Note: This is the third installment in a three-part series. For more on working with the Millennial generation, read the rest of our Targeting Millennials articles.
We’re sure you’re aware of this, but we’re going to tell you anyway: it’s not the 1950’s anymore.
We know. Shocking. But it’s true.
In the past, employee retention wasn’t nearly the issue it has become these days. It wasn’t unusual for our parents or grandparents to work for a single company for thirty or forty years, retire in their sixties, and start collecting their pensions. But those days, like the aforementioned pensions, are gone. Instead of finding a company and building a career there, many of today’s workers choose a career and use an assortment of companies to build the skills they need for that career. Before, employees asked what they could do for their companies. Now, they ask what those companies can do for them.
Because of this shift in thinking, employers have had to change their methods on how to retain their workforce. With the onset of the Millennial generation, many believe that employee retention has become an even more difficult task. But it doesn’t have to be.
It’s time to play finders-keepers. You found them. You brought them on board your organization. Now it’s time to learn how to keep them.
Compensation — It’s More Than Just Salary
This seems to be an obvious one, but hear us out. While a generous salary is an obvious motivator, it’s not the only thing your company can offer a new employee. After all, there’s a reason it is often referred to as a “compensation package” — there’s more to it than just money. Consider other benefits and perks you can offer to your employees. These could range from typical benefits, like company-sponsored health insurance, to perks like discounts at local businesses and additional time off for events like birthdays and non-traditional holidays.
Clear A (Career) Path
Millennials are often seen as job hoppers, skipping from one job opportunity to the next for better pay or a more prestigious title. Often, that happens because they don’t think the possibility of those things exists for them in their current positions. Show them that they are part of your long-term plan by laying out a long-term plan for them. Develop a career path for your new employees that shows them the possibilities of where they can go within your organization. If they know that there is the potential for advancement where they are, they are less likely to start looking around elsewhere. If you show that you’re willing to invest in them, they are far more likely to make themselves worth that investment and stay a while.
Help Them Better Themselves
If you think the only thing you have to offer is a paycheck, you’re going to have a hard time keeping your Millennial staff. Help them add to their skillset by offering them training, education, and mentoring opportunities. Enhance the skills they already possess with frequent training opportunities. Feed their desire for knowledge and their desire to be the best at what they do with chances to attend classes and seminars tailored to their roles. Lastly, pair them up with senior members of your staff in the same role and let them learn from someone more experienced. Once they log a little mileage with your organization, give them the chance pay it forward and allow them to mentor the next round of new hires. After all, the best way to reinforce what you’ve learned is often to teach someone else.
Offer Instant, Frequent Feedback
The days of the annual performance review are numbered. According to a study by Jay Gilbert of the Ivey Business Journal, the timing, frequency, and method in which feedback is delivered is a key component for job satisfaction among Millennials. Younger workers don’t want to wait a few months or even a year to find out how they’re doing. They want as much feedback as you can give them.
When they finish a task, let them know how they did and if there are any areas where they can improve. Also, let them know on a regular basis how satisfied you are with their overall job performance. Yes, annual reviews are still important — and even required in some cases — but they should never be the only time your employees find out how they’re doing.
When you do give feedback, be as clear and specific as possible. Drop the business jargon and tell your employee how they’re doing in plain English. Point out specific things they are doing well, as well as specific things they can improve upon. Keep in mind, though: There’s a difference between being straightforward and being harsh. You can be honest and tactful at the same time.
Respect Through Recognition
Everyone likes to be recognized for a job well done, and Millennials are no exception. If your organization has a newsletter, dedicate a section of it to announcing new hires. Same goes for promotions or work anniversaries. That way, both their peers and the company as a whole can acknowledge their contributions to the team and your residents.
Millennials have developed an unfair reputation among many (especially older generations) as self-centered and even entitled individuals. Preconceived notions like these can lead to a lack of respect in the workplace. When you publically recognize their achievements and milestones, you are discrediting those notions and giving your employees the respect they deserve for their hard work.
This article was reprinted from LeadingAge National with permission from Vikus.
