The Generation Y – Millennials are currently dominating the workforce and market. Considered as tech-savvy and hyper-connected employees, millennials are contributing and introducing new business strategies to adapt with the present time.
It goes without saying that companies must know how to keep pace with millennials and their way of doing business. This generation won’t keep up with poor technology and discrepancies in the processes, as they value growth and development above all.
If your company lacks a factor, chances are millennials won’t hesitate to pursue other opportunities in this vast industry and resolve challenges on their own. In a Deloitte 2016 survey, an average of 6 out of 10 millennials don’t mind job hopping and leave their current job in the next four years.
Millennials at Work: Why Quitting is Always an Option
Creativity, innovation, and passion are millennial work traits that companies need in the present workforce industry to succeed and stay afloat despite the competition. The millennial talent pool is large, and a lot of companies and recruitment firms are establishing retention and employment strategies to make millennials stay.
There’s a thin line between the cost of retaining millennial employees and hiring new ones. A Millennial Branding and Beyond.com survey claimed that 51% of company respondents reported that the cost of training and development is highest when employing millennials.
The question still remains, how can you retain millennial talents for as long as you can? While you can’t prevent multiple rising opportunities, what you can do is identify reasons why millennials would quit your company and find out how to counter it.
Lack of purpose
More than a hefty pay, millennials seek relevance and purpose in a job. They work to create value and not just to generate profit. Unfortunately, majority of millennials think that 75% of companies are more focused on individual agenda instead of improving society through their service.
What you can do: Revisit and review your company mission, vision, and philosophy. Before an interview, millennials make it a habit to research on company values and corporate social responsibilities. Instead of focusing on more sales, stick to what your company can do for society, and millennials will work for you more.
Lack of value
It may seem cheesy, but millennials value a workplace where their hopes for a bright and happy future await them upon joining your company. Remember the time when you had your first job and you were hopeful of what your career will be 5 years from now? That’s what millennials continue to look for in your company—value and future.
What you can do: When working with millennials, actions speak louder than words. Turn your promises of value into reality by offering mentorships, trainings, and opportunities for personal and societal development. A workplace that thrives for value attracts millennials.
Lack of work and life balance
As the career ladder rises, so does the need for more time and effort to doing and managing work. For millennials, the balance between work and life should always be transparent and present. Too much work leads to decreased personal and social time, while too much play can lead to lesser work productivity and focus.
What you can do: Overtimes can’t be prevented most of the time, and some job shifts require time for adjustment. Plan outings, teambuilding activities, and opportunities for rest and relaxation when needed. Millennials want a working culture where they can control their time efficiently without sacrificing either life or work.
Lack of compensation
Since millennials are young professionals, they take care of their work properly and efficiently. If they’re not compensated well for the amount of work they’re faced with, it’s considered as a red flag that it’s time to change their employment course from your company.
What you can do: Have a meeting with your finance and HR personnel and do a review of your salary matrix. You might need to do some updates to cater to millennials’ amount of workload and requirements for promotion.
Lack of company culture
A “millennial friendly” workplace is an important factor for millennials to strive and be productive in your company. A great company culture combines the need for value, growth, fun, and benefits not just for millennials, but for your entire working staff as well.
What you can do: Simple conversations and meetings with each of your employees can have a large impact to your millennial workforce. Rewards systems and flexible working hours are also among the redeeming factors to attract millennial employees.
Millennials are great and responsible employees. Most of the negative impacts are mostly caused by the generation and age gap between baby boomers and millennials.
It’s important for your company to answer to both the demands and needs of millennials and baby boomers. The next time you have a millennial knocking on your company’s door, take note of these tips. Millennials will love and stay in your company for it.
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