Four Strategies for Retaining Millennial Employees Long-Term
It’s safe to say that millennials now make up more of the current workforce than any other generation. Because of this, managers must look for ways to keep this group of 25- to-40-year-old employees satisfied at work. It used to be that offering higher wages and better benefits was key to attracting and retaining employees. Millennial professionals, however, expect more from their employers. Here are a few ways you can increase your chances of holding on to your millennial employees.
1. Recognize Achievements
We’re not saying you have to give employees a trophy every time they go above and beyond what is expected of them. Just keep in mind that one of the ways millennials feel most rewarded is when they are recognized for their achievements and the work they’ve done. Saying “nice job” and telling them they are appreciated are easy ways to keep your employees feeling validated and motivated at work. Additionally, acknowledging your employees’ success verbally is much cheaper than paying out large bonuses – and for millennials, it can be just as effective.
2. Be Flexible
Flexibility is highly valued among millennials, and very few companies still require employees to be in the office from 8 to 5. Offer a work environment where employees can adapt their schedules to suit their lifestyle. That might mean giving them the freedom to choose their schedule, offering flexible shifts to accommodate life at home, or working remotely when they are able. The more scheduling options you can accommodate, the more likely employees are to find one that is ideal. Not only does this help foster work-life balance, but it also shows that you trust them to make decisions that affect your busines.
3. Incorporate Technology
Technology plays a huge role in the everyday lives of millennials. They no longer ask for modernized technology in the workplace; they expect it. Although this expectancy can be misconstrued as entitlement, what millennial professionals are really looking for are the tools they need to be successful in their roles. Keep in mind that millennials are almost guaranteed to use a smartphone, so offering mobile apps for things such as scheduling and project management are going to make their lives easier, so they’ll be more likely to stay on board with your company.
4. Provide Development Opportunities
Millennials aren’t satisfied with simply maintaining the status quo in their professional lives. Employers who want to retain high-performing millennials should discuss their career aspirations and goals with them and put what they learn into action. This might be providing mentorship or professional development programs, hiring from within, cross-training, or offering to pay for and accommodate continued education. Employees who see room for advancement from their employers are less likely to look for opportunities elsewhere.
Millennials want to know they are contributing to their company’s bottom line and that they are valued because of it. By acknowledging accomplishments, providing flexibly, giving them the tools they need, and promoting career advancement, you give your millennials reasons to stay with your company long-term.
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