Millennial workforce are the newest and biggest generation of workers that are also known to be the job hoppers. Recruiting millennial or Gen Y workforce requires specific strategy and so does retaining them. Millennials have an entirely different perspective towards work and their definitions of employee loyalty, dedication and success is often different from other generations. They do recognize the value of such terms but in a different manner. As an employer, you need to understand their career aspirations and needs. And, to retain them effectively in your company, you may need to rehash your business policies and strategies.
Take a look at some of the important strategies that you could use to retain the millennials in your company:
- Opportunities for Professional Development
Research suggests that millennials look for professional development opportunities at work. They expect their bosses to provide them with training and learning platforms, relevant to their work. Implement a performance management program in your company that takes care of the professional development needs of your employees and organize training sessions to help employees refresh and update their skills.
2. Set Objectives
Another important thing that millennials seek is clear objectives for the organization as well as their career. Organizations need to set and communicate clear objectives so that the employees can figure out what they need to achieve and how can they do that. It’s also good to set team goals to encourage the team to work together to contribute to the big picture.
3. Provide Mentoring and Feedback
Another important thing that millennials look for in an organization is guidance. Survey reveals that the majority of millennials are of the opinion that it’s important to have a great mentor at work. Help them to have open communication with managers or mentors and learn from them. Feedback is also important for millennials to improve their performance. Give them proper mentoring and feedback so that they can achieve personal as well as organizational objectives.
4. Flexible Work Environment
Most of the millennials look for flexibility in work environment. This may include flexible working schedules to suit their already busy life. If your business allows, provide them the options to work from home a few days a week or flexible start/end timings. Convenient work schedules can help millennials to become more productive.
5. Maintain Your Organization’s Integrity
Concepts like ethics, honesty, integrity and trust mean a lot to the millennials. And while job hunting they look for such characteristics in an organization. They want to work for a company which has leaders with vision, integrity and competency. Although millennials are the youngest generation of workers in business, they don’t like to be treated casually. They desire a good work culture where they are valued, respected and treated fairly.
6. Lead Your Employees
Millennials want leaders and not just managers. The senior members of your organization should know how to lead your employees towards objectives, in addition to managing the day to day work. True leaders inspire employees to focus on the goals and develop their skill set to achieve them.
7. Performance Based Pay
Like other generations, millennials are also money motivated and expect to be fairly compensated. Also, they have grown up with much more information about salary structure. Thus for retaining millennials effectively organizations need to drop seniority based salary approach. They need to introduce performance based pay structure for motivating the millennials to contribute more and get better compensation in return.