How to Keep Your Millennial Employees Engaged, Invested, and Happy.
As baby boomers exit and millions of millennials enter, employers are experiencing difficulty in retaining new hires. The brand new wave of workers brings with it a totally different mindset, different skills, and different goals that are catching companies off guard. Turnover rates are rising and retention is a major issue for many employers. If your company is struggling to keep your millennial employees involved and producing, there are a few surefire things you can do to lower turnover rates and keep staff that delivers.
Breaking Tradition: The Millennial Mindset
Millennials have grown up in a time of rapid technological advances and overnight market crashes. They’ve witnessed the end of company loyalty and pension perks, watching many of their parents and grandparents get nothing after working over 30 years at one institution. These life experiences shape the way millennials view work. Here are the things they value based on those experiences:
- Rich Experiences
- Meaningful Work
- Fun and Entertainment
- Variety of Opportunities and Tasks
If you meet millennials where their values are, you will retain them and get amazing results from their efforts.
Retaining Millennial Employees Long Term
Millennial employees actually crave stability. Watching so many drastic changes has made them both warry of the business world and eager to establish a firm foundation with in a company. Understanding this makes it much easier for employers to retain new hires. Here’s a quick list of ways to retain millennial hires:
- Perfect Your Perk Package- All companies have packages that include regular benefits or added incentives like health insurance, vacation time, and 401ks. However, after seeing so many friends and family members lose out on some of these packages due to market crashes or lay-offs, millennials are interested in more than the basics. Consider adding these perks that will keep all of your employees coming back day after day:
- Gym Memberships
- Annual Company Celebrations
- Club Memberships
- Partnerships with Local Restaurants or Businesses
- Company wide Perk Packages for Shopping, Dining, and Travel
- Pay Them What They’re Worth- Just because a large pool of applicants is available to you, doesn’t mean you can avoid paying competitively. If your new hires find they can do the same work somewhere else for more pay and better benefits, they will leave. Check market practices and make sure your pay is competitive and your benefits are outstanding.
- Create Consistent Company Culture- Most new hires want to find a job that matters to them, makes a difference, and is fun. You can do this by creating a consistent company culture that reflects the goals and philosophy of your company. Include things like:
- Clear Strategies for Conflicts
- Charitable Works
- Open Door Policies
- Accessible and Approachable Management
- Easy Routes to Problem Solving
- Fun Extras with Dessert Days, Parties, Company Outings
- Diversity in Experience- Above all else, millennials want to live a life that has been full of experiences. This doesn’t mean they don’t take work seriously. Instead, they take life seriously, living it to the fullest. You can keep you millennial employees productive and engaged by offering:
- Flexible Schedules
- Work from Home Days
- Rotating Tasks
- Diverse Pathways for Advancement
- Management Matters- Collaboration is an incredible benefit to hiring a millennial. However, if you want them to be productive, you have to have a management team and plan in place to meet their needs.
- Problem Solvers & Peacemakers- Your management staff needs to be able to solve problems and make peace when issues arise. This means having management that is competent and credible, as well as kind. When your staff trusts and respects your management team, they will trust and respect each other too.
- Open Door Policy- Give all employees an avenue to talk to their boss or supervisors. Allow suggestions and complaints to be heard in a calm way. Don’t allow for any retaliation or grudges.
- Clear Policies- Make all of your policies simple and clear. Guidelines for illnesses, late days, and emergencies should all be outlined.
- Reward Outstanding Work- Don’t hesitate to reward your employees for doing their regular job, even though it seems redundant. Daily chores can grow tiresome. Plus, everyone likes to feel appreciated.
- Continued Training and Education-Offer continuing education programs, training, and guidance for all new hires. The worst thing you can do with millennials is leave them to sink or swim. They are used to being coached and enjoy team settings, they want to succeed. They just need a little help and guidance along the way.
Happy Employees Produce Big Results
Any top firm can tell you, happy workers work harder. When your employees are engaged and invested, they have a stake in your business. Being a part of a bigger picture will keep millennials on board and industrious. Follow these guidelines and get your millennials working for you.