Last Updated on June 21, 2023 by Dave Schoenbeck
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 decades ago. Millennials get a bad rap in business, as managers wrongly assume they’re entitled, lazy, and need to be coddled.
However, this isn’t the case: new-age workers have different priorities than their parents and grandparents. Gone are the days of working one career until retirement. Millennials are prepared to leave a workplace if they don’t feel their needs are being met. Learning to manage your millennial workers properly 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 lazy, but the truth is they are not motivated in their jobs by money alone. Forbes states 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 “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
It would help if you acknowledged their needs to keep your millennial employees from seeking a career elsewhere.
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 to learn new skills and have different experiences that will grow their portfolio. They usually accept and excel in lateral positions if 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 company’s success. Please 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 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 suit their needs better.
- 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. To develop your company’s active employee retention strategies, click here for a complimentary coaching session.
Coach Dave
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