Hiring millennials has many benefits. They are highly-educated, tech-savvy multi-taskers who come in with fresh perspectives and a strong desire to succeed. However, keeping them employed at your workplace is where the challenge lies. According to a Gallup poll, every six in 10 millennials are looking for new jobs and according to a CareerBuilder survey, each time you lose a good hire, it can cost your company up to $30,000.
So, how do you make your millennial employees stay? Millennial workers make up the largest share of the American workforce, so strategies for keeping them engaged and retained are essential. Here are five employee retention ideas to consider.
1. Provide a Strong Work-Life Balance
Millennial employees are often stereotyped as having little work ethic. The truth is many millennials are willing to put in the time and work, but they desire a a balance of work and life. According to a 2016 Millennial Survey from Deloitte, a good work/life balance was selected as the strongest reason for choosing to work for an organization. Flexibility is key especially since many millennials are already “always-on” and are now having families of their own. This means to retain millennials, consider offering benefits like flexible schedules or telecommuting, childcare, gym memberships or extra time off.
2. Utilize Mobile Technology
Millennials have grown up using technology. They know the ins and outs of computers, understand social media, and can’t imagine life without their mobile device. If they are use to communicating by phone and via social media in their daily lives, then employers should consider offering the same internal communication channels in the workplace. Reach out to employees directly on their mobile phones by using text messaging to communicate internally or to gather employee feedback. Keep computers and software updated and provide tablets and other mobile devices to make work easier for remote or field positions.
3. Provide Leadership Opportunities
One reason many millennials look for new employment is because they feel their current position is a dead-end. They don’t see any room for growth such as promotions, leadership opportunities, or pay raises. Millennials must feel like they have a purpose in their work and they can contribute to the advancement of the company. If you want to retain and even attract new millennial hires, it is essential that you structure your organization so these opportunities exist.
4. Make the Work Environment a Priority
When a work environment feels friendly, relaxed, and social, employee satisfaction and employee morale are higher. However, you don’t have to adorn your break room with pool tables and big screen TVs to make this happen. Simple acts can make all the difference when it comes to work environment. Encourage employees to take breaks and step away from their desks, have lunch as an entire department once a week, or conduct regular team-building activities. These activities also make your employees — regardless of their age — feel more comfortable with one another, making it easier to express ideas, ask for help, and share feedback.
5. Have Regular Performance Reviews
Many millennials want confirmation that they are doing a good job and that you appreciate their work and their talents. One way to do this is to hold regular performance reviews. Go over the details of their job, provide challenges, and incentivize them. Bonuses and raises are large motivators for most individuals but particularly the younger generation.
To keep some of your best workers around, use these five employee retention ideas to keep your millennial workers happy and productive.
Interested in learning more about using text messaging to communicate to millennial employees or other employee retention ideas? Contact a TextMarks Representative at 800-696-1393 or email firstname.lastname@example.org.