With the baby boomers heading towards retirement, the generation born between 1980 and 2000 popularly called the millennials along with their immense productivity are amalgamating with the workforce today. Gallup study estimated millennial turnover due to lack of engagement costs US economy more than 30$ billion each year. Thus how do we improve the retention rates and why? It has become imperative for most organizations to not only hire the millennials but also believe that they are are a keen asset to the companies and these employees are kept engaged. With their vast tech knowledge and talent, they have become the actual future of every kind of workplace. As highly witted as they are, they come along with a strong sense of purpose and desire to bring an impact to the organizations they step into. Thus it has become a mandate for every organization to not only identify their needs but fulfill them too.
Let us start with the first thing that millennials today do not appreciate being called “Millennials” they feel you are indirectly referring to them as “ lazy, entitled and narcissistic” people. They would rather appreciate you calling them by their names and making them feel that their opinions truly matter. They believe relationships should come first and that employers must spend time building a relationship before laying down the office protocol. They want to hear the success stories & flaws from their employers so that they can take better decisions. They want clarity along with the trust and freedom to take up imperative roles. They come from the generation of advanced technology that speaks fast-paced SMS language and thus expects to the point communication.
What can employers do to retain millennials?
- Strong sense of purpose – Like spoken above, millennials want to make a difference, they are not like the previous generation who learned to compromise and accept whatever they receive. Thus it’s important for them to have a sense of purpose and be given clarity. Employers must identify a strong sense of purpose for the organization as that attracts millennials and makes them want to work hard and stick around.
- Work-Life Balance – This is the generation that believes in working hard but they also need their own space in order to work better and thus they want you to provide them with options like flexible shift timings, work from home, etc wherein they can balance their work and personal life.
- Be Genuine – Millennials, already the largest group of employees, are ready to give more than past generations of employees have ever done before but only when they spot genuine interest for the greater good of the masses. They want transparency and purpose in the most concise manner that pushes them to put a step forward.
- It’s not only about the benefits – fancy lunches, early exits, facilities or even monetary gains are only good enough to bring them into the organization and not keep them. Companionship is what truly keeps them happy and going, having that one friend to talk to when things go messy or someone to cover their back, they seek happy bonds with creative people who wish to walk on the same path as they do.