Top 3 Millennial Retention Strategies
Employee retention is important for any organization that is looking for stability and growth. High employee turnover is not only expensive, but can also negatively affect the culture and overall environment of an office. With millennials being the largest generation represented in today’s workforce, it’s important that executives go out of their way to develop and implement millennial retention strategies.
Unfortunately for executives, studies show that millennials aren’t nearly as company-loyal as their preceding generations. According to a recent Deloitte survey, one in four millennials said they’d leave their company for a new job if given the opportunity. The survey also revealed that two-thirds of millennials see themselves at a new company by 2020. This ‘company disloyalty’ creates a unique challenge for organizations, who must adapt and evolve in an attempt to hold onto their millennial employees. Below are proven millennial retention strategies for executives to try out themselves.
Communicate & Track Career Development
Career progression is extremely important to millennials these days. Millennials value career advancements and opportunities to grow at their organization. According to Gallup, 87% of millennials surveyed rated professional or career growth as important to them in a job. Clearly, the vast majority want to elevate to new heights within their organization.
Executives need to clearly outline the next steps in a millennial’s career and what is needed in order to reach those steps. If a millennial believes their professional growth is restricted or that they have reached a glass ceiling, they’ll find an organization that provides them with more career opportunities.
Foster a Healthy Work-Life Balance
An incredible 73% of millennials choose a work-life balance over a higher salary. They crave a prosperous career that integrates with their lifestyle. Stephanie O’Connell, a millennial money expert and author, summarizes the millennial aspiration perfectly by stating, “I’m not driven by the prospect of working hard for the next 30 years to retire one day. I’m building a lifestyle and a career that I’d be happy to maintain the rest of my life.”
Executives can turn this desire into a millennial retention strategy by providing their employees with more flexible work schedules, implementing a liberal PTO policy, and giving them the chance to work from home. More organizations today, like DATIS HR Cloud, have adapted to an ‘Open PTO Policy,’ which allows employees to take as many vacation days as they like. This shows that an organization respects their employees’ time, and trusts that they’ll work harder in return.
Provide Millennials with Leadership Roles
As stated above, millennials want opportunities to grow and develop their professional goals. 41% of millennials confirmed that it was very important for them to become a leader or a manager. Giving them a chance to reach that status and providing them with more responsibility is another way to increase millennial retention.
Creating a clear path for workers to rise into leadership roles is an important step in retaining younger employees. While it seems like a risk, getting millennials accustom to leading and managing a team early on could benefit the organization in the long run.
As the generation continues to flood the workforce, millennial retention becomes more important to an organization’s growth strategy. Implementing the three strategies above is a step in the right direction to preparing an organization for the future.