4 Keys to Millennial Retention
Think you’ve heard it all on the topic of “Millennials in the Workplace”?
The Millennial group continues to be the fastest growing, most influential population in the market. In fact, they will represent nearly 75% of the workforce by 2030.
So, if you haven’t employed many Millennials at this point, you will very, very soon.
And if you recruited many and hired several, you’ll want to retain them…after all, they’ll become your resident experts with lots of talent and knowledge you don’t want walking out the door.
Retaining Millennials isn’t complicated.
First, this group prefers working with creative and disruptive people…and on a variety of projects that flux and change over time…producing real impact on the organization or the community in which they work.
So make sure you’ve got plenty of interesting work and lots of growth opportunities. The career tenure of a Millennial is typically 2 years at one company.
Surprised? But it’s true…and it’s not odd. Gone are the days where an employee works for years in one role, with the hope of advancing to the next position on the career totem pole. So, if your Millennial isn’t experiencing multiple projects or working across several business lines, you may not have them in the right spot to begin with.
Second? You need to speak up…
Ask them what they’d like to do…what’s their dream job? Having that career planning conversation with your new Millennial will help you step inside their mind, understand their growth goals over the next 2 to 3 years and determine where best to utilize the talent they bring to your organization.
Third? Reward their hustle.
They’ll be ready to jump in and get started, so harness that energy and then reward them when they make that A+ effort. Recognizing the work created and produced and how it impacts the team and the organization will shine the spotlight on creativity and innovation.
Don’t forget, the little things are just as important as those big accomplishments.
With meaningful work, the right match of skill set and role…along with recognition and reward…well, you’ll have the right mix of what it takes to keep your Millennial humming along- true, it may not be a tune you’re familiar with, but you’ll appreciate the hustle behind the effort.
And finally, be the coach…not the boss. Mentor, teach and bring along. Just as you would if you were coaching your son’s baseball team. This means regular feedback sessions and check-ins that aren’t necessarily on the calendar each time. From the November 2016 Forbes article, “according to a recent survey conducted by TriNet, a company dedicated to providing HR solutions, 69 percent of Millennials see their company’s review process as flawed. A major reason for this is because of the lack of feedback throughout the year. The survey also found that three out four Millennials feel in dark about their performance and nearly 90 percent would feel more confident if they had ongoing check-ins with their bosses.”
Take the time to talk…to discuss….to challenge…to ask questions. Waiting for a 6 to 12 month review period to go over performance won’t cut it.
Work with your Millennials, rather than trying to find ways to force them to fit in. Align the environment in such a way that it can be beneficial for all who work there…and watch how new ideas have a creative and impactful result on the entire organization….leading to increased talent and productivity…while driving profitability.