Do you know how to retain your Millennials?
Dealing with Millennials (aka Generation Y) might seem daunting at first, but once you have an understanding of how this generation works, you can really reap the benefits. Millennials are individuals born between 1982 – 2004 they will make up over a third of the global workforce by 2020, therefore it is important to incorporate this generation into your recruitment strategy and your business development plan. Millennials are motivated by continuous learning and skill development, being challenged, businesses that are innovative and employers that recognise their achievements. So, here are some tips to help retain this generation…
- Create a positive environment that encourages employee growth
- Provide the necessary tools to meet aspirational needs of progression and development
- Be a leader rather than a boss! They want a mentor, instead of instructions
- Be open to work-life balance – perhaps they can work from home once a week in order to escape the madness of the motorway
- Nine to Five work days are falling out of touch so flexibility with hours in the workplace is a must!
- Recognition and appreciation, find a low cost and effective way to retain Millennials – they won’t stick around long otherwise!
- Ditch annual reviews and replace these with regular check in’s or KPI (Key Performance Indicators) catch ups
- Millennials work harder and faster and are always looking at smart new ways to do things so make sure you listen to their ideas
Two-thirds of Millennials believe that two years is the right amount of time to stay in a position, so it can seem hard to see the value in training them to have them leave. In order to avoid this give them an ‘employment experience’ that continues to grow and develop them and you might find that they stick around longer.
Lara | People Guru