With millennials becoming the biggest generation entering the workforce, it would be wise to assume that if they haven't already, millennials will be coming to your business soon. As with all businesses, attraction and retention are two of the main focuses when thinking about hiring millennials. By gaining knowledge and insight into millennials you could put measures in place to retain those who will make up the bulk of your organisation.
Statistics show that over 50% of today’s workforce is made up of millennials. 43% plan to leave their current role within two years and worryingly 28% have no long-term plans to remain with the same employer. So how can you change the mindset of these millennials and what changes could you make to encourage them to stay loyal to your company? In this ever-changing world where information is so readily available and organisations are competing for staff the answer to these questions is simple… Opportunity. We are living in an age when candidates dictate the market. So, it’s no longer about what you can do for the millennials but what the millennials can do for you.
So, let’s face the facts; what can you do to retain your millennial staff?
Incentives and benefits
We spend a lot of time at work, more often we see the people we work with more than we do our friends and family so the last thing you want is to feel like all you do is, wake up, go to work, go home and repeat the same routine day in, day out.
There must be something else to keep people engaged. Your team is made up of a variety of people, everyone is different, the key is to understand who you have in your team and how you can motivate those people.
Some come to work and do a good job then go home. These people are integral to your business as these are the ones who provide consistency. Their goal is not necessarily to climb the career ladder just to enjoy the job they are doing and to do it well. A big part of their aspirations is recognition for a job well done, they might not be high-flyers, but they need equal encouragement as the more career-focused employees you may have within the ranks. From a chocolate bar, to an early finish on a Friday, a clear vision on a career path… Something to work towards and to keep people motivated, will mean more people waking up and being excited to come to work - rather than thinking about getting back into bed or worse, starting to look for something better. It is apparent that a higher number of people work to live not live to work. Don’t create a one-size-fits-all model because it doesn’t. This is where you may need to get creative and develop something that engages each employee within your team. If you want loyalty, then you have to give something back.
Ongoing training and development
People are always looking to learn, especially millennials. Invest time into your employees with online training, classroom-based training, regular one-to-one’s and team meetings. Have your teams engage with each other, listen to their ideas and thoughts on how things can be improved and above all make the changes, let them know that their input is important. The hard reality is that if you don’t invest time into your staff, another company will, and this is exactly what millennials look for. This will make employees more loyal and make your company stand out from the crowd.
Good or Bad; be that constructive criticism, need for improvement or congratulations on a job well done, we all need to know about our performance. Regular meetings and reviews mean that any problems are solved before they turn into a reason for leaving and people create better relationships with managers and mentors. If you show willing to help them succeed they will be willing to learn.
Do your research. What are your competitors offering? Types of benefits and the need for them is constantly changing and evolving so keep your finger on the pulse and your ear to the ground to make sure that you stand out from the crowd. Be open and honest and above all keep your word otherwise you could lose valued a member of staff.
Technology and Social Media
Millennials and technology; there is no denying that in the modern world we are spoilt for choice with technology, especially social media. The reality is that these days it is something we simply can’t live without. What’s more – is it changing the way we live, think about and see the world?
According to recent figures, global active internet users now total 3.9 billion, everything is available in an instant with a touch of a button. Companies can rise to stardom with the use of technology and social media, it provides the platform to advertise your business and instantly connect with thousands around the world. Used correctly it can catapult your business to success. Millennials have the means and know-how to help you on this journey.
Consider this when hiring new employees; what is included in their package, a snazzy new phone, laptop or fancy new, on-trend gadget? Maybe you might look to a millennial to cast a fresh set of eyes on the technology you currently use internally. Let them suggest improvements to your existing business, they might know of a system or app that could streamline your current process. Are there improvements that could be made to your customer’s experience such as interactive online chats? The last thing you want is to be left behind whilst your competitors are forging ahead.
Remember, if you want build on a successful business engage your millennials because they are the future generation and the future of your business. For more advice on how to attract and retain your millennial workforce, contact your local branch today.
Written by Ella Sandoval, from our Leeds branch.