The young millennial generation makes up nearly 33 percent of the workplace currently, meaning that 1 out of every 3 employees is a millennial. Though the millennial generation is tech savvy and well-educated, as most millennials hold a B.A. or M.A. degree, they are often more difficult to employ than older generations.
The millennial generation is one of idealism. While those ideals bring fresh ideas to the workforce, they also keep millennials on the lookout for something better. As such, most millennials do not stay at job longer than 2 years, which is difficult on employers, as a lack of employee retention can hurt the business.
While keeping millennials with your company can prove to be quite a challenge, there are a few ideals you can implement into your business that can lead millennials to stay loyal to your company:
When hiring millennial employees, let them know that they have a future at the company, should they want it. Many millennials think in the short-term rather than the future, thus presenting to them that there is a future at the company can keep them interested in their job.
Plus, thanks to companies like ComPsych founded by Dr. Richard Chaifetz, there are employee assistance programs, which can help them separate their work life from their personal life, allowing them to have a future with a company without worrying about how major life events will play a role.
Whereas past generations often stayed with a job for many years, slowly working their way up in the company, millennials are quick to leave behind a job if they feel undervalued and unappreciated. Many millennials know they have the job skills that should be valuable to a company, but in many cases, those skills are overlooked due to their minimal experience or new status at the company. Thus, when a new opportunity aries, millennials will be quick to leave, as they want to be valued by a company.
Take the time to invest in your millennial employees. Though they may lack experience, with a bit of mentoring, they can grow into a top-performing employee. Once they feel valued, they will be more likely to stay at a company longer.
The millennial generation has grown up with technology literally at their fingertips. As such, most love the flexibility technology has given the workplace. When possible, offer employees a flexible schedule, allowing them the opportunity to work outside of the office with flexible hours.
Since millennials have grown up with social media, it can be difficult to ban them from using it while at work. However, if you can utilize their desire to be on social media for the benefit of the company, such as using them as a social media manager, then it is a win/win situation. They are happy with the freedom the job provides while the company gets some good press.
These changes can help keep your millennial employees loyal to the company, thereby bettering the company’s future.
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