down. They want to hear the good and the bad, just be gentle with the latter.
Let Them Have a Voice
Millennials were raised by parents who listened to their thoughts and opinions, and they expect the same from employers. Ask them for input, and pay attention to what they have to say. They’re reasonable people; you don’t have to implement all their ideas — they just like to be heard and taken seriously.
Need assistance hiring and retaining millennial engineers and automotive professionals? Join forces with JC Malone. We’ll help you build the next generation of employees who will power your company to a bright future.