4 Ways to Attract and Retain Millennials
Long gone are the days when people spent their entire careers at one company. Nowadays, Millennials have made recruiting and retention an even bigger challenge for HR professionals in this corporate age.
According to research, approximately 43% of Millennials plan to leave their jobs within two years of joining, while nearly 48% do not intend to work in the same firm beyond five years. HR professionals suffer from expensive recruitment costs of new employees and then training them.
To tackle these issues, here are some simple solutions to help you attract and retain Millennials.
Root Causes
The first step in solving the issue is to identify the root causes of why Millennials switch jobs so frequently. According to research, there are three main causes:
- Bigger salary or bonus
- More fulfilling jobs
- Better career development opportunities
Solutions
1) Offer More Opportunities for Career Development
Millennials seek challenging jobs and are prepared to put in long working hours to secure fulfilling career opportunities. While it may be challenging to retain such employees, it’s also worthwhile for your company at the same time.
You must, therefore, strive to develop a robust development and training program within your organization. Create an essential work culture of continuous learning and constantly offer them opportunities for enhanced growth. For example, you could offer a project to them to pitch to a client or the chance to chair important meetings with you.
2) Comprehensive Packages
Millennials seek value and appreciation. That doesn’t just happen through salaries and bonuses (although it helps), but an overall benefits package is essential in addition to workplace culture.
According to research by PWC, approximately six million millennials in the UK alone, weighed more than the financial compensation offered when they considered an offer.
This clearly indicates that millennials seek a package equally balanced with comprehensive benefits. This also is a strong indicator of how well you value your employees.
3) Job Flexibility
Flexible work schedules are especially a priority for this generation. They prefer to work when and where it suits them. They like to balance every aspect of their lives, whether it’s for dealing with child issues or simply having a little extra time during lunch for a yoga class.
Since relationships and cultural fit are important elements of the millennial workforce, it isn’t surprising to learn that autonomy and trust are important factors to these employees. In order to retain Millennials, having a work-life integration motto should be a priority. You must provide them the flexibility so they realize you value their talents and time.
4) Regular Feedback
A workforce that focuses mainly on rapid career development, career progression, and regular feedback is a vital factor for them. As employers, most of us may only provide constructive criticism during appraisals, especially. This only results in ill feelings and discouragement among the younger, ambitious workers.
You must try to create a system wherein you provide regular feedback on their work. Millennials love mentorship opportunities from their employers. They view it as a trustworthy line of contact. Not only will you see better performances from them through this practice, but it is also a good opportunity for your firm to display how it aligns company and employee values.