Just a few years ago, it was easier to retain employees and maintain employee satisfaction. The criteria for a good job was satisfactory pay, long hours, and paid vacations. As the demographics of the workforce have become more diverse, employee retention has become a focal point for many organizations — Especially among millennials. Today, millennials make up 35% of the workforce. According to Catherine Saar, founder of The Project Coach, and a Master Certified Coach Trainer, “The competition for top talent is extraordinary. Losing key contributors can truly influence a company’s growth trajectory. The ability to retain key millennial talent can ultimately impact executive compensation and tenure with a company.”
Researching and understanding millennials has been a hot topic for a long time. Here are some key findings as to how to recruit and maintain employee satisfaction amongst that demographic:
Have a Clear Understanding of How Millennials Operate
Millennials tend to be attracted to jobs that are in line with their personal beliefs. They are highly educated and curious, which is why their work must be meaningful. Also, keep in mind that they are the first generation to have full access to technology and can be excellent problem solvers.
Offer Thought-Provoking Assignments
Millennials thrive on having a sense of purpose at work and gain satisfaction from challenging and diverse assignments. Repetitive, non-stimulating tasks are not ideal for them. Collaborating with tenured staff members is a good way to keep millennials engaged, build experience, and cultivate new ideas.
Provide a Clear Career Path with Opportunities for Growth
Recommending opportunities for career advancement is a source of motivation for millennials. Developing and acquiring new skills that lead to advancement provide a sense of fulfillment and reduce turnover rates. Direct feedback about strengths and opportunities is encouraged.
Establish a Fun Work Environment
Millennials enjoy a flexible work environment with a solid work-life balance. Flexible work hours and having the option to work remotely are an incentive. Generally, employees remain loyal when given the opportunity to have choices regarding work schedules.
Soon millennials will make up 75% of the workforce. Having a work culture that is genuine and provides a clear outlook on employee expectations with opportunities for career growth are ideal for millennials. As the workforce evolves, their contributions are a welcomed change as the next generation of business owners, managers, and leaders.