While millennial employees are known for being “job hoppers,” this is an oversimplification that does not do justice to the ambition and hard work that they bring to the table. Your younger talent is the key to your organization’s future, so knowing how to retain them is essential. Use these tips to improve the employee retention rates among your millennial workforce:
- Offer a larger purpose
Younger workers want to feel that they are making a difference in the larger world. As you assemble the perks you offer, it’s important to go beyond merely material things like bonuses and health benefits (although those are important, too).
Provide the opportunity for your employees to engage in philanthropic activities that express the mission and values of your organization. Your younger workers will identify their own altruistic aspirations with those of your brand and are likelier to feel fulfilled in their position.
- Encourage innovative thinking
Young workers are eager to have a voice in shaping the company they join, and you can benefit from their efforts to improve your business process. Tap into this win-win proposition by following LinkedIn’s practice of having teams of employees pitch ideas to executives once each quarter.
Workers whose pitches are accepted have three months to work on their innovation. When millennials feel that their ambitions and ideas are respected, and that they have room to work on passion projects, they’ll be more engaged with the welfare of your business.
- Support flexible scheduling
Millennials care about meeting goals and accomplishing projects, not about clocking in and out on a rigid schedule. If your operations can be accomplished with a certain amount of remote work and flexible timing, your company will be much more attractive to young workers. You may find that one employee is most productive after midnight, while another prefers to show up every day at 7 a.m. Customized individual options are one of the key values that millennials are seeking in their workplace.
The millennial generation of workers has a lot to offer, but they are undeniably mobile: a Forbes study found that 91 percent of them expect to move on to a new job in less than three years. You can improve employee retention by understanding what young workers are looking for and making your company the place where they want to put down roots.