5 Ways to Retain Your Millennials
Millennials
Ninety-one percent of Millennials (born between 1977-1997) expect to stay in a job for less than three years, according to the Future Workplace “Multiple Generations @ Work” survey of 1,189 employees and 150 managers. This means that managers and small business owners need to be creative to keep their Millennials employed and to save high turnover costs. Here are 5 Ways to Retain your Millennial Employees:
1. Appeal To Their HeartsMillennials have the heart to make an impact on the world around them. Many are making choices about where to work based on their philanthropic giving and opportunities for employees. By partnering with charities, having a volunteer day, or donating part of sales, small businesses will keep the passion alive with Millennials.
2. Provide Regular EvaluationsMilliennials have grown up with instant feedback tools like Facebook, Twitter, texting, etc. If they type something in, they expect an immediate response. Millennials seek to know where they stand on a regular basis. The good thing is they also want to know how they can improve and grow. Regular evaluations (Perhaps full annual and monthly check-ins based on goals) could be incorporated to help them feel connected, driven, and motivated in the work they are doing. Steve Cody, the co-founder of Peppercomm @RepManCody, wrote in Inc. about Millennials, “We hold annual performance reviews for each and every employee. These are 360-degree reviews in which peers, subordinates, and bosses evaluate the employee in such areas as strategy, creativity, written and oral skills, leadership abilities, etc. If one area (or more) is found wanting, the employee (and his direct report) are then responsible for creating a six-month plan to correct the deficiency.
”Engage Them“ Employers don’t realize that recruiting people and not engaging them is like pouring liquid gold into a bathtub..... without the plug.” – Mandy Johnson @mandyjohnson This is the social media generation, they live for engagement. Find out what makes your Millennial tick, what are they good at, what do they care about? Then explore ways those strengths can be used in their role and your business. Career PlanningHelp them to see not just their next 6 – 12 month career path but where you see them going in the next 5 years. Keep their sites set high and help them work towards their goal with education and leadership opportunities. Keep up the ChallengeThere comes a point in time with every job that the learning plateaus off and things get a little stale. Be on the lookout for lower motivation and enthusiasm and explore new ways for your Millennial to be challenged in the work they are doing. This could mean expanding their work or looking at new departments for their core skills to grow. One small thing you can do is also ask them – Where can we challenge you next? And how can we help you get there? Millennials may be in the mindset that it is normal to job-hop throughout their career but as a small business owner, you have an opportunity to change that and build loyalty and dedication and expect the same in return. Test some of these ideas out and let us know what works and what doesn’t.