The one secret to retaining millennial employees

If massage therapists, nap rooms, table-tennis, and happy hours are what comes to mind when you think of attracting and retaining top-notch millennial talent, then you’re not alone.

And though the news may suggest that millennials are high-maintenance employees who need numerous benefits to stay at an organization, the solution to retaining them is relatively simple: treat them like you would any other demographic group.

Why? Consider:

52% of millennials in PWC’s recent study said that opportunity for growth attracts them most to an employer, similar to the Boomer generation.

38% of surveyed millennials said that they favour employers with which they share a vision, a trait equally important to Gen-Xers.

With the above in mind, here’s what you need to know when hiring and retaining members of any generation — millennial or otherwise:

Focus on your values

Hiring the right employee is the first step to retaining one for a longer time.

Hire based on values that you feel your company adheres to and exhibits, and whether or not a candidate is accepting those of values.

A millennial candidate may not fit the mould, and neither would a Generation X-er or Baby Boomer. Keep generation out of the hiring equation and focus on values you know will help you and your new hire succeed.

Be transparent

Understanding your company’s vision is important to millennials as it helps them find meaning in what they do.

The more aware your employees are of the bigger picture, the more likely they are to make valuable contributions, and once they see their work making an impact, the more likely they are to stay.

“If you can explain the whole picture, it connects the meaning to the person,” says Jeremy Kingsley, leadership expert and author of Inspired People Produce Results.

So, be transparent about where your company will be in two, five, or ten years. Explain what it will take to hit those goals, and let your employees know what has been, or is being done to make the company get to where it needs to go.

Let them speak

Allowing employees the opportunity to express themselves not only sets a precedent for growth, but also creates for a more engaged workforce, a core component of any high-performing organization.

Corporations whose employees are engaged perform better than companies whose employees are not by over 200%.

When there’s no room for suggestions, and millennials notice that their ideas and potential aren’t valued as much as that of longstanding employees, they won’t stick around.

Make room for promotion

Millennials want to move up the corporate ladder and are unwilling to wait three to five years for a promotion. This is in order to develop their professional skills as quickly as possible.

So how do you keep your millennial workers even when there’s no room for promotion yet?

By creating new positions, according to Dan Epstein, CEO of business consultancy ReSource Pro who has a staff comprised of 90% millennials.

“By developing in-between steps and titles, managers can meet their desire for career progression. It also provides incremental training and experience that will aid them later with larger career advancement opportunities.”

Be communicative and encouraging

A recent survey of 1,000 full-time employees across the US found 81% of workers would rather join a company that values “open communication” than one that offers great perks such as top health plans, free food, and gym memberships.

For a generation that responds well to immediate feedback, this comes as no surprise. A simple “thank you”, “congratulations”, or a bi-weekly meeting can do wonders when it comes to employee productivity and motivation.

In fact, research by Deloitte noted that “companies that scored in the top 20% for building a ‘recognition-rich culture’ actually had 31% lower voluntary turnover rates.”

Feedback and recognition inspires and incentivizes employees to do more.

It also strengthens a millennial’s connection to the organization, encouraging them to become high-performing contributors.

In conclusion

Stereotypes aside, know that millennials are just like any other generation, and are looking to forge a connection with the company they work for.

Armed with the facts above, we hope you can give your people that connection as well as the foundation and flexibility they need to grow. Doing so will guarantee that you get an organization full of team players that are happy to stay!

Sources:
1 — bbc.com
2 — static.kornferry.com
3 — doublethedonation.com
4 — resourcepro.com
5 — remoteleadershipinstitute.com
6 — inc.com

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