Millennials: the most dominant generation of the present workforce, which according to various labor reports, are known to have a somewhat tainted reputation for not sticking up to any one particular job for a very long period. The constant employee attrition of millennial workers is both strenuous and expensive for hiring managers. The problem is simply not because millennials cannot keep a job, on the contrary, it is because they have a different perception about their careers than the previous generation X or baby boomers.
Millennials are no doubt very well educated, are skilled and confident and are capable of multi-tasking. They have high hopes about their job and prefer to work for the good of others. Millennials prefer a job where there is a healthy work-life balance for they do not want to sacrifice their personal lives for jib preferences.
Being the ruling generation of the present labor force Millennials have gained their due respected by the traditional employers because they are more business oriented, motivated listeners and interested in technical advancements. This generation has an urge to look for work that motivates them and hence it is quite difficult to impress them with typical job perks. It is very important for them to work in careers that permit them to be creative and socially active.
How to Improve Retention Rate of Millennial Employee
1. Build up a Better Hiring Strategy
Companies should think about how to keep millennial employees impressed throughout their hiring process. The hiring managers should not simply settle by employing the very first slightly appropriate applicant for the vacant position of their organization. HR managers hence should identify the personality, ethics, and skills the former employees of a similar position and if the prospective applicant does not show the same values as the company, it might be not the right decision to hire them or it cannot be guaranteed that they would stay on the job for a very long period of time.
Most of the millennials perceive that they are not willing to sacrifice their lifestyle for the job. Hence the hiring manager should keep it in consideration that Millennials would never prefer working more hours even if they are offered more money. Millennials feel their time is more valuable than randomly in lieu of a high pay package or offering cash bonuses.
2. Make Your Business more Customer Oriented
With the incredible performance of each and every employee and when the demands of all of the company’s customers and clients are fulfilled, it affects the employee’s loyalty to that particular brand. When customers are happy with the services of a company, their reactions highly influence the worker’s zest of their job. According to a survey, certain businesses that focus on the contentment of their customers, are able to keep 40% engaged and 24% fully engaged employees is contrary to the 18% and 4% for other companies that do not have a customer-centric approach to keep the employee engaged.
When the employees develop a bond with customers, they achieve more dedication for being productive because then they do not feel like they are working for an establishment that is faceless. Millennials also prefer to work for an organization which is ethical in its values.
This particular generation wants to work by heart and to know if their job really means anything to others and if they are able to spend some time with customers, they feel encouraged to communicate with everyone more meaningfully.
3. Enhance the Shared Purpose of the Job
Millennial workforces are motivated to retain a job only when they know that have made a difference which is much more than just money. 74% of millennial job searchers specified that they would be more interested in accepting a job offer where they can feel that they really matter to others and their work is making a difference. Millennial workers who get a feeling from their job that they are doing some meaningful job have a chance of staying with the same company three times more than those who do not. Such employees are also of the view that they are more engaged at work and are more satisfied when they have a purpose with the company they work for.
The Millennial want to share the responsibilities of the company. Most millennials enjoy feeling authorized to be included in the decision making actions of the company. Hence it is important that employers create equal opportunities for their young employees, millennials to be specific. For most Millennials Being the act of being able to say that they have embraced the company’s values and that they work for it is a massive step toward being more motivated and employee retaining company.
Millennials moreover want to know in details about the company for which they work. Millennial workers often refrain from staying back in a company if they are not included in the company’s plans for the future. Millennials also aspire to be in a continuous learning process all the time. So if the employee feels like they are learning new skills on board, then they are expected to stay with the organization. Learning new things helps keep millennial employees engaged and dedicated to their work.
4. Prospects to Grow Together
Millennial employees want to feel like they are favored at their place of work and they want the prospect of having direct connections with the employer. Unsurprisingly, many Millennials work for a company where they feel like they can be connected to their fellow workers and they share an equal opportunity of career growth. Millennials also want regular feedback from their employers because they want to feel connected with their managers. When millennials are not appreciated with the work they do, they often choose to do the minimum amount of work required. Hence to keep millennial employees working for a company, HR managers should give them their due respect.