24 May What Are Some Ways to Retain Millennials?
In recent years, turnover rates have steadily increased as a result of factors such as lower unemployment rates, skill shortages in the labor market and an increasing number of retiring Baby Boomers. While a certain amount of turnover will always exist in an organization, high turnover can take its toll. Not only can it damage morale and harm company culture, but it also leads to significant financial costs.
Millennials are now the largest generation in the workforce, but they are also the generation with the highest turnover rate. Thus, it is critically important for employers to develop strategies to effectively recruit and retain millennial employees. Here are some interesting findings from Intelligence Group your organization may be able to leverage for increased retention:
- 64% consider making the world a better place a priority
- 72% want to be their own boss
- 74% seek flexibility in their work schedule
- 79% prefer a coach or mentor to a boss
- 88% prefer a collaborative – not competitive – culture
- 88% desire work/life integration
Because making the world a better place is a priority to this generation, employers might consider sponsoring volunteer opportunities, or developing company teams for local charity runs or walks. While HR might be responsible for these events, it’s also possible you could designate a volunteer to run them.
It is not realistic for very many companies to allow employees to be their own boss. However, you can make employees feel as if their voices are heard. Consider scheduling open forums to cover important topics, adopting self- and peer-evaluations to support a collaborative culture, and encouraging managers to share as much as possible with their teams. Make sure employees feel included on the plans for today, tomorrow, and how the business is growing as a whole.
HRsoft is the trusted global leader in compensation management software whose COMPview solution is proven to control and simplify the full process and allocation of merit, bonus and equity awards to drive manager and employee engagement.