They are described as bright, energetic, eager to make their mark. While millennials are generally thought of as high performers, they are just as often described as “high maintenance” and looked down upon by their pioneer generation for their inability to stay loyal to an organization.
The millennial job hop is stirring quite a commotion in the workforce, giving this age group a bad rap in the market. It is easy for employers and companies to blame the entire generation for the surge in employee turnover. But doing so is a mistake.
Instead of faulting the millennials, why not think of ways to retain them before they move on?
Build a model that draws millennials
Even at a tender age, millennials seek a lot of control over work and life. Companies with models that encourage millennials to be a leader, work independently or provide performance-based incentives, are likely to retain millennials easier.
If your millennials are seeking challenging work from day one, it may be best to feed them challenging tasks in and among mundane routine tasks, to keep them stimulated and challenged. Lay out concrete milestones in a career trajectory and listing the key transferable skills they will be collecting along the way, will yield positive results.
Move to transparent, performance-based pay
It is important to stay transparent in performance management strategies. Let your millennials know that results and statics speak volumes, so when they bring these to the table they will be recognized greatly for their achievements.
Millennials are also extremely money motivated – they seek ways to earn cash within a short timeframe. Growing up with technology, they have much more access to salary information, on the Internet and through their peers, and they expect to be fairly compensated.
Set pace for rewards that suits millennials
It is almost laughable when we think about how the traditional, hierarchical organization has been built on the number of years an employee has been working. If an employee has worked for over eight years, he or she has a better chance at progression.
Ditch the hierarchy – millennials expect progress through titles based on hard work, not longevity. They need to feel like they are moving quickly with re-enforcement and bonuses.
Strengthen the company’s digital presence
Millennials are “digital natives”. Being tech-savvy, millennials like to work in a company that has a strong digital presence. Millennials expect digital relevancy – a weak digital presence might decrease their loyalty as they cannot engage with company on social media.
Every generation comes with its own set of rules. Forget the old ways. In order to truly understand how to retain your millennial employees, start by finding out what they need and the ways to keep them engaged. Following these few steps will help your organization to keep millennials from job hopping and save on turnover expenses.
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