3 Millennial Retention Strategies Every Company Should Follow
Millennials form the largest generation in the workforce today. Not only the largest, they are also the most experienced after Gen X. This fact puts more emphasis on the significance of millennials in a company.
While attracting millennials to your organization is a key task, an even bigger task is retaining them. As multiple reports over time has shown, millennials are switching jobs more often than previous generations. In light of this fact, retaining millennials within an organization requires your immediate attention and more thought.
Before we discuss about retaining millennials in an organization, we should have a quick view at the reasons behind millennials’ job hopping. One of those reasons appears to be a lack of engagement at work. Another could be recession or inflation. Yet another could be the notion that switching jobs is a faster route to climbing up the hierarchical ladder.
These reasons throw a gleaming light at the millennial psychology and on the gravity of the matter involving millennial retention. This is the reason why companies today are extensively focusing on finding millennial retention strategies and are actively in touch with millennial experts.
So, here we discuss the top three millennial retention strategies that every company should follow.
Focus on Culture
A company’s culture plays a pivotal role in attracting and retaining talent. Besides, while looking for the right candidate, you would certainly want to hire someone who would fit in your company’s culture impressively. Therefore, you must invest time and efforts in understanding your company’s culture, and should you find some gray areas, take time to fix them. There is statement that runs across industries, and goes like – hire for your culture. Having said that, a company with a culture has high possibility of attracting talented millennials and retaining them for longer.
Focus on Long-Term Benefits
If you want millennials to stay for long term, then give them reasons to stay for long term. That reason could be long-term benefits. Though increasing minimum wage has been in the minds of many policy makers and employees but doing so won’t impact every millennial, nor will the effect last very long. Therefore, invest time in focusing on long-term benefits for millennials, and invest money in those long-term benefits that would retain your millennial workforce.
Focus on Work-Life Balance and Flexible Schedules
Millennials can be called one of the most dedicated generations. They know their work and can do it with excellence. There is however, one thing that may hamper their work. That thing is monotony. If you want your millennial talent to bring out new ideas and perform tasks brilliantly, include flexible schedules in your company policies. Like we said, millennials do their work with excellence and dedication, but there often arise occasions when they immerse themselves in work exceptionally and lose the track of time. To keep the productivity and passion for work alive in your millennial employees, promote work-life balance across departments. This strategy holds great power and can help you increase your company’s millennial retention rate impressively.
There are more ways in which you can retain millennials in your organization. One way to find those ways is by watching managing millennials in the workplace videos. Another way is to get in touch with millennial experts such as Jeff Butler, who has previously helped Fortune 500 companies.
Jeff Butler Internationally respected speaker and consultant, Jeff Butler helps bridge generational gaps between Millennials and companies looking for their talent and patronage. Butler has quickly built his reputation as a memorable presenter with tangible solutions for attracting, retaining, and engaging Millennials as employees and customers. Within just the past three years, he has spoken at two TEDx events and multiple Fortune 500 companies such as Google, Amazon, and LinkedIn.
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