As more and more millennials graduate college and enter the workforce, one thing is clear: this generation is an entirely different breed of worker than companies have seen in decades past. Millennials get a bad rap in the business world, as managers tend to wrongly assume they’re entitled, lazy, and need to be coddled.
However, this isn’t the case: new age workers just have different priorities than their parents and grandparents did. Gone are the days of working one career all the way until retirement. Millennials are prepared to leave a workplace if they don’t feel that their needs are being met.
Learning to properly manage your millennial workers is critical for retaining them in the long-term.
In this article, I’ll discuss some of the best employee retention strategies for the new age worker.
The Millennial/New Age Issue
New age workers are often written off as being lazy, but the truth is they are just not motivated in their jobs by money alone. Forbes states that millennials value a strong company culture and need more encouragement and constructive feedback to feel like an integral part of the workplace.
Also, new age employees tend to be more creative and skilled with technology. While older generations tend to write this off as being “tech-absorbed,” it can be an incredible asset to your company if you can harness their passion and natural talents.
Finally, millennial workers want to feel like they’re doing important work. According to Forbes, 84% of millennial workers care more about making a difference in the world than professional recognition. They need to feel engaged in their career to want to stay with the company.
Best Employee Retention Strategies
To keep your millennial employees from seeking a career elsewhere, you need to acknowledge their needs.
Here are 10 of the best employee retention strategies for new age workers.
- Provide consistent, thoughtful, intentional feedback, both positive and constructive. This gives your associates a sense that they’re doing good work and allows them to make steady progress.
- Give them varied duties. They expect that they will learn new skills and have different experiences that will grow their portfolio. They will usually accept and excel in lateral positions as long as they find the work meaningful.
- Ensure there is an opportunity for growth. You have to show them the road to achieving promotions. This can be difficult for small, flat organizations. You may have to create senior and junior roles for similar positions to generate a ladder of success in their eyes.
- Provide professional development. Planning and budgeting for outside seminars and workshops. Development is an effective employee retention strategy.
- Allow workplace flexibility. Work/life balance is essential to this generation. Consider allowing your associates to modify their schedules or for them to work from home one day per week.
- Establish a strong company culture. I have plenty of blog posts that discuss how to do this. Millennials want to feel like they’re a part of the team.
- Show how their work matters. So many of our teammates never see how their work contributes to the overall success of the company. Include them in decision-making sessions, so they know their input is valued. Another top employee retention strategy that you should consider.
- Orchestrate public recognition. New age workers desire internal acknowledgment of their contributions and also attention from customers and the industry.
- Be adaptable. If you’re open to feedback, your employees can help you further develop your management style to better suit their needs.
- Create realistic and understandable goals. Millennials like to have clear objectives, so there are no misunderstandings about what to expect.
Figuring out the best employee retention strategies for your business takes planning. If you are interested in developing your company’s active employee retention strategies, click here for a complimentary coaching session.